6 Ways to Organize Your Small Business Strategies and Policies

 

Place organization at the top of your small business’s priority list. It results in less confusion among employees and more productivity. Strategies and policies should reflect your business’s mission. These six effective tips will help you organize your small business strategies and policies. 

 

organize

Dress Code

Businesses use dress codes to make sure everyone is safe and dressed appropriately. Employers set reasonable standards of dress and appearance that suits their industry, as long as there is no discrimination. 

Relate the dress code to work conditions instead of management levels. For example, your construction business should require hard hats and work boots for anyone working on site. Employees working in an office space can dress business casual unless they go to a work site. 

 

Discipline

What actions result in discipline? Who enforces it? Set up a system and stay dedicated to it. This way employees know what kinds of repercussions result from what they did. This cuts down the number of employees taking advantage of your small business. 

 

Termination

Determine who has the authority to terminate another employee. Decide what qualifies an employee’s termination. Set up a process for pre and post-termination. This can include a plan of action for improvement or a face-to-face meeting. 

 

Evaluation

Does your business adhere to annual performance reviews? Or do you allow employees to gain meaningful metrics and evaluate themselves? Evaluations are not always enjoyable for employees or employers, but they are necessary. 

Employee evaluations are beneficial to your business. They clarify employee roles and statuses. There is the opportunity to praise your employees and give constructive feedback. Reviewing performance helps determine promotions, raises, and rewards. 

As a small business owner, evaluate yourself too! If self-evaluation is not giving you the review that you need, ask some of your employees for their honest opinion.

 

Employee Handbook

Locate all of your business strategies and policies in one place, which is considered the employee handbook. It should include the legal obligations of your business. Add in an overall look at the company culture and expectations of your employees. 

Keep the handbook short enough for new employees to read. Write clear and easy to understand language. Make sure all new employees receive a copy of the employee handbook or know where it is readily available. 

Employee handbooks reduce the number of questions that employees have about the business. It is even more useful as your small business grows, so it is best to set one up as soon as possible. 

 

Set Clear Limits

Think about what you aim to achieve in your workplace. Provide your workers with a safe and encouraging place to develop their abilities. Have a positive organizational culture that sets clear limits.

 

If you have questions about organizing your small business’s policies and strategies, call us at 410-764-3731 or book an appointment with us at https://calendly.com/michaelplc.

 

Is It Time To Delegate Tasks as a Small Business Owner?

 

You might think as a small business owner that you need to do everything yourself. This could put your business in a bad situation where you are running behind due dates and feeling overworked. Along with taking the load of work off of one person, the decision to delegate tasks grows your business

 

delegate tasks

Signs That It Is Time To Delegate

Hire someone that you trust to complete tasks just as good as you do (or maybe even better!) These five signs will help you determine if it is time to delegate tasks. 

 

Decision Fatigue

As a small business owner, you only want what is in the best interest of your company. Making too many decisions in short periods decreases your ability to make those good decisions. Small tasks and decisions that could be made by someone else can reduce this fatigue.

 

Routine Tasks Take Up Too Much Time

Running a business should not be taken up with simple daily tasks. Your time is too valuable for this mundane work. Have someone else accomplish these tasks.

 

Late on Due Dates

Are you constantly missing deadlines you set? Struggling to keep up with your workload means you are failing to prioritize what is important and delegating what is not. 

 

Staff Is Under-worked and Underdeveloped

Your staff’s knowledge should develop as they work for your business. By giving them meaningful work, they will feel more engaged. Improve their skills by giving them more work.

 

Struggle With Responsibility In Others

You might feel nervous about handing over your work to an employee or outside agency. Lack of trust in others when deciding to hand over tasks wastes your precious time as a small business owner. 

 

Make Yourself a Better Delegator

Once you determine when it is time to delegate tasks, continue to grow your delegation skills. Create a habit of considering delegation. Always ask yourself if there is someone else that can complete the tasks. 

Continuously train your staff. This not only builds their skills but also makes it easier for you to trust them. Ask them for feedback after the tasks are completed to help you with delegating in the future. 

Ranking tasks are beneficial when you need to determine what should be delegated. Instead of trying to do everything simultaneously, you can set a timeline and pass along what is not worth doing.

Delegate Your Bookkeeping Tasks

Delegating increases productivity and is essential in your small business’s growth. It is an important skill as a business owner. 

PL Consulting works with small businesses that need to delegate their bookkeeping tasks. We are not your everyday bookkeeping firm. We believe in customizing your experience with specialized and professional services, while also offering support for future planning and productivity. 

 

If you would like to set up an appointment, call us at 410-764-3731 or book a time with us at https://calendly.com/michaelplc.

 

 

6 Book Recommendations to Learn Small Business Bookkeeping Basics

 

Small business owners do it all. Keeping track of business expenses is just one of the many tasks. If you are not a numbers person, this may be difficult. Small businesses often close their doors during their startup years. Bookkeeping is necessary to keep your business running by making sure that everything behind the scenes is moving smoothly. Here are 6 book recommendations to learn small business bookkeeping basics.

To get you started, bookkeeping is primarily broken down into 4 components: 

  • Accounts receivable

  • Accounts payable

  • Bank reconciliation

  • Payroll 

 

Here is our expert opinion on book recommendations to learn bookkeeping basics for your small business

 

bookkeeping

Deducting The Right Way: Untangling Small Business Accounting & Taxes

The authors of this book work with small businesses, so they have learned a lot over the years. This book has information on taxes, bookkeeping, business management, and so much more. Tax deductions can get confusing. Find out why deducting the right way helps you operate a more profitable business venture.

 

Quickbooks: A Beginner’s Guide to Bookkeeping and Accounting for Small Businesses

Quickbooks has many benefits for small businesses. Learn about how to set up your Quickbooks account, whether it is old or new. Streamline your business and develop efficiency. You will become a more competitive business using the information discovered in this book. 

 

Full Charge Bookkeeping, HOME STUDY COURSE EDITION: For the Beginner, Intermediate & Advanced Bookkeeper

This book is written by a CPA that worked his way up through bookkeeping positions. It is a good reading source for bookkeeping at any level. The glossary in the back makes it easy to find anything that you are looking for. 

 

Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble

This startup-guide covers everything you need to know about being self-employed. There is information that you might not of known about licensing and permits. Taxes and avoiding the IRS are other topics that are talked about.

 

Accounting Principles: The Ultimate Guide to Basic Accounting Principles, GAAP, Accrual Accounting, Financial Statements, Double Entry Bookkeeping and More

Managing your business finances correctly and efficiently can mean the difference between business success and failure. This book discusses accounting methods, budgeting to make it big, payroll accounting, and much more.

 

Bookkeeping Basics for Entrepreneurs: Taking the Mystery Out of Your Company’s Financials

If you are feeling overwhelmed about bookkeeping for your small business, this is the right book for you. There are quick and easy steps that will help you simplify your bookkeeping. All the accounting terms are straightforward and uncomplicated. 

 

Small Business Bookkeeping Basics

Laws related to bookkeeping are always changing. It is best to ask a professional if you are unsure or cannot find the answer yourself. 

 

PL Consulting is not your everyday bookkeeping firm; it is a tailored answer to all of your bookkeeping needs. We believe in customizing your experience with specialized and professional services, while also offering support for future planning and productivity. 

 

If you would like to set up an appointment, call us at 410-764-3731 or book a time with us at https://calendly.com/michaelplc.

 

Why Donating to Charities is Good For Your Small Business

 

Donating to charities is an act of kindness and goodwill. Charitable gifts come in many forms. There are many benefits when donating to charities as a small business. It supports your business values. Connects your business to the community. There are also opportunities for tax deductions. A small donation can make a big difference to nonprofits. 

 

donating to charities

It Fits Your Business Values

Every business has core values and standards that they believe in. These values and standards entice customers to buy from your business.

Donating to charities is one way to promote social responsibility as a small business. No matter what your business values are, there is a charity that fits with what your business stands for.

Connects Your Business to the Community

Share your objectives and mission with everyone in your community. Doing so helps develop a cohesive business model. Spread awareness about donating to local charities. This encourages others in the community to donate.

Set up a canned food drive. Offer a donation to charity for every sale made. Ask customers if they would like to add on a donation to their purchase, while your business matches every amount.

Sometimes when charitable donations are made, your business can receive free PR. This could be in the newspaper, local news station, or an online article. Link these to your website and share it on social media. This promotes unity in your community. People support businesses that care about their community.

Receive Tax Deductions

Charitable contributions to a nonprofit might qualify your small business for tax deductions. Make sure the nonprofit is a 501(c) (3). Check to make sure with this IRS search tool

 

Deduct these charitable gifts on your taxes this year: 

  • Cash
  • Gifts of property or equipment
  • Travel expenses accrued when helping a charitable organization

 

There are many rules and regulations for charitable tax deductions. Some donations are not tax-deductible, including: 

  • Political donations
  • Gifts to individuals
  • Gifts to for-profit schools

 

Although deductions are one of the many benefits of donating to charities, this should not be your main driving force. Donate to charities that you and your business have a connection to. If your customers mainly live in your city, choose a local charity that gives back to the community. 

Get Expert Advice and Help

It is always best to check with a tax advisor familiar with charitable donations. A financial expert will help you decide what charity is best for you to support. 

We customize our services to each of our clients and their business plans. Each one of your ideas is unique to your business, and we understand that. Our one-on-one interactions are a valuable resource for both your team and ours. 

 

We are here to answer questions you have about donating to charities as a small business owner. If you would like to set up an appointment, call us at 410-764-3731 or book a time with us at https://calendly.com/michaelplc.