Attended a great networking meeting with Women from NEW- Network of Entrepreneurial Women. The topic was “If I had only known these Lessons”. Mindy Munson, President of Munson Business Interiors – an office design firm for mid to large size companies that provides office furniture and solutions. Mindy has over 30 years of experience with this business that she started which now as grown to 24 employees and annual revenues of over $10 million. She is currently training her daughter in all aspects of the business as her succession plan for her eventual retirement. These were some of the things she said she wished she had none when she started in business:
- Find your niche – what you are good at and passionate about!
- Understand your cash flow – find a bank that represents you and vendors that will give you a line of credit
- Always take the cash discount by paying your bills quickly
- Manage and collect your account receivables
- Find a smaller legal and accounting firm that can provide personal service
- Develop an employee handbook (this is something that we at Randi Frank Consulting can help your with)
- Document your procedures so if someone is out others know the process
- Make sure you have the right insurance
- When hiring look for grit, can they continue to learn and will they work hard (again Randi Frank Consulting can help you with this see our blog on Reviewing resumes & Executive Searches)
- You should have panel interviews so you get different perspectives from your staff on new employees (See Blog Tips on Interviewing)
- What gets measured get done – have goals and objectives
- What gets celebrated gets repeated
These are all great ideas for new businesses and entrepreneurs. If you are just staring your business call Randi Frank Consulting for your Human Resources needs. [email protected]
