Tips On Managing Your Business Finances
Being in charge of your own business can be an exhilarating time in your life, and undoubtedly you have worked long and hard to get to the point where you are today. Poor money management and limited cash flow is a real issue with many startups, and your finances can ultimately make or break your business. Without a steady supply of money coming in and a small amount of savings set aside for emergencies, you are at risk of losing all that you have worked for. Make your finances a priority It is important that you set time aside to go over your finances on a regular basis. Stop procrastinating! They are a necessity, and your business cannot run without them. Do not keep putting them off. You need to schedule a day and a time to balance your accounts, enter your invoices and receipts, and check that all is running as it should be. If it is up to date, then you will find that you don’t have to spend as much time on it at all. Invest in quality software Gone are the days of pencils and ledgers. Today’s financials are maintained by quality accounting software stored...
Read MoreWhy You Need To Take A Break From Your Business?
As soon as the new year commences, you are back to work. Planning, organising, creating – doing what you do best to make sure your business succeeds and you turn a profit. But come March and April, you can begin to get tired of all the demands of your business. If you are not careful, you can become overwhelmed and extremely stressed. It is important that you take a break over this period – particularly before the hectic end of the financial year where everything needs to be double and triple checked and your taxes filed. Looking after yourself is important. If you are healthy, then you can give 100% of your attention to the task. Avoid burn out and take a break Burn out of entrepreneurs, creatives and executives are much more widespread than you think. Corporate burnout can affect individuals at all levels and can manifest itself in many ways. Depression, anxiety, headaches, insomnia, aggression, anger and unexpected weight fluctuations are all part and parcel of the symptoms. Taking a break – even just an extended weekend – can give you the time to regroup and refocus. Prevention is better than a cure when it comes to...
Read MoreToday Is A Great Day To Launch Your Business
Plans may have been in the woodwork for a while to set up your own business. But it remains that, just a plan! Why? Perhaps you haven’t got the time, you say to yourself. Maybe you feel you are not ready to tackle the uncertainty of being an entrepreneur. Or do you have doubts about the legitimacy of your business plan? If you think long and hard about it, there are tens, if not hundreds, of excuses for not setting up your business today. It is vital you understand there is a huge difference between a real business concern and an excuse. Having a concern is reasonable but using them as excuses to hinder your goals, will ensure that it never gets off the ground. Instead, you need to understand the importance of minimising those worries and opening those doors. More individuals than ever before – of all ages – are saying goodbye to the traditional 9 to 5 jobs and establishing a business. And thanks to technological improvements and increased marketing opportunities, excuses not to do so are becoming less relevant. Fewer start-up costs for modern business owners Opening a business back in the day was a costly exercise. Today...
Read MoreThe New Key To Building A Magnificent Business
If you are like most of us, you are already well aware that there simply aren’t enough hours in each day to do everything. Being able to stay on top of things and get the job done is critical to achieving success in so many areas of our lives. From building a growing, thriving business to having a personal life outside of your work, finding a way to achieve all the tasks and keep your sanity, is a must. Of course, we all know highly successful people that seem to have it all together, all of the time. From media personalities like Oprah Winfrey to government officials like former Prime Minister Julia Gillard, and even business executives such as Richard Branson of Virgin, successful individuals make it seem so easy to stay on top of things. Wouldn’t it be nice if building your business and finding time to spend with your family or friends could be so effortless? It can be. When we look closely at the lives of highly successful people, regardless of the sector or industry that they are in, one of the traits that they seemingly share is that each had, and continues to have, a...
Read MoreDo This Before Starting Your Own Business
It takes more than a single great idea, or even several, to start your own viable business that earns sustainable profits. You can set yourself up for success by taking these steps before you open your doors to the public. Planning, Research and Development Once you have a business concept, it’s time to research your ideas and ensure that they are viable. As you go through the planning and development phase of your idea, you should research and find the answers to several questions, including the following: Is there a need for the product or service that you wish to offer the public What segment of the market will you target? Which businesses are your direct competitors, and how can you differentiate yourself from them? Do you have the ability to obtain the financial backing to get business operations started? As part of your planning stage, you should also look at outside research into the industry and market you wish to enter. Government journals regarding statistics, publications from associations in your target industry, and other reports that relate to your market and target audience are all sources of valuable information when you are formulating your plans. Put it in...
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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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