Best practices for better business

Don't wait until you're in the red before you start looking at cutting costs. The most successful enterprises make it a priority to measure efficiency and align with industry best practices on a regular basis. Consider the following: 

• Staffing. Assess your current workforce, identify strengths and weaknesses, and create a long term staffing plan that aligns with your business goals. 
• Vendor relations. Choose your vendors and negotiate contracts carefully, and then monitor performance and maintain open lines of communication to foster a healthy relationship.
• Supply chains. Leverage staffing and technology to manage your supply chains effectively, and reduce costs, improve collaboration and promote social responsibility. 
• Cash flow. Understand and monitor your cash flow, using projections related to sales and expenses to better inform your budget and performance.

Cybersecurity and fraud are two areas of increasing importance when addressing efficiency and best practices. Here are some key considerations: 

• Be smart about security. Create (or update) an Information Security Policy and obtain formal acknowledgement from all relative parties. 
• Watch your transactions. Use dedicated computers and develop procedures to reconcile your payments. 
• Protect your check supply. Use a trusted, established vendor and secure storage when dealing with checks. 
• Conduct periodic risk assessments. Identify and inventory potential security problems across all lines of business. 

For additional resources, please visit our Security page