Managing people is one thing, but anyone with experience of managing managers will know that’s a completely different ball game. A management team that works in complete harmony is a rare and beautiful thing, but it never comes easy. In fact, it’s paradoxical to think it should ever be that a group of people with strong leadership and management skills will operate without conflict for any length of time. The… Read more
If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on… Read more
As a business owner it’s important to take time away from work. But worrying about whether staff are meeting deadlines and suppliers are happy translates to more stress and less time enjoying your holiday. With a little staff communication and planning beforehand, you needn’t worry that your business won’t be able to cope in your absence. If you really can’t switch off from work mode or something urgent pops up,… Read more
As another year winds down, it’s a good time to reflect on your recent business successes – and consider what you’d like to achieve in the coming twelve to fifteen months. These tips can help you with the process of making plans to help guide your business to greater success. Set priorities Entrepreneurs are typically highly creative and optimistic; as a result, they often have difficulty narrowing down their ideas… Read more
Inventory is the lifeblood of your business. It is the largest asset on your balance sheet and your company’s biggest revenue-generator. It goes without saying that poorly managed inventory can do serious damage to your bottom line. Businesses without clear strategies for streamlining the in and out flow of goods will have trouble meeting their customer’s demands and will see mismanaged stock corrode their profits. Follow these tips to ensure… Read more
When things are hectic, most small business owners wish they could find a way to get more than 24 hours into a day. Often, your ‘to-do’ list can get so long that you feel you never get to put as much attention into every task as you would like. It can also mean more time in the office or dealing with work issues after-hours – cutting into your free time… Read more
Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow: 1. Evaluate your current company assets. Take a look at your assets, both fixed and human. Could you make slight pivots to create a new form of income? For instance, if you run a coffee… Read more
If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and… Read more
More and more people are leaving their office jobs and setting up an online business these days, especially because of COVID-19. Running an online business offers a way for you to work from home and be your own boss. It may sound like an overwhelming process, but many entrepreneurs find it fulfilling. Here are some tips to increase the chances your small online business will be a success, and you’ll… Read more
Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are… Read more
When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such cases, it’s easy to push important tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you’re trying to catch up. Here… Read more
When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while other times they share whether you want them to or not. While the advice is almost always well-intended, it’s not always good. In fact, sometimes it’s downright awful. Here are some tips that well-meaning people give to small business owners that definitely should not be followed. 1. Never turn… Read more
Learn the basics of Xero in 7 days! We’re proud to announce the launch of our newest course – Get Started with Xero! It’s a 7-day email course that shows you the basics of Xero’s cloud accounting software. Each email contains a short how-to video to step you through exactly what you need to do. You’ll learn: How to use the Xero dashboard How to attach files How to connect… Read more
We’re so proud to announce our new website is live! We’re really excited to launch our new website which you can check out here. We hope you like the fresh look. After a few months of planning and editing, we are really proud to reveal the results. The site features a crisp, new look, striking images and a stunning colour palette…so it’s safe to say we’ve improved the design all… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. New Three-Tier Lockdown Planned for England Last week, restrictions were tightened in northeast England due to the increasing rate of COVID-19 cases in the region. Now, leaked government documents reveal tougher COVID-19 measures that could be implemented locally or nationally. This may include the closure of pubs… Read more
As small business owners look to operations after COVID-19, there are some important business questions to ask. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns. It’s not always fun to do this sort of examination, but the answers to these questions… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more
£330 billion worth of financial measures announced by the Chancellor…………here is what you can claim. Coronavirus Job Retention Scheme – ALL UK employers have access to this scheme designed to allow you to continue paying part of your employees’ salary for those employees who would otherwise have been laid off (furloughed) during the crisis. You will need to notify and designate the employees as a furloughed worker (it is wise to… Read more