3 Accounting Tips For Solo Business Owners
As a small business owner, it’s difficult enough to complete the day to day tasks that keep your business running smoothly, much less keep up with the books so that you can run a profitable business. The following strategies will help you to stay on top of your finances and give you more time to spend on important things like pursuing your goals and exceeding your clients’ expectations. Don’t Be Afraid to Ask for Payment If you want to remain in business for the long term, it is not enough to have a unique, popular product or service that adds value to your clients. You also need a steady flow of cash coming into your business on a regular basis. The best way to ensure a steady cash flow for your company is to take steps to receive prompt payment for your work. To make certain that you are paid on time, you need to have a system in place to invoice your clients automatically once your work for them is complete. You can help ensure that you will have the money that you need to pay your suppliers and other bills by offering a small discount to customers...
Read MoreIs Crowdfunding The Solution To Your Finance Needs?
Smaller businesses are finding many benefits in the digital age. One of the strongest is the emergence of crowdfunding. Asking a lot of people to contribute a small amount of funds each can have big payoffs. The difference can be huge for small companies, who may then have funds necessary to get a new idea off the ground. There are tricks to running a successful crowdfunding campaign, however. Let’s look at several things you can do to give you the best chance of success. Promote interest While it may seem that campaigns randomly “go viral”, in the case of most successful crowdfunding campaigns a lot of work is done behind the scenes to ensure tactical and sufficient publicity takes place. Be active promoting your campaign to your network, and directly ask interested parties to promote it to theirs. Consider partnerships that could form that could benefit your campaign and approach people who might be interested in working with you. Update your followers Supporters like to follow your progress, both in terms of how successful your campaign is and how your production is coming along. Keep them updated, and let them know if you are still looking for support, or...
Read MoreAre All Your Business Finances In Place?
If your business is like many other small businesses, you probably think you have all your financial systems in place. You might not realise that you’ve missed something until it is too late. As Business Victoria says, keeping on top of your business finances can be hard work, but being aware of your finances can improve your cash flow and profitability. Being prepared and doing financial forecasts can help you raise finance and prevent the unexpected from harming your profitability too. To help you, they have put together a quite comprehensive checklist to make sure you have the financial basics in place. The checklist includes links to financial tools and templates that will help you fix any problems you identify as you work your way through the form. The checklist covers areas such as wages, supplier basics, sales and marketing, pricing, budgeting and more. If you do nothing else to maintain your financial health this week, I encourage you to download the list and start working your way through it. If you find gaps that you don’t know how to fill or perhaps don’t have the time to work on it right now, give us a call on 02 9997 5662...
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"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful" Fast Ed, TV Chef from Better Homes & Gardens.
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