New Year’s Resolutions For Growing Your Business
- Keep your accounts up to date
It might sound simple but the thought of doing your books can seem overwhelming to some business owners especially when left to the last minute and you have several months of information to update. Making sure this is up to date not only helps break what might seem like a huge task into bite size pieces but also, having up to date information means you can make informed decisions and make accurate plans and budgets for the future.
- Embrace technology
There is so much technology out there now that is designed to help save time and reduce the burden on manual input. Manual cashbooks and traditional bookkeeping are a thing of the past and there are countless apps being developed all the time to help you and your business from revolutionary accounting software QuickBooks and Xero to applications like Receipt Bank and Chaser. Did you know there are apps that can read pictures of invoices and process the information into your cloud software, so you don’t have to manually type them in? Are you making the most of your software and the technology available to you?
- Look at your sales
When was the last time you reviewed your sales prices? Are you charging enough? Regularly reviewing your sales prices will ensure you are remaining in line with competitors and also receiving a fair price for your products/services. What are your payment terms and are your customers sticking to them? Sending your customers, a gentle reminder for payment just before the payment term is up can ensure on time payment. If you don’t have the time to be chasing your customers and are using cloud software have you considered looking at apps such as Chaser that can do this for you?
- Review your suppliers
Unfortunately, loyalty to suppliers no longer tends to hold financial benefit. When was the last time you shopped around to make sure you were getting the best deals available? With the use of comparison sites, it has never been easier to switch between energy suppliers and save yourself hundreds of pounds a year.
- Are your staff happy?
The key element in most businesses is the staff. Happy staff leads to motivated and productive staff which can have a huge impact on your business and its profitability. Keeping your staff happy doesn’t necessarily mean costing you money, more and more workplaces are embracing flexible working allowing staff to work from home where appropriate or flex their hours to work around traffic or childcare. It can be a small change that has little negative impact upon your business but can make a huge difference to the moral and work life balance of your staff.
- Prepare for the unexpected
Have you thought about what would happen to your business if you suddenly lost a key member of staff, or something happened unexpectedly to your business partner or yourself? Its not nice to think about what could happen to ourselves or people we care about through illness or accidents but the reality is that it could happen at any point and through not being properly prepared, you could end up facing a very tough situation. Making sure you are properly insured and that the key people in your business are insured can ease difficult times even if the unexpected were to happen.
Please get in touch if you would like any information on the points highlighted above including cloud accounting software, applications or business protection insurance.