15 May 2023
Hiring a business consultant/advisor does require an investment, but doing so will actually save you money in the long run – not to mention time which, as we all know, is money, too. Let’s take a look at the top five ways in which a great business consultant/advisor can save you time and money whilst taking your business where it needs to go.
#1 – Budgeting
Business consultants/advisors can help you budget your money and maximise your profits. A good business consultant will know how much of a client’s resources are needed for certain activities and ensure that they are being used efficiently. This means that you can spend your money wisely, without wasting any of it.
A good business consultant/advisor can help you prepare budgets, monitor actual expenses against budgets and review account performance over time. With this knowledge at their fingertips they are able to provide valuable insight into how much income should be generated in order for the business to remain profitable.
The good news is that a business consultant/advisor will do all of this for you, freeing up your time so that you can focus on the core aspects of running and growing your business. Furthermore they won’t just help you create a budget – they’ll hold you accountable and implement strategies to ensure that you stick to it.
#2 – Allocation of Resources
As mentioned above, a good business consultant/advisor will know how much of your resources are needed for certain activities and ensure that they are being used efficiently. This means that you can focus on the core aspects of running and growing your business whilst the consultant takes care of allocating your money where it needs to be.
#3 – Streamlining Processes
A business consultant/advisor isn’t just a financial expert – they will be able to help you streamline your processes and improve efficiency. This is key in helping you save time as well as money, allowing more of both to be invested into the core aspects of running and growing your business.
In addition, a good business consultant /advisor will be able to implement new processes and systems for you, which means that you can focus on the tasks at hand without worrying about training.
Having a system in place is often all it takes to save time and money because everything runs like clockwork – no more wasted time searching for documents or inefficiently completing certain tasks. Furthermore, a good business consultant/advisor will be able to spot and implement opportunities for improvement in this area, which can often save you even more time.
A better system also means that your employees are happier because they know exactly what needs to be done and when it should be completed. It’s not only about saving money but allowing them to spend more time on adding value to the business.
#4- Measuring Performance
A good business consultant/advisor will also be able to monitor and measure performance so that you can identify opportunities to improve your business.
When a good business consultant /advisor reviews your performance against budgets or other key measures, they provide valuable insight into which areas of your business need more attention, whether that’s due to underperforming resources or inefficient processes . They’ll then work with you to determine the best way forward.
This will not only save you time and money in the long run, but it’ll allow your business to grow at a much faster rate because you’re leveraging your resources properly.
#5 – Custom Solutions
Yet another benefit of working with a business consultant/advisor is that they offer custom solutions. This means that you get the exact service package for your specific needs, rather than having to go through lengthy processes trying to figure out what exactly you need in order to improve your bottom line.
One size does not fit all when it comes to business consulting/advisors. A good business consultant /advisor will tailor their services to your specific needs and provide a bespoke package for you, which may include anything from creating budgets, improving processes, implementing new systems or helping out with HR issues.
Summary
Working with business consultants/advisors can be beneficial in many ways. Their experience and expertise will allow them to quickly identify potential problems or areas for improvement which are often missed by managers who do not have the same level of financial insight or expertise. In addition, business consultants/advisors will be able to implement new processes and systems which can save you time as well as money in the long run.
Book a free consultation here, to discuss your needs and how we can help you save time and money.
11 May 2023
Let’s be honest: no business owner looks forward to a recession. However, they are part and parcel of the economic cycle, and learning how to weather them is a vital skill for any business owner.
A recession doesn’t have to spell disaster for your business. There are several steps that you can take to ensure that your business not only survives a recession but comes out the other side stronger than ever.
1. Be Adaptable
If the covid-19 pandemic taught us anything, it’s that the ability to pivot at a moment’s notice can prove invaluable.
While your business’ core values should remain steadfast, be willing to reassess your business model and offerings to ensure that they are still relevant.
For example, if you own a brick-and-mortar store, now might be the time to invest in an e-commerce platform. Or, if you offer services that can be easily delivered remotely, consider making the switch to a virtual model.
There’s no use burying your head in the sand. As times change, your business has to change with them.
2. Keep Your Overheads Low
During a recession, it’s more important than ever to keep your overheads low. However, this doesn’t mean skimping – it’s about ensuring that every penny you spend generates a worthwhile return. Frittering away money on unnecessary luxuries will only put you in a worse position when the recession hits.
Look for areas where you may be able to shave costs without compromising on quality. For example, could you source cheaper suppliers without sacrificing product quality? Are there any areas of your business where you can cut back on spending without affecting your bottom line?
Every little saving you make will help to shore up your business during leaner times.
3. Strategic Positioning
The way that you position your business in the market can make a big difference during a recession. As your competitors begin to lose their market share, you need to be ready to pounce and take advantage.
This means having a clear understanding of your target market and what they are looking for. It also means being strategic in the way you price your products and services.
For example, if your competitors are forced to cut prices in order to stay afloat, you may be able to increase your prices and attract customers who are not being heavily affected by the recession and thus looking for value.
Alternatively, you may choose to keep your prices the same and boost your marketing efforts to attract price-sensitive customers who really need a bargain right now.
4. Keep Your Employees Engaged
The last thing you need during a recession is your best employees leaving for greener pastures.
So, how do you keep your team motivated and engaged when everyone is feeling the pinch?
There are a few things you can do, including:
- Providing opportunities for development and career growth
- Encouraging a positive and proactive attitude
- Recognising and rewarding good work
- Keeping lines of communication
- Creating a supportive and collaborative culture
More than ever nowadays, employees want a positive work culture, flexibility and a healthy work-life balance. Demonstrating that you trust and value them goes a long way, particularly during a time when job security is uncertain.
5. Keep Your Customers Close
Finally, during a recession, it’s important to keep your customers close.
If you make them feel secure and valued, they are more likely to stick with you during difficult times. During a recession, the last thing you want is to be in a position where you have to invest heavily in customer acquisition because your existing customers are defecting to your competitors.
There are a few things you can do to keep your customers happy, including:
- Listening to their needs and concerns
- Being responsive to their inquiries and requests
- Delivering on your promises
- Offering additional value-adds or discounts
- Going above and beyond to exceed their expectations
In short, during a recession, your business needs to be focused on delivering exceptional customer service. If you can do that, you’ll weather the storm and come out the other side stronger than ever.
Final Thoughts
Learning how to cope with a recession is vital for any business owner because unfortunately, the economy can’t always be booming, as much as we’d like it to be. By preparing in advance and following these tips, you can ensure that your business not only survives a recession but comes out the other side thriving, so that you’re ready to embrace the boom when it comes around again.
Book a free consultation here, to learn how we can help you navigate these tough financial times.
8 May 2023
Running a business can be challenging, especially when you’re trying to do everything yourself. This is why it’s important to systemise your business functions. By doing this, you’ll make it easier for yourself to manage your operations and grow your company.
In this blog post, we will discuss five important business functions that you need to systemise in order to improve efficiency and maximise profits.
#1 – Social Media Scheduling
One of the most important business functions that you need to systemise is social media scheduling. Social media is a powerful marketing tool, but it can be time-consuming to manage if you’re not organised.
By using a social media scheduling tool, you can save yourself a lot of time and effort. This will allow you to focus on other aspects of your business.
There are a number of social media scheduling tools available, so make sure to do your research to find the one that best suits your needs.
Once you’ve found a tool that you’re happy with, start creating content and scheduling it in advance. It’s best to create content in big batches, so as to not get overwhelmed. This will also help you to be more consistent with your posting, which is important for building a following.
This will help you to stay on top of your social media marketing without it taking over your life.
#2 – Customer Support
Another important business function that you need to systemise is customer support. If you’re not providing excellent customer service, you’re likely to lose customers and damage your reputation.
To systemise your customer support, you need to have a clear process in place for dealing with enquiries and complaints. This process should be well-documented and followed by all members of your team.
It’s also important to have a customer support system that is easily accessible to your customers. This could be in the form of a live chat on your website or a toll-free number that they can call. By making it easy for customers to get in touch, you’re more likely to resolve any issues quickly and efficiently.
Ensuring that your customer support is up to scratch is essential for keeping your business running smoothly.
#3 – Bookkeeping
Another business function that you need to systemise is bookkeeping. This is essential for keeping track of your finances and ensuring that your records are up to date.
There are a number of bookkeeping software programs available, so make sure to choose one that suits your needs. Once you’ve chosen a program, start inputting all of your financial data. This will help you to keep track of your income and expenses, and make it easier to prepare your tax returns.
By systemising your bookkeeping, you’ll save yourself a lot of time and hassle. It’s also important to keep good records for the future growth of your business.
#4 – Inventory Management
If you’re selling products, then you need to have a system in place for managing your inventory. This is essential for ensuring that you always have the products that your customers want in stock. It’s also important to avoid overstocking, as this can lead to wastage and financial losses.
There are a number of inventory management software programs available, so make sure to choose one that suits your needs. Once you’ve chosen a program, start inputting all of your inventory data. This will help you to keep track of your stock levels and make it easier to reorder products when necessary.
By systemising your inventory management, you’ll save yourself a lot of time and effort. It’s also important to keep good records for the future growth of your business.
#5 – Invoicing
Another business function that you need to systemise is invoicing. This is essential for ensuring that you’re paid on time and keeping track of your income.
There are a number of invoicing software programs available, so make sure to choose one that suits your needs. Often, cloud accounting software packages will include invoicing capabilities.
Where possible, set up recurring invoices and automatic payment reminders for customers. This will help to ensure that you’re paid on time and reduce the risk of late payments.
Invoicing software will also allow you to easily keep track of who has and hasn’t paid, making it easier to chase up any outstanding payments.
Final Thoughts
These are just a few of the most important business functions that you need to systemise in order to run your business effectively. By systemising these five important business functions, you’ll be able to improve the efficiency of your company and make it easier to manage. Taking the time to put systems in place now will save you a lot of time and effort in the future.
Book a free consultation here, to discuss your needs and how we can help you systemise your business functions.
3 May 2023
Whether you’re running a small business, or your company is struggling to thrive in this tough economy, knowing the best way to spend and save money can be difficult. This is where a financial consultant/advisor comes into play. A skilled professional can review your current financial situation and provide insight on how you should allocate funds for the future to help you reach your goals.
Overview: What Does a Financial Advisor Do?
A financial consultant/advisor can help you budget, forecast, and save money for your business. They look at the big picture to determine how much capital is necessary to keep operations running smoothly. In addition, a financial planner will look at your company’s goals and determine which path is best to achieve long-term success.
1) Make Your Business More Profitable
A financial consultant/advisor can help you improve the bottom line of your business in a variety of ways that allow you to achieve long-lasting success. First, they will assess how profitable your company is at this point in time, and then look at ways to maximize earnings moving forward. This might involve adding lucrative new products or services, updating your current offerings, or revamping your marketing campaigns. You may think you’ve done everything you can to maximise profitability, but often you’re too close to see the bigger picture. It’s surprising just how much light can be shed from an expert outsider’s perspective.
2) Save Time
Many business owners learn how to handle their finances the hard way – by going bankrupt. Fortunately, you don’t have to waste years on trial and error. When you hire a financial consultant/advisor, you can skip all of these costly mistakes and failures and instead use their expertise to fast-track your business towards financial success.
3) Plan for Growth
A financial consultant/advisor can help you prepare for growth and expansion within your company. This could mean hiring top talent, making your processes more efficient, establishing new office locations or marketplaces, and helping you to mitigate risks. Growth often causes financial difficulty for business owners, but the right consultant/advisor will guide you through the process so that you are able to maximise all of the opportunities available to you and preserve the financial health of your company.
4) Personal Finance
When you spend all of your time worrying about your company’s finances, it’s easy to neglect your own. However, a financial consultant/advisor can work directly with you and your family to set up a comprehensive plan that includes the entire scope of your finances. This might include investments, retirement planning, estate planning, insurance policies, budgeting, and tax preparation. A skilled professional will provide advice on how to make wise decisions in each area so that you’re able to achieve financial success.
By working with a highly skilled advisor, you’ll be able to make confident and informed decisions about your future. You can take care of long-term planning that ensures the stability of your family while also protecting your business from potential risk factors that might arise in the years ahead.
Summary
Hiring a financial consultant/advisor can be one of the best investments you make for your business. A skilled professional will help you determine how to allocate funds, forecast future earnings potential, and save money for unforeseen expenses while also preparing your company for growth. By working with a financial consultant/advisor, you’ll be able to maximize your profits and save time so that you can focus on what matters most – running your business.
Book a free consultation here, to discuss your needs and how we can help you grow.
20 Apr 2023
Growing your small business is no easy feat, but great accounting practices can make a world of difference. Robust financial management is the key to building a thriving business and ensuring its long-term success.
As a small business owner, you need to be on top of your finances at all times. This can be a daunting task, but there are some useful accounting tips that can help you stay on track.
1. Keep accurate records
Let’s start with the basics: accurate record keeping is absolutely essential for any business, large or small. Good accounting practices require that you track all of your income and expenses so that you can get a clear picture of your financial situation. This will allow you to make informed decisions about where to allocate your resources and how to grow your business.
2. Write a detailed budget
A budget is a critical tool for any business, and it’s especially important for small businesses. A well-crafted budget will help you keep track of your income and provide a roadmap for your spending. It can help you to avoid overspending and ensure that you are making the most efficient use of your resources.
3. Use accounting software
There is a wide range of accounting software available on the market, and it can be a valuable asset for a small business. This type of software can automate many of the tedious tasks associated with bookkeeping, freeing up your time to focus on other aspects of your business.
Using accounting software will also help you to get more out of your relationship with your accountant because they will be able to access your financial information more easily and have more time for analysis and advice.
4. Stay on top of invoicing
Invoicing is a crucial part of running a small business, but it can be easy to let this important task slip through the cracks. It’s important to stay on top of your invoicing so that you can keep cash flowing into your business.
One way to stay on top of your invoicing is to use invoicing software. This type of software can automate many of the tasks associated with invoicing, making it easier to stay on top of this important task. The less money you have tied up in accounts receivable, the healthier your cash flow will be.
5. Set clear financial goals
It’s important to outline specific financial goals so that you know exactly what you’re working towards. Your goals will give you something to strive for and help to keep you focused on the task at hand.
Some financial goals that you may want to set for your small business include:
- Increasing your sales by a certain percentage
- Reducing your expenses by a certain amount
- Achieving a positive cash flow
- Growing your business to a certain size
6. Understand Your Tax Liability
Taxes are a fact of life for businesses of all sizes, but it’s especially important for small businesses to understand their tax liability. This can be a complex topic, but there are some key things that you should know.
You need to be aware of the different types of taxes that your business may be liable for, such as income tax, sales tax, and payroll tax. It’s important to understand the requirements for each of these taxes so that you can ensure that you are compliant.
You should also know how to take advantage of any tax breaks or incentives that may be available to your small business. These can save you a significant amount of money, so it’s worth doing your research.
Final Thoughts
Having a solid understanding of accounting principles will help you to make informed decisions about the financial management of your small business. These tips will give you a good foundation on which to build, but there is really no substitute for hiring a professional accountant with a deep understanding of the ins and outs of your industry.
Book a free consultation here, to discuss your needs and how we can help you grow.
14 Apr 2023
We may not yet be living in a world of flying cars and teleportation, but artificial intelligence is transforming the way that we do business. Automating tasks and systems not only produces more accurate results, but also allows you to maximise your resources and create a more efficient enterprise. Let’s take a look at how automation can help you build a better business.
What is Business Automation?
Simply put, business automation means using technology to automate tasks in your business, so that an app or software program does it, rather than a human. It allows you to put sections of your business on autopilot to ensure that no tasks get delayed or neglected.
The Advantages of Automation
There are many ways in which automation can benefit your business. For one thing, it frees up your team’s time, allowing them to focus on the most important tasks. Time is a limited resource and automation can help you to invest it more wisely.
Automation also helps your team members stay more engaged, too. Tedious tasks result in boredom and even a decline in morale. Automating menial tasks allows your team to focus on more stimulating work that does more to move the needle for your business.
In addition, automation eliminates human error, which saves you both time and money. By allowing you to do more with less, it is also hugely beneficial when it comes to scaling up. Finally, a more efficient business also means that as a business owner you will be able to step back with greater ease and enjoy a better work-life balance.
Tasks to Automate
Any business can benefit from the power of automation – it’s not just for tech companies and industry giants. Some of the most popular tasks to automate include:
Invoicing
Staying on top of your invoicing is difficult, but you need to send invoices out on time and keep a close eye on who has and hasn’t paid in order to maintain a healthy cash flow. Accounting software can send your invoices and payment reminders automatically for you so that you don’t have to waste time chasing up clients. It can also enable easy online payments for your clients, and calculate late fees for you.
Expense Tracking
Again, cloud accounting software makes it quick and easy to keep track of your spending so that you don’t miss out on any deductions or miscalculate your margins. You can connect your chosen software program to your business bank accounts and upload receipts on-the-go by snapping a quick photo on your smartphone.
Customer Service
You can automate a big chunk of your customer service but using chatbots rather than human customer service reps to answer customers’ questions. This saves a lot of time for your customer service employees and allows them dedicate more time to complex issues rather than repeatedly answering the same ten FAQs.
Social Media
These days, businesses need a social media presence just to seem legitimate. However, when used correctly social media is a powerful and low-cost way of generating brand awareness and attracting new leads. The downside? It’s very time-consuming.
Thankfully, you can use automation to schedule your social media posts months in advance, which allows you to create content in bulk. This means that your social media manager doesn’t have to worry about logging in and posting manually every day, and can instead concentrate on strategy and growth.
Lead Generation
Automation can greatly speed up and simplify the process of lead generation.
You can use chatbot software to gather contact information for new visitors to your website and then automate nurturing email sequences to move them along the customer journey.
You can also use a lead management platform to keep a track of all your leads and where they currently are on their customer journey so that they receive the right content at the right time.
Project Management
There is an array of great project management tools out there, such as Asana, Trello and Basecamp, and they feature many automation capabilities. These platforms can track deadlines and deliverables for you, schedule reminders and forward necessary information. This makes project management simpler, easier and more efficient, allowing the team members involved to focus on producing excellent work.
Summary
Automation has the power to save time, reduce costs and increase productivity. There are many different ways you can automate your business processes, from automating customer service with chatbots to using lead management software for marketing purposes. With so much promise at stake, it’s worth exploring automation options in more detail so that you can create a more efficient, productive and profitable business.
If you need help improving your business with automation, consider working with us. Book a free consultation here.
