167 & 168, Level - 1, IOA Complex,
No.69, Royapettah High Road,
Chennai - 600014. India
Guidelines for Improving Business Practices
- Category: Advisory
- Date: 17-09-2021
- Do the best with what you have in hand ....... Take stock & assess of what you have – man, money & matters
- Design an engine to generate new business periodically
- Procure orders for the stock in hand
- Plan your time for execution with your team.
- Release a work order (engagement letter) to your client / customer, enlisting the services to be delivered with time frames and your cost.
- Layout a protocol for billing and follow-up on collections.
- Device best mechanism for quality deliverables - Work for 5 days a week, 6-8 hours per day in your deliverables
- Saturdays - introspect the week’s work and check teams work for quality delivery.
- Upon delivery or per terms, follow the client for payments using the designed protocol. Do not give undue credit to client.
- Work out your savings & statutory pay outs based on your collections (cash flow) using “percentages on the collections”.
- Earmark the percentage of the collections into an account “Withhold money A/c” within your own organisation as savings and to meet out your statutory payments.
- Depending on the business, fixed overheads and variable overheads can also be earmarked to a separate designated bank account as “Withhold money”.