Category Archives: Business Processes

Three Things You Need to Keep An Eye On

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Bowling NewsletterLast Saturday night Greg and I piled the kids into the Suburban and headed off to Danbury Duckpin Lanes for a night of fun.

There are all kinds of things that I love about going there – it’s been family-owned and operated for over 40 years; it’s filled with 50s music and memorabilia; and it feels like you’ve stepped back in time (more on that in a minute).

And, most of all, it includes bowling!

I know, people who love bowling are odd, but what can I say, I’m one of them. Duckpin bowling is even odder. Unlike “regular” bowling, with Duckpin you get three balls instead of two to knock down the ten pins. Plus, the balls fit into the palm of your hand and the pins are short and squat (duckpins).

Danbury Duckpin Lanes is not automated one bit. You need to push a button to start the machine that sweeps away the leftover pins. You need to manually place the bumpers, if you use them. And … you need to keep score by hand.

If you’re under 40, there’s a very good chance that you have no idea how to score bowling manually (the kids sure didn’t). Greg and I sort of remembered (although I confess we had to ask our neighbors in the next lane over a few times for help).

All of which got me thinking about how some solo and small business owners run into trouble when running their businesses: They have no idea what goes on behind the scenes.

But that’s a problem. Because no matter how smart (or busy) you are, if you don’t control the essential pieces of your business, you’re liable to find yourself in trouble one day. With that in mind, here are three things you must keep control of:

1. Documentation. You don’t need to personally manage the processes of your business, for example, but you want to make sure that whatever happens on a regular basis is written down. Without that, if Susie the webmaster wins the lottery tomorrow, you’ll have a tough time picking up the pieces and replacing her.

Same goes for knowing where your web site is hosted, where your domains are registered, what cell phone service(s) you use, etc. Ask your people to document their workflow and key technologies.

2. Passwords. Can you log into your web site? Do you have the administrator password for QuickBooks? Do you have the building alarm codes?

You don’t need to know what to do when you log into these various accounts (for example, you don’t need to know how to be a bookkeeper once you’re in QuickBooks), but you need access through the front door, so that you can bring in another expert as needed.

3. People. As a small business owner, there may be several freelancers/consultants out there in the world who keep the wheels turning. Not employees, but important people: IT support, designer, copywriter, bookkeeper, attorney, etc. Here too, you don’t need to be involved in all of these relationships but you do need to know who they are with and what they are for.

I understand that part of growing a business is delegation – you can’t touch everything if you hope to grow the business beyond yourself.

Still, it’s worth your time to think about – and organize – the pieces so that when Susie’s number comes up, you’re not left scrambling!

Are You Making It Hard For Clients To Pay You?

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Yesterday, while listening to the radio on my drive home, I heard someone talking about “the end of currency.”  In other words, that very soon we would all rely exclusively on electronic methods for payment.

As someone who hardly ever has cash in her wallet, I was quite happy to know I’m on the leading edge!

I love using my credit and debit cards.  I’m able to track every single penny I spend and there’s no pesky change to manage.  I can slip a card into my phone case (sometimes I’m even able to use Apple Pay and skip the card altogether) and away I go. So convenient.

I also love getting paid by credit card.  No paper and, with just a couple of clicks, the money goes straight into my bank account.  My accounting software (Xero) is automatically triggered by Square (my credit card processor) to create an invoice for each deposit and Bazzaam! … I’m done.

How about you? When it comes to the payment options you give to your clients, how easy are you making it for them to give you their money? (Hint: the easier and more convenient you make it, the sooner and more frequently you’ll get paid).

And, do you provide a variety of simple, predeveloped options or do you struggle to figure it out each time?

If you’re concerned about the complexity of accepting electronic payments, don’t worry; it’s simple to set up and way easier than it was even five years ago.  Here are two examples to get you thinking:

    1. Repeating Payments.  One of my clients is a healthcare professional; she needs to accept co-payments from her clients every day.  She’s a solo professional with a small office and it has to be simple.So we set up a “Square Store” for her with all her co-payment amounts and session fees as products. When a client hands her a credit or debit card she whips out her phone, plugs in her Square reader, chooses the correct product (co-pay or fee) and swipes.  Done!

    2. International Payments.Another client has lot of international transactions so he offers PayPal as a way to handle them (Square doesn’t handle transactions from many non-US countries).He logs into his PayPal account, chooses “Request money,” and enters the email address of his client and the fee amount. The client then receives an email with a link to pay.  They can pay with a credit card or from their own PayPal account balance.  This is also a great option if you have a large company client who pays with varying amounts.

These are just two examples … there are many more.

How about set up and payment processing fees?  Yes, they do exist.  But … they are small and if you consider how much time and effort you spent tracking and chasing money (and sometimes not getting paid at all), the benefits far outweigh the costs.

Here’s how I look at it:

Life before digital processing: The check is in the mail.

Life today: The money is in my account.