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EXECUTION 26, joined family business

Discussion in 'Progress/Execution Threads' started by Varun, Jul 3, 2018.

  1. Varun
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    Varun Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hello everyone,

    Decided to make this thread to speed up my learning process. As of 3/07/2018, I've been going through sales ledgers and helping in checking them. Essentially ensuring that the names and numbers match up. My elders have told me that I must learn accounts first, if I understand the books properly I'll understand everything about the business.

    My main goal in creating this is to chronicle what I do regularly and prevent action-faking. I must learn something new every day not just by reading but also by doing something new. Mentioning this because I love reading things but never take action consistently. All my plans are useless unless tested in the real world, only realizing it now.

    I hope to be able to gain knowledge and course correct as I keep making mistakes during the process. Thanks for reading, I will update this tomorrow with all the tasks done. For today, I went through Carol's gold thread and was checking entries for the previous months(there is a backlog, it will take some time to catch up). Got some ideas that I've kept in a file for customer service from her thread.

    Other than that, I have a lot of ideas on automation and expansion - but it is of no value as they are just ideas. I also suspect I will be talking very differently when I get to know how the market actually works. The older people will also obviously not listen as I have not really proved myself right now. On to doing things.

    Thanks for reading.
     
    Last edited: Jul 3, 2018
  2. Varun
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    Varun Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    4/07:
    Checked a lot of ledgers today. Financial year in my country starts in April. The guy who would match the invoices with the ledgers to check for inconsistencies left abruptly. So this being peak time with AC sales(summer in India), there's a huge backlog. It will take me 2-4 more days to clear it. As I'm new, everything I check also goes through my uncle, hence there are a lot of operational inefficiencies - waiting, getting printouts for missed invoices, printer issues etc.

    I plan on cataloguing these as I come across them in a Word doc, and researching on how to improve them. A basic google search yielded some software and apps, but not sure how these will work with the Indian tax structure. We already use software, but it requires a lot of cross-checking with the ledgers after the invoices are printed(which is what I'm doing currently). So it is not a good solution, because it still needs a lot of human input. Therefore, low automation. Since I will be relying on iteration(chaining), I believe that creating a highly effective operation in our current showrooms will be important. Then I can look into replicating it with minimal fuss.

    All in all:
    1. Cross checked invoices with ledgers
    2. Read RHL's gold thread about his YT channel, still going through it
    3. Put some thoughts on automation, developing a corporate culture in the workplace and a couple of other points in my business doc. This is what I plan on presenting to my older family members(3 in total). This is after I know in some detail about every facet of the business. I don't know the exact timescale, but I'm hoping it takes 6-7 months. I don't know though.
     
  3. Varun
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    Varun Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    5/07 and 06/07:
    Did not go to the office today. Have to first sort out my situation. Talking to my uncles today to figure it out, father is in full script mode.
     

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