If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn from the response to COVID-19 to help plan for the future. Yes, your… Read more
Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank… Read more
As a small business owner, you’re likely always looking for ways to achieve more. Maybe you made a New Year’s resolution about it. You might have resolved to make more money, find more clients, or grow your business. It’s fantastic to have an idea of what you want to do, but how will you know whether or not you’re successful? That’s where SMART goals come in. SMART goals help you… Read more
The holiday season is once again here, and with it comes time to relax, focus on family and friends and take stock in what is really important in life. Unless you’re a small business owner. Every small business owner knows that being away from the office can be just as stressful as being in it. Phone calls from employees dealing with a minor crisis will pull your focus from your… Read more
Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client… Read more
A Canadian bank surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to accounting… Read more
For small business owners, the risk of data breaches and fraud is high, so taking all the necessary steps to protect your sensitive data is a must. Unfortunately for many entrepreneurs the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid being hacked. According to a recent… Read more
Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to-day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are familiar,… Read more
The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm. What both hypothetical companies share, however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those… Read more
When things are hectic, most small business owners wish they could find a way to get more than 24 hours into a day. Often, your ‘to-do’ list can get so long that you feel you never get to put as much attention into every task as you would like. It can also mean more time in the office or dealing with work issues after-hours – cutting into your free time… Read more
Without knowing your break-even point, you can’t make informed business decisions. To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to your success. This especially true if you’re thinking about starting or buying a business. Calculate fixed and variable costs The… Read more
In theory, when you travel with work, you should have time to focus on getting a few things done. In reality, it can be almost impossible to work in a busy airport or on a busy flight. Here are a few tips to help you to be more productive when you are on the road. Plan ahead There is nothing worse than starting a piece of work and realising that… Read more
High-performance organisations stimulate more effective employee involvement and commitment in order to achieve increased profits, improved productivity and higher levels of customer loyalty. We are living in uncertain times. The highest performing businesses will, by their very nature, ride out the storm more effectively than their competitors. So how do you create a high-performance organisation? A truly high-performance business will deliver higher levels of productivity, customer satisfaction, sales and will… Read more
Snapchat is a popular video and image sharing app. It has become one of the most popular social media platforms but can it be used by businesses as a marketing tool? Originally, Snapchat allowed Android and iOS smart-phone users to send and receive images that could only be kept for a short time, once received. However, Snapchat has evolved and users can now use the ‘story’ function where your photos… Read more
Sourcing the right funding for your business can be the first step in achieving your growth goals, or the helping hand you need when you’re in a cash flow hole. Cash is king when it comes to funding your growth plan. But with the funding market now bursting with a huge choice of traditional and alternative finance providers, knowing what type of finance to opt for, and from which provider,… Read more
A lot of retailers are now using online accounting software for their businesses. There’s a good reason for that – it can make all the difference when it comes to managing your retail business. But you’ve got to make sure that you choose the software that’s right for you. Here’s a quick checklist of recommendations, to make sure you’ve got the right accounting software when it counts. Does the software… Read more
When you’re employed, your employer makes compulsory contributions to your pension via auto-enrolment (unless you opt-out). When you work for yourself as a sole trader, or you’re in a partnership, making pension payments isn’t mandatory. But, it’s still an important thing to consider. It is especially worrying that studies have found that 45% of self-employed workers between 35 and 55 have no pension. Retirement savings contributions are there to set… Read more
Remote working has become more and more common as developments in technology have allowed us to communicate and collaborate no matter where we are. In fact, most of us are already logging on from home or holiday already. In May 2018, Swiss serviced office provider IWG released a study that found that 70% of professionals work remotely at least once a week. Sometimes called ‘telecommuting’, remote work is on the… Read more
Your people are your business’s most important asset. As such, it is important to invest in their wellbeing. As global technology develops and demands on employees increase, it is not surprising that the terms ‘burnout’, ‘dissatisfaction’ and ‘distress’ are being increasingly reported across the developed business world. With increased absence, pressure is put on the rest of the team to meet deliverables, which can negatively impact team morale and increase… Read more
Innovation can be driven by taking an ‘obvious’ idea from one context and applying it in another The successful development and implementation of new, innovative ideas are crucial in business. Your innovation could focus on improving business processes, bringing new and improved products and services to market, increasing efficiency or, most importantly, improving profitability. Being innovative in business isn’t all about being the next Steve Jobs or inventing the light… Read more