As we’ve said before, a rising tide lifts all boats, and we’re happy to share things that have worked for our business in the hopes that it might help someone else.

It’s important to understand the numbers of your business. Don’t just focus on revenue, think about your profits. A business that earns $1 million/year with expenses of $900,000 is worse off than one that earns $500,000 on a budget of $250,000.

1. Don’t forget your savings

Just as you need to set aside some funds for a rainy day in your personal life, you never know when your business might need some emergency cash as well. When things are going well, stash it away.

Also, don’t forget to save for your retirement through your business. You’ll be able to set aside a lot more in tax-deferred savings through an employer-sponsored retirement plan than without one. 

And yes, even if you’re a solopreneur you can stash the cash tax-deferred (or tax free, depending on which choice you make.) It’s a good idea to check with a financial planner to see what the best type of plan is for you and your business.

2. Know (and track) your basic financials

You don’t need to know exact numbers on a daily basis, but you do need to know (roughly) what’s coming in, what’s going out, how much you own, and how much you owe. (Same as in your personal financial life.)

You need a budget for each department, whether you’ve got staff or not. No one (except maybe the accountants, and maybe not even them) likes the budgeting process, but it’s pretty important to keeping your company afloat. 

Very often teams get in the habit of using last year’s budget. Given that we experienced coronavirus for much of 2021, and who knows what 2022 will look like, last year’s budget may not be a safe assumption.

Don’t forget the costs of maintenance and upkeep, too. Machines require downtime on a scheduled basis, and so do people. One way to keep your staff costs down is to keep an eye on safety, which reduces worker’s comp claims, sick days, etc. 

Ergonomics is important in keeping people healthy. If you have people standing at folding tables you can simply lift them up to prevent back strains in your workers.

3. Know (and track) the numbers you need to make decisions

Unless you’re a famous billionaire reading this (hi, Jeff and Elon, welcome to the blog!), you have limited resources. And all of us – including Jeff and Elon – have a finite amount of time on this planet. That means we’ve got to make decisions and prioritize because we can’t have and do it all.

It’s smart to get the biggest bang for the buck. That goes for everything in your business: operations, people, marketing, and advertising. Knowing the numbers in each area will help you make the most optimal decisions. 

For example, if you know how much it costs to acquire (and keep) a customer in each of your sales channels, you can decide how much to spend on ads. If one platform is too expensive or not providing any return on investment (ROI), you don’t have to waste your time on it.

Want to help you and your employees stay ergonomic while working at folding tables? Check out our full line of folding tables at our store.

Lift Your TableⓇ… SAVE YOUR BACK!