Tips for Small Businesses Staying organized seems like a basic task for a small business owner, but doing so is not always easy. Especially as a business grows, the owner may feel overwhelmed by day-to-day tasks and meetings and focus less on the organization. While letting things get a little chaotic is easy, getting back in order can be much more challenging and time-consuming.
The good news is that once a plan is in place, staying organized becomes like second nature. This leaves more time for important aspects of a successful business, like increasing brand reach, profits, and the number of happy consumers, and growing all together.
4 Best Tips for Small Businesses
Keep business and personal expenses separate
This may seem like a no-brainer to some and an incredulous “why?” to other small business owners. When doing taxes and any other financial recording, keep business and personal separate from the beginning by opening a business bank account and credit card.
This saves so much time in the long run – remembering exactly what all those expenses are later on is nearly impossible. Benefits include being able to honestly determine how well the business is doing at any given time, without having to sort through bank statements and invoices.
Use a secure cloud app and good bookkeeping services
Depending on your business model and needs, different types of cloud storage and financial software may be more useful than others. Review all options and select based on the functionality needed and what types of documents need to be stored. For example, a small business may use Google Drive to keep many documents and get financial software for bookkeeping, like Xero or QuickBooks Online.
Set up a calendar for invoices and payments
As a business continues to grow, the number of invoices, paperwork, and other materials that need to be filled out or responded to increases. Completing these before their due date is important – and keeping each deadline straight can be difficult.
Start by setting aside a certain time each day or week dedicated to reviewing these documents. Depending on the volume, connecting a calendar to your cloud or bookkeeping software to send alerts before certain due dates may be helpful.
Hire a part-time CFO
A part-time CFO is a valuable resource to any small business, especially if the owner does not have a finance or accounting background. A part-time CFO can advise on many topics, from whether to hire another staff member to which financial software system is best for a changing business model.
This individual works on an as-needed basis and shares their insights to help a business make the best financially responsible decisions possible.
