3 tips to stay on top of your small business
According to a study by insurance provider Simply Business, 750,000 small business owners are missing out on summer holidays with their children. Almost half of the 2,000 individuals surveyed cancel social plans at least once a week. A quarter take less than 10 days’ annual leave and 25% have fallen ill due to stress and overwork.
Clearly anything that can be done to restore work life balance would be very welcome. With that in mind, we have pulled together the following three tips to hopefully help you stay on top of your small business.
Keep on top of cash in your small business
In a 2016 survey by AIA, unsurprisingly 35% of respondents stated that maintaining cash flow was the biggest challenge they faced as an SME. With as many as 90% of business failures attributed to poor cash flow it clearly pays dividends to monitor your cash every day.
A daily review should be performed to include the following
- Stay on top of customer payments
- Identify any fraudulent or suspicious transactions
- Review payments yet to clear
- Identify cost saving opportunities
There are plenty of different online accounting packages available including sageone, quickbooks and Xero, to name three and these can make keeping on top of your financials really easy.
Set a business plan and follow it
All successful businesses have one key thing in common; a very clear vision of where they want to be and very importantly, how they are going to get there.
Your plan should be the blueprint of how you are going to fulfil your long term goals for your small business. The plan needs to be a living, breathing document that has the capacity to evolve with the business. This means reviewing the plan each month so you can assess your progress and make sure you are on track, covering off the following:
Is the plan still relevant? Has the industry moved? Have you seen significant changes this month that should be reflected in your plans?
Do your current plans need to be re – vamped or completely re – thought?
Have you had a great idea or piece of inspiration that could change your direction?
Review your cost base regularly
All well ran businesses have something in common; they are constantly reviewing their cost base to ensure that they are getting the most from their assets. This could be simply down to making sure your suppliers are giving you the best rates, you are using the right tools for the job or you are working as efficiently as possible.
It isn’t always a case of cheapest is best of course, remember the old adage buy cheap, buy twice? Making sure you regularly review your costs to ensure they are as keen as possible, just makes good business sense.
At troo that’s exactly what we aim to do. We make sure you get the base price energy tariffs direct from the suppliers saving you the time and hassle of shopping around yourself. You get to compare the very best energy business tariffs, easily and simply.
Could using troo be the first stage in achieving the right work life balance? We certainly think so.
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