Working with clients on their business numbers means I often hear that a major challenge for business owners is getting more sales. It’s become obvious to me that marketing is a critical business skill for business owners, but that one of the most overlooked elements of marketing success in small businesses is communications with existing customers.
At Robertson Associates, we are always banging on about ‘’knowing your business numbers to grow your business numbers’’ We do this because the right business numbers tell you the most important things about your business and, being on top of the big picture, financially, can be the difference between success and failure.
I’ve always been a fervent advocate of personal financial responsibility, so to help mitigate some of the stress of dealing with your finances, here are 4 tips to keep you going…
Hiring an accountant depends on whether your knowledge, time, and money are best spent on bookkeeping, loan application, and tax preparation, or whether you have higher priorities…
So here are 4 more signs you might need an accountant:
1. Revenue is increasing but profit isn’t.
If you’re selling more than ever, but you aren’t seeing more profit, an accountant can take an objective look at your overhead costs and point out areas where you can cut costs or make other adjustments to increase those profit margins.
I’ve seen small businesses limit themselves by neglecting to invest in things they don’t think are necessary... but a few things are essential to growth.
What are the business essentials you’re missing? What’s an example of something you could be taking advantage of?
Training is a good business strategy.
Whether it’s to help your employees grow into their current position, or simply find more efficient ways to work, you should provide your team the opportunity for growth when they want to be better at their job.
As a business owner, up until this point, you may have managed your finances successfully. Even if you don’t have much financial knowledge or experience.
However, as your business and revenue grow, managing your financials may become a task you don’t have the time or knowledge to manage. Specifically, when it comes avoiding legal and compliance issues, an accountant can be your most valuable asset.
Where do you see yourself in five years? I’m sure growth and success are involved in there somewhere…
While business strategies come and go, there is no substitute for simple goal setting. Here are a few tactics to help push you and your business toward success:
You know the people I’m on about. You ask how they’re doing and you’re met with: “I’m swamped.” “Last night I was at work until midnight.” “It’s a madhouse here.” “I’ve got so many deadlines.”
I’ve got something to tell you: everybody’s busy.
I’m not exactly saying it’s bad to be busy. I’m just saying don’t tell anyone.
Why’s this?
Well when you tell people you’re busy, it can translate into some unintentional things. Such as:
“I’m so busy I can’t take on anything else.” Or, “I’m too busy to talk to you."
Staying on top of your tax obligations can be a challenge, particularly when you’re trying to run a busy business. Doing so really does make life much easier when it comes to submitting your self-assessment however, and it also helps you maintain control of your accounts. And in the rare event that you do get investigated, it means you know exactly where everything is…
