Twenty Essential Keys for a Successful Business
* Carefully appraise employees through performance reviews.
* Eliminate waste by identifying and categorizing all costs (fixed/
variable/direct).
* Implement and expense an purchasing control system.
* Initiate systematic production and scheduling controls.
* Create an efficient plant layout, and material and flow.
* Install a performance based, wage incentive plan.
* Set up and maintain measurable, high quality control standards.
* Thoroughly research and understand your markets and client needs.
* Use financial ratios to monitor your liquidity and efficiency.
* Use Cost/Volume/Profit analysis to track the relationship of
costs to volume and profit.
* Know your contribution margin ratio, and breakeven point/date.
* Carefully monitor your method of mark-ups to insure you are
accounting for all overheads.
* Use profit and overhead planning formulas to improve ownership
return.
* Dispose of unproductive assets.
* Use budgeting and variance reporting to track estimated/actual costs.
* To manage cash flow, use weekly cash requirements reporting.
* Know your payroll burden.
* Build a sound organization through policy and procedure manuals.
* Maintain an executive business plan summary for strategic planning.
* Seek constant improvement of all company processes/procedures.
