Top 10 Tips for Small Businesses

Tips you can't afford to miss

Top Ten Tips for Small Business

  1. Invest in an Accounting Software package that will suit your business needs. For more help on this check out our YouTube post
  2. If your business earns more than $50-$60 per hour, then stop doing your own bookkeeping and administrative tasks. Outsource to save yourself valuable time and money allowing you to work on your business.
  3. Keep your accounts up to date and current. This includes ensuring you do regular reconciliations.
  4. See if your regular suppliers will allow you to open a monthly account with them. This will cut down on the number of payment you need to process to them and therefore free up some valuable time to work on your business and make an extra sale or two.
  5. Ensure you are employing staff that are trained properly. This can be said right across your business. If the staff are making errors, this can cost time and money to correct the mistakes.
  6. Always make sure you get source documents, in this day and age, it doesn’t have to be actual paper documentation, but can in fact be a digital copy.
  7. Put systems in place to enable everyone to be on the same page and the processes will be consistent.
  8. Try to only handle each piece of documentation once. Deal with it and file it. This helps to keep everything up to date and also helps everyone to know where things are.
  9. Get the most out of your accounts. Use your reports and understand how your business is performing. This would be one of the most useful tools to help guide your business, you can see what areas are underperforming and put actions in place to correct or improve.
  10. If you are spending more than 10% of your time on your accounts, then look at ways of improving processes or engage a bookkeeping and administrative service. This time is better spent on working on your business, not in it.