Do you feel weighted down by your business? Struggling to keep your head above the surface of overwhelm, financial insecurity and not enough hours in the day? Here are a few tips to help you get your business in-shape for summer.
To begin with, what can you get off your plate?
Big businesses have different departments so the leaders (that’s you) can do what they do best, create a vision and enact a plan that will lead to success.
Now that your taxes are complete, don’t just shrink from finances. Take charge of this essential muscle of your business. The number of small business who don’t have a good, if any, accounting system continually surprises me. While profit and loss is still on your mind, create a system that will work for you throughout the upcoming year. If you are trying to do it all yourself, consider a bookkeeper. Especially if you’re not good at dealing with money. They can save you time and a lot of stress. If you insist of doing it yourself consider an accounting program. QuickBooks is my personal favorite. You can invoice your clients directly, transfer the information electronically to your taxes and keep a clear eye on your profits. A side tip; find a banker that you like and trust! If you’re giving your money to someone, make sure it someone who has your interests in mind.
How have you organized your contacts? Market research has found that one of the biggest, and most avoidable, reasons for loss of clients is the lack of follow-up. Don’t let your clients slip out of your reach.
Do you have an easy-to-access database? One where you can directly and swiftly find important numbers. Can you easily email your clients? Can you cluster your clients or vendors for group emails?
Some of the most recognized systems are ACT, Goldmine and Outlook. Each has their strengths depending on your business. For new businesses on a limited budget, Outlook is a good option. It is cheap, easy to use and has some good, basic functions.
What parts of your business you enjoy? What parts do you avoid? What parts you dread? Many businesses are great at getting started but stumble when it comes building their client base, connecting with the media and creating a “buzz” around their business. As a great mentor of mine once told me, “don’t only focus on the parts you enjoy. Take an honest look at all elements. The ones you are weakest on, you either need to personally improve OR find someone to do that part for you”. Most small businesses try and do it all. My recommendation. Don’t. Think about the parts that make you cringe. And especially the ones you repeatedly avoid. Get help. It is well worth the money.
The bottom line, much like staying in-shape yourself, your business also requires a fitness program of it’s own. If you keep it “fit”, it can grow stronger and more agile in its ability to thrive in the good times and survive in the hard times.