Starting a business is an exciting adventure filled with many ups and downs. Often, the most overwhelming and frustrating aspect is the paperwork with starting a business. Many new business owners have the same questions, including:

  • How do I correctly set up my accounting (payroll, accounts payable, accounts receivable, etc.)?
  • How should I organize my electronic files?
  • When does this report have to be filed?
  • When do I charge this tax?

These questions can be extremely daunting and stressful to new owners. Read about how Success Trek helped a business owner with these and other New Business Struggles.

The Task

A past Success Trek client recommended our services to a new business owner of a small manufacturing supply company. They were busy tackling many issues, including setting up a fabrication shop, installing software, developing clientele, and hiring employees for the first time. Eventually, the owner realized that they did not have the time to eliminate items on an ever-growing pile of sticky notes and contacted Theresa for assistance to:

  • Understand how to set up their accounting software correctly and build a good credit history
  • Develop a business forecast and plan to grow their business and to purchase more equipment in the future
  • Understand how to organize their files and processes so that they can move quickly and efficiently from one task to another
  • Create training materials for staff where traditional learning strategies did not work

The Action

Success Trek’s first step was to help set up the accounting software and train the owner to use it. During this stage, we discovered several more significant obstacles that needed to be addressed, such as:

  1. Guidance on payroll forms required to be filed.
  2. Assistance in setting up the inventory management software to reflect current inventory in stock.
  3. Help in developing a business and marketing plan for the new business.
  4. Recommendations on setting up electronic folders so that items could be found quickly.

Success Trek addressed these obstacles by:

  1. Creating a tax tip sheet that documents what tax payments are due and what returns need to be filed when. We also worked with the client to ensure that all the proper paperwork was completed and filed during the first two payroll quarters.
  2. Holding work sessions to help the owner set up the inventory management software. These sessions were digitally recorded for easy reference any time they needed.
  3. Creating a budget and forecasting spreadsheet that includes a snapshot of current projects, costs, and liabilities so that the owner can quickly reference business inflows and outflows.
  4. Mapping out an electronic filing high-level structure and sharing best practices on filing and labeling electronic files.

Success Trek worked with the client to connect all aspects of the business by creating tools to ensure tasks were completed and not lost within the overall picture. For example, connecting the sales process through the order fulfillment and accounts receivable tasks.

Success Trek also provided the client with an assessment of what was not working well, resolutions to fix them, and training to drive their business forward.

The Result

Through Process Improvement, the client realized a Strengthened Workflow Process. By identifying the issues at the beginning of the project, we could then support the client and create tools that allow them to be confident about their financial situation.

Success Trek continues to work alongside this client to help them reach their goals. Stay tuned for more stories of their continued success.

How can we help?

If you or your team need help to identify obstacles and challenges in your workplace situation, contact Theresa, or visit our Contact Us page to schedule a 30-minute Complimentary Conversation. Reaching a goal is a journey, and Success Trek is here to take that journey alongside you.

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