3 Simple Ways To Improve Your Cash Flow This Financial Year
As we wave goodbye to the end of the financial year for 2016/2017 and move on to 2017/2018, it is easy to get excited. A new year provides so many opportunities for growth, change and development – what’s not to get excited about! The start of the new tax year is also a great time to plan ahead to maximise your cash flow. Here are three ways to help improve your cash flow this financial year. Change those payment terms to benefit your business Are there changes you can make to your policies to ensure that money comes through the door quicker? Can you ask clients to pay upfront or place a down payment in advance on large projects, so you are not out of pocket? Could you consider changing your terms for payment to ‘in full upon completion’ rather than extending them by another 30 or 60 days upon completion? Requests like this make smart business sense, particularly for small business owners whose cash flow may not be as fluid as they would like. Set up a plan to collect late payments sooner rather than later Naturally, you hope that everyone will pay their bills on time, but sometimes that...
Read More5 Great Reasons Your Business Should Outsource
Outsourcing a certain function is a big decision for any organisation to make, especially as a small business owner. It should be part of your overall strategy to help direct your business towards its aims and goals. However, there are many advantages that come with outsourcing the assistance of a qualified individual. You can remain competitive Outsourcing part of your business such as HR, bookkeeping, IT or marketing will ensure you remain competitive. There is no doubt that competition is fierce within industries. Therefore choose to outsource to a knowledgeable individual to raise your profile. Becoming and remaining competitive is vital to the sustainability of your organisation. Taking deliberate steps to increase your efficiency will enable you to stay alert for new growth opportunities. You will save money This is one of the main reasons that organisation choose to outsource a specific role. By outsourcing certain tasks, you can save money on areas such as office space and technology. Ensuring quality service at a lower price is very attractive to small businesses, especially where cash is limited. These funds can then be used towards other areas which can help to grow your business. Your core business will remain strong...
Read MoreThe Benefits of Staying Small
When you start your own business, there is an aim to grow. Perhaps you want to have outlets or offices all over the nation, or become a global corporation? Maybe it’s about increasing the size of the premises you’re in, or employing a team of workers? Most networking groups and seminars you may attend, also tend to be focussed on growth, on getting bigger. While it seems an obvious goal to aim for, perhaps it’s not the way your business should be heading. This article introduces the idea that staying small can allow you to have a better lifestyle and still be considerably profitable. One of the perspectives is that growing a business comes with hurdles and setbacks. Growth means more staff, more paperwork, and the very likely possibility that where you had started to become profitable, you step into a place where you may be bigger, but your costs are exceeding your income. You do know this will pass, you’ve been there before. Is it the way you want to go, though? Another important element often discussed because of how essential it is for the survival is your niche. Niching is the idea of focussing your products and...
Read MoreHow To Find Good Staff On A Small Budget
When you’re in the startup phase of your small business, and especially when you’re verging on the edge of the next step upward, you’ll find yourself doing all the roles. The downside of this is that you can’t do everything because you simply don’t have the time. Secondly, you’re not that great at everything. It doesn’t mean you shouldn’t be in business, however. It’s about being honest with your abilities. Some of us are highly creative and are terrible at bookkeeping – that’s just being human! Having staff on board takes the load off you, allowing you to focus on doing those things you love and are good at, as well as making way for the business to grow. Unfortunately, it is at these times that you can least afford to pay someone to help you out in your business. The issue here is the focus on the dollars. Although it is important that you fall in the ballpark of a reasonable salary for your new staff member, it isn’t always about the money. As this article on Shortpress states, it is at these start-up and early growth stages that are the most exciting and fulfilling to be a part of...
Read MoreSome Of Your Most Productive Work Is Not Billable
As your business grows, know that some of the most important work you can do is not directly billable. Although it can’t be invoiced, it can still be time well spent if it results in more business, smoother operations and some hard earned time off too. Too many business owners let certain tasks slide as they don’t appear to affect the bottom line, but it is worth looking closer at some business activities, and considering if now is the right time to tackle them. Contact Previous Clients Are there customers you haven’t heard from for a while? Check in and see if there are services you can provide, or give them a special offer to get back on their radar. Dream Up a Freebie Everyone likes a good deal, and a give-away is irresistible. It is also the perfect way to get new clients to try your goods or services, and gain loyalty from existing clients. Focusing on how you can help, rather on how you can sell, is the best way to boost any business. Be Present Online There is an inordinate amount of business taking place online, and keeping your website up to date, blogging and being active...
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