6 more financial tips for your small business
Last week we provided you with 6 financial tips for your business. Here are 6 more!
Do up a business plan that sets out your short, medium and long-term goals and how you’re going to achieve them. There’s an old saying that ‘those who fail to plan, plan to fail.’ It’s especially true in business. Did you know that 60% of businesses fail within the first three years? Lack of planning is a big reason for that.
Reconcile your accounts each month so that you get a financial overview of what’s happening with your business. If you don’t have the time or the skills to do your accounts, invest in bookkeeping software like Xero or outsource the task to a good bookkeeper.
Delegate or eliminate your unimportant tasks. Time is money! Don’t spend your time on things that don’t matter or that don’t bring in revenue for your business.
Use payroll software to make sure you meet all your legal compliance obligations for paying your staff the right amount on time, every time.
Regularly analyse your business expenses and look to eliminate or reduce any unnecessary expenses.
Always set some money aside for unexpected expenses. For example, repairs and maintenance costs if you have business equipment.
How we can help
At Scorpion Bookkeeping, we’re a Xero-certified advisor. We can help you to set up a bookkeeping system to help you to stay on top of your business finances. We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us today to find out how we can help your business!