Combining economy of time with economy of purchasing is a proven way to make money in today's hectic business environment. Here are 25 ideas you can implement at the start of the new year to improve the company's bottom line.

1. Standardize the company's telephone directories and place them on a central client and supplier database that provides quick searching and automatic dialing.

2. Obtain service contracts for essential equipment such as photocopiers.

3. Automate recurring payments with pre-authorized bank payments or with recurring journal entry formats available on most accounting software programs to ensure payments are made on time and avoid late payment or interest charges.

4. Establish an invoice payment schedule such as every two weeks or once a month. This gives you a scheduled time to review cash flow requirements, eliminates the cost and disruption created by immediate payment cheques and lets suppliers know when they can expect payment.

5. Set aside a specific time to read your mail rather than disrupting your work pattern to open it as received. If accounts receivables are a daily concern, have staff open mail, list and deposit cheques and provide you with a summary of cash-in only each day.

6. Purchase used equipment. Most used equipment, especially office equipment, is as functional as this year's model, and with a good service contract, provides a better return on investment.

7. Confirm appointments the day before. Avoid using valuable time to prepare, look over specs and gather data for meetings that are postponed or never happen.

8. Request a retainer or deposit. Customers that give a retainer or deposit are more likely to complete the transaction so time is not wasted following up on customers who are only vaguely interested. As a deposit means intent, the client will be after you to perform. This acts as an incentive to complete the job and collect. Everyone wins.

9. Coordinate annual vacations before the end of February.

10. Identify essential inventory and set up a system to ensure sufficient levels of these supplies are maintained so that business processes are not halted because of a shortage of toner, screws, paper, nails, paint, etc.

11. Consider providing staff with hands-free, wireless telephones. These devices allow individuals to review files, sort paper, enter data and complete other tasks while on the telephone.

12. Negotiate a rolling line of credit and a fixed monthly bank charge with your financial institution and reduce the time needed to discuss funds and service charges made by transaction.

13. Have all employees log telephone messages in a central location in a manual logbook or a computerized message centre. Not only will this provide records to ensure follow up, but it will prevent staff wasting time rewriting or looking for lost messages. Use a format such as Date/Time; Name of Caller; Message; For Whom; and Follow Up.

14. Take notes during, or immediately after, discussions with clients, staff or government officials and immediately file in the appropriate computer file or hard copy client or topic file. Good documentation ensures proper follow up and enhances performance. It can also mean future work from satisfied clients.

15. Develop and use boilerplate letters, forms, spreadsheets and quotes. When everyone uses the company's standard format, communications are consistent and processing speed increases. A standard format also allows changes to be performed quickly and inexpensively when necessary

16. Encourage staff to file all data at the end of the day. The next day, they will readily find information and service clients without wasting time looking for a misplaced file. Also consider establishing colour coded hard copy files or standardized computer files.

17. Buy supplies in bulk and have orders delivered. The cost of an employee picking up supplies can exceed the cost of delivery.

18. Choose a standard make or model for printers. In this way, supplies can be purchased in higher volumes and discounts obtained.

19. Schedule specific times for dealing with voice mail, faxes and e-mail messages rather than responding immediately to incoming messages. When leaving a message, suggest a time for the person to contact you and use the caller ID feature to ensure you don't miss that call.

20. Consider purchasing large computer screens for staff. A large screen is more comfortable for reading. As it is easier to have several windows open at one time, productivity improves.

21. Encourage everyone to back up data daily on a client-by-client basis as well as file a hard copy. Keeping hard copies is good preventative practice to offset any computer downtime. The back up electronic files are also readily available to use on a laptop when visiting a client or updating information while out of the office.

22. Encourage staff to be at their desks or posts 15 minutes before regular starting time so that they are on task when the workday begins. This settling in time supports the need for staff to have their morning coffee and chat while reinforcing that the workday starts at a specific time.

23. Have staff list their goals for each day. Planning the day helps everyone focus their work efforts as well as set realistic goals and project deadlines.

24. Organize tasks to best advantage for trips both within the office and on the road. Can that stroll to the photocopier also include a trip to the filing cabinet? Can a visit to a client be combined with dropping off a package?

25. Take full advantage of your available communication tools to track meetings and discussions. Document questions, issues and resolutions to reduce errors and the need for callbacks and enable everyone to move the project forward more quickly.

The above provides general information only. It should not be regarded or relied upon as accounting or taxation advice or opinions. Logan Katz LLP Chartered Accountants would be pleased to provide more information or specific advice on matters of interest to you.

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