(MENAFN- Sowmia Rajenderan)
If you’re just starting out as a small business owner, congratulations! You’re on your way to fulfilling your dreams and making your mark on the world. It can be an exciting time, but it can also be confusing and intimidating if you don’t know where to start or what to do first.
The key to success is having resources at your fingertips that are simple and easy to understand. That’s why this great website exists – it has tons of useful tips and tricks that will help you create growth in your business today and well into the future!
1) Keep it simple
Keeping your budget simple is crucial. Resist any inclination you may have to make things complicated. The more complex a budget you have, it’s less likely that you’ll stick with it, so don’t do it. Instead, keep it easy and uncomplicated: write out all of your income and expenses—you should include both your business and personal income—on one sheet of paper (or in one Excel spreadsheet) each month, then prioritize where your money goes based on these two columns.
2) Automate every process
When you’re first starting out, a lot of your time will be devoted to simply keeping up with operations. But there are plenty of ways to automate some of your work so that you have more time in your day.
Here are just a few automation ideas
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Automate your social media posting and monitoring: If you’re not already using an automated tool like Hootsuite or Buffer, it’s time to start. These tools allow you to schedule posts on multiple social media platforms at once and then monitor their performance throughout the day. They also make it easy to follow conversations about your brand and respond quickly when necessary.
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Automate your email marketing: Email marketing is one of the most effective ways to grow your business, but you don’t want to spend all day sending emails manually. Use an automated email service like MailChimp or Constant Contact to send out newsletters and updates automatically based on a set schedule—and keep track of which messages perform best by tracking clicks and open rates.
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Don’t forget data collection and analysis: When you can analyze every part of your business, it makes decision-making easier. For example, many apps can help you collect data from employees working remotely so that they stay updated on company metrics while allowing you to regularly check in with them via live video calls.
3) Keep accurate records in real time
Keeping accurate records can be tedious and time-consuming, but it’s a necessary part of running a business. Take advantage of tools that make recordkeeping easy, such as Microsoft Excel or QuickBooks Online. These programs are designed with small businesses in mind and provide detailed analytics to help you keep on top of your finances—so you can focus on growing your business.
4) Focus on cash flow
In accounting, cash flow is defined as net income plus depreciation and other non-cash expenses minus changes in assets and liabilities. More simply, it’s when you have money coming in and money going out, month after month. If you want your business to succeed, you need a healthy cash flow.
5) Keep accurate records of expenses and incomes
Accounting is a never-ending process. Even if you’re a one-person operation, it’s important to keep track of your financial records. In addition, most employers want their employees to submit quarterly reports that show their business income and expenses. If you don’t keep track of how much money is coming in and out of your business on a daily basis, you risk not being able to pay taxes at all—and perhaps even filing bankruptcy as a result.
6) Review your monthly reports regularly
If you’re a small business owner, there are countless numbers of things vying for your attention. If not properly managed, each day can be a struggle between paying off a few outstanding invoices or looking at your monthly reports. By making sure to set aside a bit of time every month and review your reports, you can stay on top of your financials and make educated decisions about what comes next.
7) Create a budget for each month
Being able to manage your money is a crucial skill in small business. Whether you’re just getting started or have been running your company for years, it’s never too late to hone your financial know-how. Start by creating a monthly budget and sticking to it, even if it means you can’t splurge on some of your favorite purchases each month. Your future self will thank you!
8) Use a journal to keep track of your plan
Keep a journal handy. The power of writing things down cannot be overstated. Whether you record your action steps in a notebook or just keep track of ideas and inspiration on sticky notes, making an effort to get thoughts down on paper (or virtual paper) will make it much easier to stay on task.
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