Return To Blog

Work On Your Small Business (While You Aren't Working In It)

Work On Your Small Business (While You Can’t Work In It)

Tough times are upon us all as we await the dissipation of the COVID-19 virus. Over the next few weeks, service-industry businesses will be hit hard as most North Americans retreat to the safety of their own homes. Some businesses have moved to a remote workforce, while some of have shut down entirely to await the conclusion of the coronavirus era, a time we are all eagerly awaiting.

While there may not be as many clients to serve or as many projects to complete, there are some things every business owner can do to increase the eventual sale value of the business, even if your corner office is now your own living room sofa.

Document Processes and Procedures

When an invoice comes in, who enters it into the system? Who prints the check? Who signs off on the work? Any work function that happens should be documented so there is a manual to follow should you or someone within your company need to be replaced for a short-term basis. Flow charts are often a good way to put this into writing to attach a visual.

Create Emergency Contact Lists

Who do you call when the plumbing leaks? Who checks the fire extinguishers yearly? Compiling all these items in one central location can make your company more adept to move and change as the circumstances allow.

Review Your Handbook

With things shifting and changing so frequently in our world, your handbook may be out of date. In particluar, make sure your internet and cell phone policies are in step with your employees' day-to-day work lives so expectation aligns with reality.

Recent Posts

Thinking of Selling?
When selecting an M&A firm, please use the following Scorecard: click here for our M&A Scorecard

The Firm makes no warranties or representation in consideration to the information provided above. All communication regarding this business must occur directly with The Firm Advisors, LLC. The Firm is not a real estate brokerage and does not sell real estate. The Firm solely advises on exit strategy.