PKF Texas – Entrepreneur’s Playbook^®:Retool, Retrain, Retain

Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.

Do you have the relevant, timely and accurate information you need to make solid business decisions and execute strategy for your company?

By retooling your processes and technology, retraining your users, and retaining your best system users you can get this information faster, better, and cheaper.  We call this the R3 – retool, retrain and retain – framework.  Things to think about include:

• Improve/fully use what you already have. Do you understand the full functionality of your current resources? Using more of a system you already own helps eliminate pesky side systems.

• Assess how technology will improve your company and invest in additional training for your users. A smarter staff enables your company to generate very important financial data to help guide your business through rough waters.

• Re-evaluate your internal processes to trim waste.

• Leverage your intellectual capital. Your partners and service providers bring with them the experience of seeing what other organizations have done to do more with less.

• Adjust spending. Evaluate your spending habits, consider less expensive solutions. Many business owners fail to remember that mid-market accounting systems, such as Microsoft Dynamics NAV, will more than satisfy current needs and future growth.

Using the R3 framework gives you the tools to take your business to the next level in any economic condition.