3 Aug 2024
Running a business is no small feat. Business owners face numerous challenges daily, from managing finances to ensuring smooth operations, staying competitive, and planning for growth. We know, because we’re business owners too!
Here, we’ll explore some of these common challenges and discuss how outsourcing, automation, and getting the right support can help overcome them.
Financial Management
One of the most significant hurdles for business owners is managing finances effectively. This includes budgeting, forecasting, cash flow management, and handling taxes. Mismanagement can lead to severe financial problems, even bankruptcy.
Just doing the bookkeeping for compliance purposes won’t help your business to succeed. A clear vision and understanding of your finances is key to a successful business. At InterTax we come across so many businesses who have buried their heads in the sand for so long. Not addressing issues with cash flow for example can cause many implications for your business.
When you decided to be a business owner you didn’t think you’d be playing the role of a bookkeeper too and you don’t have to! Finding a bookkeeper who knows your industry and can support you with your business processes is the solution to your financial management challenges.
At InterTax we support our clients to ensure that not only are they compliant but they have full visibility of their finances, allowing them to plan for the future. We leverage the latest technology to ensure that your processes are as streamlined as possible, giving you vital time back and reducing the risks of human error.
Time Management
Do you often feel like there’s just not enough hours in the day? As business owners we play multiple roles in our businesses which can often lead to a feeling of overwhelm and if left untreated this could lead to burnout.
Consider using time blocking techniques so that you can manage chunks of tasks at a time and use task management software such as Asana. Software like Asana will help you to manage your tasks better, giving you visibility of what needs to be done each day. It’s also a great tool for when you start building a team so that you can delegate tasks accordingly.
If you’re not yet in a position to employ a staff member, think about outsourcing the tasks you find time consuming or that you don’t enjoy. We can’t be perfect at everything! Getting the help you need can make all the difference to your mindset, health and wellbeing and the motivation you have for your business.
Keeping Up with Technology
I know it can be difficult to find the time to research the latest software, but knowing how to leverage the software available to you will give you back so much valuable time. Use technology to your advantage by using it to its full potential. Consider using automation such as Zapier to complete repetitive jobs. All these small 5 minute jobs add up and the more of these you can automate the more time you’ll get back to spend on areas of your business that need you most.
If you’re wanting to scale your business it’s important to overcome all of these challenges along the way. By surrounding yourself with positivity, developing a network of support around you, whether that be outsourcing tasks or just having someone there for you as a sounding board, can make all the difference to your growing business.
You don’t have to face these challenges alone. Business owners who ask for help, get to their goals much quicker, setting the stage for sustainable success and long-term growth.
Are you ready to make the changes you need for your growing business?
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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.
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.
17 Jul 2023
New processes that aren’t yet proven within a company need to be handled with care. Documenting them is the best way to keep track of aspects that work right and those that don’t.
Process documentation can help you understand the effectiveness and if your processes require some adjusting. A functional business process should be easily repeatable and reduced to the smallest number of steps to benefit company efficiency.
When it comes to automation, well-documented processes will be much easier to translate. However, documentation can take up significant time and effort, which is why the following steps will prove quite useful.
1. Define the Process
Naturally, the first step in documenting a process is precisely defining its purpose and the benefits it brings. You should have a clear idea of what the process will bring to the table, how it will be used, and when it will be necessary.
Once you’ve defined those essential aspects, name the process so that its function is evident from the title.
2. Determine the Scope and Boundaries
There should be an outline of everything that falls under the process and what’s excluded. The lines that define the scope of a process are sometimes blurred, which is why it’s crucial to make them as well-defined as possible.
Your process’s boundaries will further specify the details of the project’s scope. That’s why you should define the start and end points and signals according to the previously outlined aspects.
3. Define the Expected Results
It’s not enough to broadly determine what a process should do. You should also have particular results in mind and precisely explain what the process should produce.
When it comes to expected results, being as exact as possible will be essential in future testing and provide valuable insight for adjusting and optimising.
4. Identify the Resources
Once you know what a process does, what it entails, and what results it should produce, describe every resource necessary to get the expected result.
Make sure to note the primary and secondary resources and fill out the list with additional entries according to individual steps.
5. Plan and Organise the Steps
Discerning all necessary steps will require careful examination with a focus on functionality. Either start from the initial process trigger or the endpoint and work out the sequence step by step.
Once the steps are clearly defined, re-examine if each step is indeed necessary and follow each other in the best possible order.
6. Determine the Responsible Personnel
Note which person will be responsible for what task, referring to them by job title. Make each individuals role clear and understandable, leaving no room for different interpretations.
7. Predict Exceptions
Note every conceivable situation that could deviate from the process and specific tasks and outline the steps to take in such cases.
Of course, it might be impossible to think of everything. But the more exceptions you predict, the easier it will be to address them and adjust the process.
Make Your Process Well-Documented
With clear and detailed documentation, your processes will be understandable for everyone involved and easier to automate.
While it’s necessary to devote time and attention to documenting each process, following these steps will make the task more straightforward and future revisions more accessible.
Would you like to learn more about processes? Book a free consultation here.
12 Jun 2023
When you’re dreaming about your exciting new business venture, the chances are that financial functions such as forecasting, reporting and submitting tax returns aren’t at the forefront of your fantasies.
However, as your business grows, these essential but time-consuming tasks will need to be addressed.
One solution is to outsource your financial functions to a professional accounting firm. This can free up your time to focus on the aspects of your business that you’re passionate about, while still ensuring that your finances are in good hands.
There are a number of reasons why businesses outsource their financial functions. Let’s take a look at some of the most common ones.
1. To Save Time
One of the most obvious reasons to outsource your financial functions is to save time. As your business grows, you’ll find that there are only so many hours in the day.
Outsourcing financial functions such as bookkeeping, invoicing and payroll can free up your time to focus on other aspects of your business. It can also give you more time to spend with your family and friends, or to simply take a well-earned break.
2. To Get It Right
Unless you have experience in finance, it’s likely that you’re not an expert in bookkeeping or tax returns. This means that there’s a risk of making mistakes that could end up costing your business money.
When you outsource your financial functions to a professional accounting firm, you can rest assured that everything will be done correctly. This will give you peace of mind and allow you to focus on other aspects of your business.
3. To Save Money
You might think that outsourcing your financial functions will be expensive, but in fact it can save you money in the long run. This is because accounting firms have the experience and expertise to get the job done efficiently and effectively.
In addition, outsourcing can help you to avoid costly mistakes that could end up costing your business money.
The expertise of a professional accountant can also help you to identify areas in which you can cut costs, allocate resources more efficiently or take advantage of tax-saving opportunities.
4. To Get Expert Advice
When you outsource your financial functions, you’ll have access to the expertise of a professional accountant. This can be extremely valuable, especially if you’re not an expert in finance yourself.
Your accountant will be able to offer advice on a wide range of financial matters, from bookkeeping and tax returns to forecasting and cash flow management. This advice can be extremely valuable in helping you to make the right decisions for your business.
5. To Focus on What You’re Good At
One of the biggest benefits of outsourcing your financial functions is that it allows you to focus on what you’re good at. When you outsource, you can delegate the tasks that you’re not so good at or that you don’t enjoy to someone else. This will free up your time to focus on the aspects of your business that really drive growth.
Remember that as a business owner, your time is a limited and extremely valuable resource, so it makes sense to focus it on the tasks that will have the biggest impact while leaving financial functions in the hands of a professional.
6. To Improve Cash Flow
Cash flow issues are one of the biggest – and most dangerous – problems that businesses face. If you don’t have enough cash flow, it can be difficult to meet your financial obligations, pay your employees or invest in growth. On top of this, you’ll find yourself constantly worrying about your ability to make ends meet, which can take a toll on your mental and physical health.
Outsourcing your financial functions can help you to avoid cash flow issues by giving you access to the expertise of a professional accountant. An accountant can help you to forecast your cash flow, identify potential problems and put measures in place to avoid them.
7. To Prepare for Growth
If you’re planning to grow your business, it’s important to make sure that your financial systems and processes are up to the task. If they’re not, you could find yourself in a difficult situation further down the line.
Outsourcing your financial functions can help you to prepare for growth by giving you access to expert advice. An accountant can help you to put systems and processes in place that will be able to cope with growth, and they can also offer advice on how to finance your growth plans.
Final Thoughts
Outsourcing your financial functions can be extremely beneficial for your business. It can save you money, help you to focus on what you’re good at and improve your cash flow. In addition, outsourcing can give you access to the expertise of a professional accountant, who can offer advice on a wide range of financial matters. If you’re planning to grow your business, it’s important to make sure that your financial systems and processes are up to the task, then outsourcing can help with this.
Whatever stage your business is at, outsourcing your financial functions is definitely worth considering. It might just be the best financial decision you ever make.
Book a free consultation here, to learn more about how our accounting services can support you.
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.
