1 Mar 2024
Running a business can be tough. There are so many things to think about, and it can be easy to get into bad habits or resort to short-sighted measures in order to earn or save a quick buck. In this blog post, we will discuss four bad business habits that you need to break today.
1.The pricing trap
Especially when you first start out in business, it’s tempting to offer discounts and deals left, right and centre in order to win over new customers. However, this can actually be very damaging in the long run.
When you underprice your services or products, you are trapping yourself into a cycle in which you can never increase your prices without losing customers. You also devalue your work in the eyes of your clients or customers.
The best way to break this habit is to start by charging a fair price for your services and products, and then gradually increase your rates over time. This will help you to build a strong reputation as a business that provides good value for money, and it will also make it easier to attract new clients. Focus on your brand positioning and reputation so that you’re not always forced to compete on price.
2.The DIY approach
When you’re starting out in business, it can be tempting to try and do everything yourself. After all, you’re the boss and you want to save money wherever possible. However, this can actually be very damaging to your business in the long run. By trying to do everything yourself, you’ll quickly become overwhelmed and bogged down with work, which prevents you from focusing on the most important tasks and from growing your business.
The best way to break this habit is to realise the value of your time. As the business owner, only you can take your business to the next level, whereas you could most definitely outsource admin, accounting or copywriting.
Learn how to delegate tasks to other people in your team and realise that outsourcing is more about saving money than spending it. This will free up your time so that you can focus on the most important things, and it will also help you to grow your business more quickly.
3.Always looking for the lowest price
When you’re starting out in business, it’s natural to want to find the best deals and the lowest prices. However, this can be very damaging to your business in the long run.
By always looking for the lowest price, you’ll find yourself skimping on quality, whether that means employing under-qualified staff, buying cheap materials or cutting corners in other ways. This can lead to poor customer service and a negative reputation for your business, which in turn traps you in a cycle of competing on price.
Of course, you don’t want to waste money, but when it comes to products, services, supplies and staff, remember to focus on value rather than price.
4.Not seeking financial advice
It’s easy to get into the habit of not seeking financial advice, especially when you’re starting out in business. After all, you’re the boss and you should be able to make all the decisions yourself, right?
Wrong. In reality, this is a very risky approach.
By not seeking financial advice, you’re putting your business at risk and you’re not taking advantage of all the resources that are available to you.
The best way to break this habit is to find a great accountant or financial advisor who can help you to make sound financial decisions for your business. This will help you to avoid costly mistakes, protect your business from risks and take advantage of opportunities as they arise.
Summary
The four bad business habits you need to break today are trapping yourself by undercharging, trying to do everything yourself, always looking for the lowest price and failing to seek financial life. These mistakes cause you to miss out on key opportunities that will help your business grow faster and in a more sustainable way.
The good news is that by breaking these bad habits today, you can watch your business grow and flourish for years to come.
Book a free call with us by visiting our website here.
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.
