Gary Oetker is a guest blogger for HVAC Learning Solutions.
The family business is comfortable. It's easy to slip into a financial disorganization and lose discipline. Family businesses need the most structure to keep the legacy alive.
Here are some of my tips to whip your financial structure into shape:
Create a checklist
A checklist should lay out financial deliverables for the month. The overall goal is to ensure you're meeting business objectives and keeping the top-level in mind constantly.
Consider hiring administrative help (outside the family)
A third-party accountant or administrative assistant can help keep finances in line and keep the laid-back structure from interfering with the bottom line.
Departmentalization is your friend
Even a small business needs segmentation, and dividing up departments can help you spend money in places that need it the most. It'll also maximize your sales opportunities. Watch my video to find out more.
Guest blogger Gary Oetker is the Lennox Business Coach for HVAC Learning Solutions. Check out his financial webinars here.