05/ 16/ 2003
by Jeffrey Moses
The main internal operations of most companies, both large and small, break down into five key areas of activity. These areas are so fundamental to business that it's impossible to function without them. For this reason, your company already has each of these areas in place--but by focusing specifically on each, your business operations likely can become more streamlined, more profitable and less stressful.
1. Financial processing
Every company needs to have a systematic process for all financial and accounting activities, including:
- Handling and recording of incoming payments (checks, credit cards payments, credit purchases, etc.)
- Storage of payments until transferred to bank
- Transfer/deposit into bank accounts, with receipt and storage of all required records and notations
- Transfer of funds to appropriate savings/investment accounts, accounts for payments of bills and salaries, etc.
- Payment of bills, salaries, utilities
- Complete records of ongoing finances for taxes, company reports, etc.
When establishing and maintaining a flow of financial processing, each of these steps needs to be as efficient as possible and fully integrated with each other.
2. Mail/shipping
Incoming and outgoing mail and shipments need to be handled seamlessly and quickly. Incoming deliveries should be transferred daily to recipients within the company. Deadlines and drop-off centers should be established so employees know when and where outgoing mail and shipments will be picked up.
3. Telephone systems, voicemail systems, faxing
Telephone and voicemail equipment should be integrated with faxing capabilities so that the overall telephone system works without a hitch day after day. Incoming callers should not have to wade through exhausting and irritating voice mail prompts. And employees should be able to pick up their phones and dial out easily.
4. Storage and filing
If you ever have trouble finding important items that you or your employees have filed, get your system in order immediately. Stages of storage and filing that need to be brought to maximum efficiency include: short-term files (records in immediate use), current files (active but not in immediate use) and archived files. Also include the secure disposal or destruction of files that have reached the end of their life cycle.
5. Employee relations
Employees are not just the lifeblood of a small company--they ARE the company. Maintaining good relations with employees is a process that demands attention daily. Small business owners need to become experts in employee relations--and they need to hire experts when the company grows to such a size that it's impossible for owners to maintain person-to-person daily contact with employees.
