As a successful partner in a business, you want to be able to bring value to the partnership not only in terms of creating a better product or service but also by helping to keep the company’s finances on track. To do this, you must understand the financial aspect of the company as well as what you can do to improve it. Check out the following methods you can use to become a more valuable business partner.
Ensure the Company Uses One Hub To Determine Its Assets
In a world where new customer, content and financial management software is being developed and released nearly daily, it can be tempting for small businesses to use a variety of systems in order to get every feature they would like. The problem with using multiple software systems, though, is that they often provide different information. Even when using systems that seemingly integrate with each other, the information can vary. If possible, ensure the business uses one central software for everything. At the very least, only use one to calculate financials. If everybody is looking at a different system, disagreeing numbers could cause big financial problems.
Stop Doing So Much and See What the Result Is
Sometimes, a business simply tries to do too much in the name of being productive and successful. In reality, it could make the company less efficient. Take a long look at all the tasks and reports the company does daily, weekly and quarterly and see if there are any that no longer seem to be beneficial. From there, you can use a trial-and-error method to determine if the company actually requires the task or report. If your business partner never asks what happened to the “XYZ Reports,” chances are the reports weren’t providing any true value. Don’t worry; if it turns out that something was more relevant than it seemed, people will quickly realize it and you can reimplement it. Of course, only use this method to determine value with one task or report at a time. If you stop doing every seemingly irrelevant thing at once, you could end up in critical failure.
Above all else, a strong financial business partner must be disciplined and thorough. If you notice a potential problem in a financial report, address it immediately. Doing so ensures the issue doesn’t become out of control because you forgot to return to it in a timely manner. By maintaining your own high level of integrity, you create a better company and happier clients.