On this page
- Review customer service
- Review key business contracts
- Review equipment and fixed assets
June is a great month to review contracts, equipment and fixed assets so your business keeps running smoothly, and make sure your customer service is keeping customers coming back for more.
Review customer service
The success of your business relies on good customer service that entices customers to return and tell their friends about your business.
How to review customer service
- Look at all key features of your customer service and how it's delivered – such as enquiries, orders, sales and packaging, and deliveries.
- Have a policy and procedure in place to ensure all staff provide consistent good customer service.
- Maintain regular contact with your customers through email newsletters or other tools – keep them up-to-date with information such as new products and services, or specials.
When reviewing your customer service:
- understand what's important to your customers – keep a database with details of purchases and orders to make sure you know what your customers want
- be sure to have a marketing strategy in place so you're using the right communication tools to reach your customers
- consider implementing a loyalty program to reward your regular customers.
Review key business contracts
Understanding your business contract responsibilities will ensure there are no surprises to your business operations that could result in interruptions and loss of revenue.
How to review key business contracts
- Review all key contracts in the business – such as leases, hire purchase agreements, staff contracts, insurances, rentals, utilities – against business needs.
- For each contract, make a list of any compliance requirements and put key dates in your diary.
- Assign responsibility to staff to ensure each compliance requirement is met – include these compliance tasks in your financial policies and procedures manual.
- If during the review you discover possible changes or improvements, negotiate with the supplier for these changes.
When managing business contracts and compliance:
- keep all key business contracts filed together in a safe, easy accessible place – consider keeping copies offsite so you have a back-up in case of fire or another emergency crisis
- where compliance requirements are assigned to a staff member, regularly check they're meeting the requirements
- read the entire contract and make sure you understand what's required from the business – if there are words or terms you're not sure of, ask for an explanation
- think about any potential problems that may arise in your business – consider the impact on your major contracts and then discuss these with the supplier.
Review equipment and fixed assets
Keep your business equipment and assets in good running order to avoid losing revenue or unexpected replacement costs if they break down.
How to review equipment and fixed assets
- Make a list of the equipment and assets of the business – review your bookkeeping system and print the list.
- For each item on the list, do a physical check on operational effectiveness.
- Note any items in immediate need of maintenance
- Highlight items that require spare parts that can be stocked, and ensure adequate parts are available.
In addition to this review, part of the ongoing operations of your business:
- regularly maintain equipment and assets – have a maintenance schedule that ensures a person is responsible for maintenance of all key assets
- for high value assets, ensure they're covered by warranty or insurance
- keep an asset register which has all the relevant details such as purchase date and price, location, maintenance schedule and spare parts required.
Want a financial reminder in July?
Sign up for the Small Business Victoria update to receive fortnightly:
- handy financial improvement tasks for July.