Owning a business provides a lot of benefits. It also comes with lots of responsibilities. Every now and then, it’s helpful to check on different aspects of the operation. Are they working properly or it is time to make some changes? Here are six resources that are common to most kinds of businesses. If it’s been some time since you looked into one or more of these, today is the day.
Volume Purchase Agreements With Vendors
You know that purchase agreements with your vendors provide significant savings. What you may not know is that the great pricing you locked in a couple of years ago may not be so great today. It’s helpful to check the amount of business volume you provide each vendor. You also want to compare your pricing with what similar vendors are currently offering.
If you consistently exceed the volume identified in the agreement and other vendors are offering more competitive pricing, it’s time to see about negotiating new terms. The vendor may do so in order to keep your business.
All Forms of Business Insurance
Depending on the type of business that you operate, the range of business insurance that you have in place will vary somewhat. Your goal is to determine if the current scope of coverage is sufficient. This is especially true if you purchased the coverage years ago and tend to renew it each term without going over the provisions.
The amount and range of coverage needed often changes as a business operation expands. What you secured a few years ago may no longer be adequate. If not, use a resource like vCanadian Insurance Quotes to compare coverage options and take those findings back to your current provider. Many will be willing to negotiate in hopes of continuing to do business with you.
Business Organizational Chart
Your company’s organizational chart was simpler in times past. Along the way, positions were added. That’s fine, but are those positions really necessary? Would some type of reorganization maximize the use of your resources and improve your bottom line? The only way to know for sure is to review the current structure, identify any changes that are needed, and implement them as quickly as possible.
Generated revenue is great, but it’s collected revenue that pays the bills and makes sure your employees receive their paychecks on time. Take a good look at the company’s Accounts Receivable data. Do you have a significant number of clients who pay somewhere between 60 and 90 days? Looking into potential incentives for your customers to remit payments closer to the 30-45 day range will help your cash flow.
Copyrights and Trademarks
A lot of work went into developing products, securing copyrights, and developing trademarks that help to set your business apart from the rest. The last thing you need is to overlook patents, trademarks, and other legal protections for your intellectual property. There are Patent Litigation Lawyers who can review what’s already in place and advise you of anything else that needs to be done. Their efforts on your part could prevent a competitor from adapting one of your ideas and using it to grab a greater market share.
When was the last time you took a good look at the company goals? What you have was great a few years ago. In fact, some of them are already achieved. Now is the time to take stock of the operation and set some new ones. Feedback from employees, managers, and others in the company structure will help you come up with a list that’s realistic while still providing some challenge.
What’s on your agenda today? Consider setting some non-essentials aside and taking a look at some of these areas. The effort you make today could pay off in a big way tomorrow.