Daily Directive: 082824

Daily Task: 15 minutes

Check in with 5 clients. Instructions here.

Project Focus: EHR

This week, we’re going to improve the return you get on the time you invest in your business.

Yesterday, you made a list of tasks you complete in a normal day.

You ranked them according to those you “LOVE” – the ones that give you energy – and those you “LOATHE” – the ones you dread.

Take out that list.

Rank the “LOATHE” tasks in order from “most loathed” to “kinda dislike”. Put the thing you hate doing most at the top.

When you’ve identified the thing you hate doing in your business most, take out a second sheet of paper.

Record the steps to perform that task. Write it out as if writing instructions for an 8-year-old. We’re going to assign this to someone else, and if the instructions are incomplete, you will be drawn back into doing it yourself.

When you’ve completely written out the task step by step, identify the person on staff who would be best to do that task (who would you call to do it if you were stuck in the hospital?)

Send that person a message about taking on the task in future.

Make an appointment to train them and roleplay the task.

Using the example from yesterday (the LOATHE list of a dog groomer):
Handling Financial Tasks: Feeling drained by tasks like invoicing, tracking payments, or managing budgets that are outside of the grooming skill set.
Steps to Handle Monthly and Daily Financial Tasks for a Dog Groomer:

1. Daily Financial Tasks:
   • End-of-Day Sales Reconciliation:
     • At the end of each day, gather all the sales receipts and payment confirmations.
     • Open the cash register and count the cash, ensuring it matches the total amount recorded in the sales receipts.
     • Cross-check the credit card transactions with the payment confirmations.
     • Log all transactions in a spreadsheet or financial software, noting any discrepancies.
     • Deposit the day’s cash earnings in the designated safe or prepare it for the bank deposit, if applicable.
   • Tracking Expenses:
     • Collect all receipts for any purchases made throughout the day, such as grooming supplies or cleaning materials.
     • Enter each expense into a spreadsheet or financial software, categorizing them appropriately (e.g., supplies, utilities, rent).
     • Attach digital copies of receipts to each entry if using financial software.
   • Update the Financial Dashboard:
     • Log into the financial software to update the daily figures on the financial dashboard.
     • Check for any alerts or notifications regarding payments or accounts that need immediate attention.
   • Prepare Invoices for Clients:
     • Review the list of services provided that day and ensure all clients have been invoiced correctly.
     • For clients with outstanding balances, send a polite reminder via email or text, including a copy of the invoice and payment options.
2. Monthly Financial Tasks:
   • Bank Reconciliation:
     • At the beginning of each month, download the bank statement from the previous month.
     • Match each transaction on the bank statement with entries in the financial software or spreadsheet.
     • Identify any discrepancies or missing transactions, and investigate them promptly.
   • Budget Review and Adjustment:
     • Review the monthly budget to compare projected expenses and income against actual figures.
     • Adjust the budget as needed, noting any areas of overspending or underspending.
   • Payroll Processing:
     • Calculate the hours worked for each staff member, including any overtime.
     • Apply the correct pay rates and calculate the total payroll for the month.
     • Ensure all payroll taxes and deductions are accurately calculated and submitted on time.
     • Issue paychecks or direct deposits to staff members, ensuring funds are available in the payroll account.
   • Prepare Financial Reports:
     • Generate monthly financial reports, including the income statement, balance sheet, and cash flow statement.
     • Review the reports to assess the business’s financial health, identifying any trends or areas of concern.
   • Tax Preparation:
     • Organize all receipts, invoices, and financial records for the month in preparation for quarterly or annual tax filings.
     • Update the tax records with any new information or changes in income and expenses.
   • Inventory Management:
     • Conduct a monthly inventory check of all grooming supplies and products.
     • Record any discrepancies between the physical count and the inventory log, and reorder supplies as necessary.
   • Plan for the Next Month:
     • Set financial goals for the next month, based on the analysis of the current month’s performance.
     • Adjust marketing or operational strategies to meet these goals, and allocate budget accordingly.

Once you have clearly documented each step for both daily and monthly financial tasks, it’s time to delegate.

Delegation and Training:

• Identify the Right Person: Choose a staff member who has shown interest in financial matters or has a knack for attention to detail and organization.
• Set Up Training: Schedule a time to train this person, walking them through the documented steps.
• Roleplay Scenarios: Run through different scenarios they might encounter, such as handling discrepancies, managing overdue invoices, or preparing payroll.
• Monitor Progress: For the first month, check in regularly to ensure they are comfortable with the tasks and provide additional guidance if needed.

By delegating the tasks you loathe, you free up your time to focus on the aspects of your business that energize and inspire you. This not only increases your personal productivity and satisfaction but also empowers your team members by giving them more responsibility and opportunities to learn and grow.

Further reading: Maximizing Your Return On Time

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