1 Mar 2024
It takes a lot to run a business and it’s essential to manage your time well. Building a business undoubtedly requires you to put a lot of hours in, but the real key is to work smarter, not longer. By carefully managing your time, you can ensure that you achieve your goals without suffering from burnout. Time is like money: you need to know how to invest it to maximise your returns. Here are ten easy time management tips to ensure that your business runs like a well-oiled machine.
- Plan Ahead
Think of planning as an investment. Yes, there’s an upfront cost but you could see a tenfold return further down the line. A haphazard approach is rarely effective in business. Take time to create a roadmap now and you won’t have to keep stopping to ask for directions later.
This doesn’t just apply to your long-term business plan, either. The first thing you should do each Monday is figure out what your week is going to look like and write out a rough schedule. Then, take time each morning to sit down and plan out your day. This helps you remain focused and allows you to measure your progress.
- Use Productivity Apps
There are plenty of fantastic productivity apps out there that can help you to manage your time more effectively. Not only do these apps allow you to neatly manage your to-do list, they also make it easier to stay on top of deadlines and prioritise accordingly. Apps like Toggl and FocusKeeper even give you more insight as to how long you spend on certain tasks, which you can then use to boost your productivity in the future.
- Delegate
Small business owners often feel as though they should do everything themselves but delegation is important for optimal time management. Outsourcing and delegating tasks allows you to make more effective use of your time. Concentrate on your areas of expertise, not the admin tasks that another team member could easily handle.
- Say No
Taking on more work than you can handle is a surefire way to overwhelm your business and ruin your reputation. One of the most essential parts of time management is knowing when to say no. If you don’t have time to complete the project to the best of your ability, then it’s better to turn it down than to do a bad job.
- Don’t Be Tempted to Multitask
On the surface, multitasking might seem like a great way to save some time but it actually decreases the quantity and quality of your work. It’s much more time-efficient to focus on one task at a time and work methodically, rather than trying to juggle. When your attention is divided multiple ways, you’re much more likely to make mistakes that you’ll have to go back and fix later on.
- Be Honest With Yourself
No-one wants to admit that they waste valuable working time on Facebook, but you’re only human. It’s better to be aware of your weaknesses and actively work on fixing them than to continue allowing them to be a drain on your precious time.
If social media sites are your weakness, use blocking software so that you can’t access them during working hours. If there’s an overly chatty colleague who keeps distracting you, why not try wearing headphones? Or if you struggle to stay motivated on a Friday afternoon, prepare in advance and ensure that all important tasks are completed ahead of time.
- Prioritise Bookkeeping
You know the saying “a stitch in time saves nine?” Well, that’s especially true when it comes to bookkeeping. If you put your books on the back burner now, you’ll certainly pay for it later. Fixing bookkeeping mistakes and trying to fill in the gaps is a real time vacuum, so make bookkeeping a priority and take the “little and often” approach. It’s worth investing in an online bookkeeping software program to help you, such as QuickBooks or Xero.
Summary: Time Management Matters
You budget your money carefully, so be sure to take the same approach to your time. Careful time management makes each hour go further, giving you more opportunities to focus on what really matters to you. Effective time management has the added benefit of helping you to reduce your stress levels and stay focused, which has a positive impact on both your personal life and your business.
Book a free call with us by visiting our website here.
1 Mar 2024
Ask any successful entrepreneur and they’ll tell you that habits matter enormously. What you do on one single day won’t make a huge amount of difference to your journey; it’s what you do each and every day that counts. We’ve put together a list of good habits for new entrepreneurs to prioritise so that you can set yourself and your business up for success.
1) Read
The most successful entrepreneurs are the ones who are always striving to learn more and better themselves, and reading plays an important role in this. Many successful entrepreneurs, from Jeff Bezos to Mark Cuban, cite their love of books as a contributor to their financial success. In fact, Warren Buffet claims to spend up to 80% of his day reading and Mark Zuckerberg says that he gets through two books per week.
2) Keep a Close Eye on Your Finances
None of the billionaires mentioned above got to where they are today by playing fast and loose with their finances. It’s important to monitor your finances carefully and make sure that you understand your current situation. If you struggle with this, then it would be wise to hire an accountant or financial advisor who can provide you with insight and guidance, and ensure that the numbers are in check.
3) Prioritise Sleep
They say that successful people get up early, but successful people also get enough sleep. Getting an adequate amount of good quality sleep is important for concentration, mood and brain function, so don’t skimp on shut-eye.
4) Focus on High Value Tasks
Get into the habit of assigning a value to each task, and prioritising accordingly. As a business owner, your time is a valuable resource; can you really afford to squander it on low value tasks such as scheduling meetings and cleaning up your inbox?
Assigning a value to your tasks will tell you what you should outsource and thus allow you to focus on the important, profit-generating activities that really propel you forwards.
5) Networking
Networking isn’t just for the odd conference here and then. Successful entrepreneurs reach out daily – whether virtually or in-person – to their business contacts and prospects in order to maximise the opportunities that come their way. Business is all about building relationships, so get into the habit of networking every day in order to maximise your chances of success.
6) Start the Day Off Right
Notice that we didn’t say “start your day at 5am.” Whilst you don’t need to wake up at the crack of dawn to be successful, it is important to wake up at the same time each day (whether that’s 6am or 10am) and set yourself up for success with a good morning routine.
A good morning routine does not necessarily take two hours and involve 36 separate steps. It should simply start your day off on a positive note and get you in the right mind frame to work. This could mean grabbing your trainers and heading out for a morning jog, reading 10 pages of an uplifting book or simply having breakfast with your family.
It’s also important to sit down and read through your list of goals before you begin work each day to keep yourself motivated and focused on what you want to achieve.
Summary
As John C. Maxwell said “the secret of your success is found in your daily routine,” so start working to implement the above habits into your day. Alone, they may not seem like much but over time these good habits will compound and contribute to your success. Of course, a complete overhaul can be overwhelming, so focus on integrating one habit at a time. Download a habit tracking app or print out a calendar and check off each day that you put your new habit into practice. Do this for three months, until your new habit is no longer new, but rather deeply ingrained, and then start focusing on another small change. There is no such thing as overnight success but, with time and consistency, a few small habits can really add up to make a big difference.
Book a free call with us by visiting our website here.
1 Mar 2024
At InterTax, we love entrepreneurs. We love to be entrepreneurial ourselves. And we know that as you do this, you are fueled by your passion for what you do and your plans for what your business could become. But the complexities lie heavily because financial management can be a hurdle – particularly when you don’t see yourself as a financial expert.
It’s not just about numbers. And as bookkeepers, we know that you succeed when you know you’re financially secure and on the right path, so we make that our mission. We’ve seen how transforming financial challenges into opportunities can significantly impact your business’s success.
Financial literacy, for instance, is a common stumbling block for many entrepreneurs. You have goals and drive, but a lack of deep financial knowledge can be a problem from time to time. Understanding your financial statements, managing cash flow, and forecasting are essential skills that we help with. If you can do the basics to keep your books in order, you will have the data you need to make the right decisions and reach your goals.
Then there’s the issue of overpaying taxes. Nobody wants to part with more money than necessary, yet it happens often due to a lack of awareness. We help our clients to avoid costly mistakes – whether they are saving tax, or making sure they pay enough.
This leads to the fear of making financial mistakes. It’s a huge anxiety for many small business owners, affecting their ability to make confident decisions – or simply to grow. That’s why we make it an important part of what we do, to ask you what YOU need, to know you can move to the next step.
Time constraints are a challenge for every business owner. If you’re feeling overwhelmed and stretched thin, the last thing you want is somebody in your case about a VAT receipt. This is the kind of thing that makes financial tasks feel like a chore, pile up, and then take focus away from core business.
It’s because of all these reasons: financial literacy, tax concerns, fear, and time, that we make time to get to know each of our clients as people. As individuals building a business for a personal purpose. Because your valuable time is so much better used in places you can make a world of difference.
We make a difference with the numbers, here’s how:
- We boost your financial literacy. We empower you to engage with the numbers that matter – at a pace that suits you, so you can make strategic choices based on accurate data.
- We know the tax rules, which mean we can uncover savings and make sure you don’t pay more than is necessary.
- We take away the fear. At InterTax, we are AAT qualified, so you can rest assured that you’re in the hands of experts.
- And we free you up. So, you can run your business.
We’ve always thought of bookkeeping as a partnership. We want your mind on growth, innovation, and your goals. We’ll pick up the finances for you.
If financial management is the area of your business that needs attention right now, we’d love to support you. Understanding your financial challenges and working with a skilled bookkeeper can get you closer to your goals, faster. We’re not just numbers people, we’re your strategic partners and we’d love to chat. Book a free call with us by visiting our website here.
19 Feb 2024
As the cost of doing business rises, it’s more important than ever to ensure that your business is as efficient as possible. Efficiency is all about doing more with less, which is why it’s the key to boosting your profitability without raising your prices.
Let’s take a look at three ways you can increase efficiency in your small business to keep more of the money you make.
- Investing in digital tools
The first step to increasing efficiency in your small business is investing in digital tools.
Technology has come a long way in recent years, and there are now a number of software applications and online platforms that can help you streamline various aspects of your business.
For example, using an invoicing application can save you a considerable amount of time compared to creating and sending invoices yourself.
In some cases, digital tools can help you to fully automate tasks but even when this isn’t possible, they can still improve communication and lead to more efficient processes.
Furthermore, the right digital tools will create greater transparency in your business, which is another key element of efficiency.
When everyone has access to the same information and knows what needs to be done, it’s much easier to avoid duplication of effort and get tasks completed quickly.
Here are a few digital tools that can help you increase efficiency:
- Project management software – project management software can help you keep track of deadlines, assigned tasks, and progress reports. This is an essential tool for any business that wants to increase efficiency.
- Communication platforms – a good communication platform will help you to communicate with employees, customers, and suppliers quickly and easily. Slack is a popular option for businesses of all sizes.
- CRM software – customer relationship management (CRM) software can help you to track customer interactions and data. This is valuable information that can be used to improve your marketing and sales efforts, as well as your customer service.
2. Motivating team members
It’s important to remember that no matter how good your digital tools are, they won’t make much difference if your team members are not motivated to use them. This is why it’s crucial to create a working environment that encourages and rewards efficiency.
There are a number of ways you can do this, but one of the most effective is to make sure that everyone understands how their role contributes to the success of the business.
When team members feel like they are part of something larger, they are more likely to be motivated to do their best work.
In addition, it’s important to set clear goals and expectations for employees. When people know what is expected of them, they are more likely to meet or exceed those expectations. Finally, be sure to give employees the autonomy they need to do their jobs efficiently.
Micromanaging will only lead to frustration, damaged morale and decreased productivity.
3. Highly targeted marketing
The third step to increasing efficiency in your small business is to invest in highly targeted marketing. Marketing that is not targeted is a waste of time and money, and it can actually end up doing more harm than good.
What does it mean to “target” your marketing?
It means creating ads and content that are specifically designed for your ideal customer. To do this, you need to have a good understanding of who your target market is and what they are looking for.
It’s also about using the right channels. A billboard, for example, is seen by anyone who drives by whereas pay-per-click ads can be specifically targeted to people who are searching for the products or services you offer. This allows you to get more out of your marketing budget and ensures that your marketing efforts are as efficient as possible.
Final thoughts
The bottom line is that increasing efficiency in your small business is crucial if you want to succeed. By streamlining processes, investing in the right digital tools, and motivating your team members, you can create a more efficient business that will be better positioned to compete in today’s marketplace.
Book a free call with us by visiting our website here.
19 Feb 2024
After a period of growth, you may be wondering whether or not it’s time to hire a CFO for your small business. On the one hand, CFOs offer top level financial advice and expertise that can take your business to the next level, but on the other, they are expensive and you may not be ready to commit to an in-house hire.
What is an Outsourced CFO?
An outsourced CFO works part-time with you, and usually remotely. This means that you have access to expert financial guidance as and when you need it, without the commitment or cost of an in-house hire. For many small businesses, this is a convenient and affordable option that can really take them to the next level and transform their profit margins.
Let’s take a look at how an outsourced CFO can drive up your profits and transform your business.
Labour Cost Management
As your business grows, you will need to take on more team members and the cost of this can be very difficult to manage. Timing is crucial. If you hire new staff too early, you put your cash flow in jeopardy. However, if you hire too late you will antagonise your existing staff by overworking them and compromise the quality of service your customers receive, too. A virtual CFO can optimise your hiring process by helping you to understand when it makes financial sense to hire and when to hold back.
Debt Management
Whether you currently have debt or it’s part of your growth strategy, an outsourced CFO will prove instrumental in helping you to manage your credit well.
A significant amount of debt can really eat into your profits. An outsourced CFO will create a debt reduction plan to get you back on track and maximise your margins.
Meanwhile, if you anticipate going into debt prior to a period of growth, your CFO can devise a strategy to mitigate the risks and optimise your liabilities to help you achieve your goals.
Budget Tracking
Many business owners create a budget, only to get side-tracked and forget all about it. An outsourced CFO can not only help you to craft a realistic business budget that supports your goals, but analyse your actual reports in order to track how well you are sticking to it. This data can then inform future planning, help you make well-timed investments and allow you to create more accurate financial forecasts.
Cost Control
In order to maximise your profits, you need to keep your costs as low as possible without compromising your business. An outsourced CFO can help you to implement efficient cost control by identifying costs that you can reduce and carefully tracking your variable expenses. This gives a significant boost to your bottom line as well as improving your cash flow.
Planning for Growth
A lot changes as your business grows. If you fail to prepare properly, you might find yourself face-to-face with a financial disaster. The financial acumen of an outsourced CFO is invaluable when you are preparing for growth. Their vast experience allows them to offer expert, impartial advice, act as a well-informed sounding board and help you avoid financial pitfalls.
Summary
If your business needs financial guidance but you’re not yet ready to hire an in-house CFO then outsourcing is a fantastic solution. This gives you access to top-level financial advice that will steer your business towards success without breaking the bank, thus maximising your profit margins.
Book a free call with us by visiting our website here.
19 Feb 2024
As a small business owner, the likelihood is that bookkeeping isn’t your favourite task. It is, however, extremely important in order to establish a profitable and financially healthy business that will be around for years to come. Compiling accurate financial data allows you to make informed decisions about the future of your business, whether that’s scaling up, cutting costs or identifying potential problems before they do any real damage.
Bookkeeping may feel like a headache sometimes, but we’ve got five simple tips to make it easier and help you to stay on top of your financial information.
- Update Your Books Regularly
Do you look forward to balancing your books every week? Probably not. But it’s important to get into the habit of regularly updating your records. The little-and-often approach certainly beats dedicating your entire weekend to bookkeeping because you procrastinated for too long.
Furthermore, mistakes and problems compound over time; a small mistake in July could turn into a huge headache if you don’t notice it until December. Staying on top of your records allows you to solve problems quickly and efficiently, rather than trying to untangle a big web of errors.
Set aside a regular time slot each week for bookkeeping. If you know you’re likely to put it off, push it to the top of your to-do list and get it done first thing in the morning. Use this time to send invoices, look at your cash flow and track your costs. It’s much easier and more manageable this way.
- Separate Your Personal and Business Bank Accounts
It’s always smart to separate personal and business affairs, and your bank account is no exception. If you use the same bank account for personal and business transactions, it becomes incredibly difficult to separate the two and this may lead to expensive mistakes on your tax return.
Furthermore, mixing your personal and business finances can make it difficult to keep track of your spending and calculate your profits accurately. It also appears unprofessional to credit lenders and potential investors, and thus may impede your growth.
The best way to keep your personal and business finances separate is to open a business bank account to keep your financial records as transparent as possible. This will save you from having to spend hours trying to remember whether a transaction was personal or business-related and thus greatly simplify your bookkeeping.
- Stay Organised
In addition to keeping accurate records, it’s important to stay organised so that you can locate your files quickly and easily when necessary. This will save you a huge amount of time when reviewing your records and help you to avoid mistakes and lost data. If you keep your records electronically, use cloud based software or make sure that you perform regular backups to avoid losing documents. - Ask for Help
Business is not a DIY affair and if you’re struggling with your bookkeeping, it pays to ask for help sooner rather than later. For example, it can be difficult to know which categories to file certain costs under and what does and doesn’t count as a business cost. When doing your own bookkeeping, you’re also likely to make errors which lead to a lot of wasted time and even mistakes on your tax return. Needless to say, this is very bad news for your business as you could face penalties.
Outsourcing to a professional bookkeeper is the best way to save time and money for your business. It will not only ensure that your records are accurate, but also allow you to put your time to better use and focus on growing your business.
Summary
Bookkeeping is an important part of being a business owner, so don’t neglect your books or you’ll certainly pay for it later. Furthermore, it’s in your best interests to pay close attention to your books since this data empowers you to make smart financial decisions which will help your business to grow and thrive. If bookkeeping is causing you stress and anxiety, following the above advice will help you to simplify the process and get back to doing what you do best.
Book a free call with us by visiting our website here.
