Viewing Labor Differently

A question for Entrepreneurs post Labor Day – how do you view your labor costs (employees)?

Are they a cost of doing business for you as they decrease your bottom line? When cutting expenses, is that the first thing you think of reducing?

For large labor intensive operations, this might be the case. However, Entrepreneurs might want to view this differently.

If you train your people properly and motivate them adequately, your employees could actually improve your bottom line by increasing revenues, improving productivity or even reducing costs.. View your employees as assets – invest in them to get better results.

It takes a different mindset to get the best out of your people. If you think of them as labor and an expense, then chances are that you don’t always get the most out of them.

Do the Right Things! Invest in your people and help them add to your bottom line.

Ravi Patel

Published in: on September 3, 2019 at 4:34 am  Leave a Comment  
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Assessing Your Assets

Have you ever considered taking an inventory of your “business” at year-end?

What are your really valuable “assets” (not in the accounting sense) and what is the balance that you are carrying at year-end? You might want to prepare a list of such “assets” for assessing where you are, determining what you need to grow such assets, and monitoring progress throughout the year.

An Entrepreneur might consider certain goods and services, pertinent technology, engaged and high-performing employees, key clients, reliable suppliers, valuable advisors, and so on as core “assets” to run a successful business.

Taking inventory of these assets at year-end, and planning on how to increase them in the coming year could be a key component of your annual plan. Measuring your assets at the end of the next year would determine your performance in this area.

Do the Right Things!

Ravi Patel

http://www.PatelCFOservices.com

 

Published in: on December 19, 2017 at 4:27 am  Leave a Comment  
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A New Beginning

As you take on 2015, it is time to take a “Balance Sheet Review” of your business; not the true accounting numbers kind, but philosophically similar.

Entrepreneurs should evaluate their “assets” in the business – products/services, people, customers, processes, etc. This should establish the strengths of your business to either build upon or further improve in 2015.

A determination of your “liabilities” will give you an idea of the weaknesses that need to be focused on in 2015. These “liabilities” need to be mitigated or converted to “assets” so that you can utilize them for success during the year.

By performing a “Balance Sheet Review,” Entrepreneurs can set their priorities and goals for 2015 – a new beginning!

Ravi Patel

http://www.patelCFOservices.com

Published in: on December 30, 2014 at 4:07 am  Leave a Comment  
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