“A big business starts small”, so the saying goes. It's so true! We hear a number of success stories that underline the fact how small things always have big potential hidden in them. You only need an idea, a dream that realises that potential.
Relating to today’s topic, we will today look at some small but very important tricks that ease your business management and gear it for an upstart too. In a small business, the onus of everything falls on the owner himself and that is what makes it challenging. Go ahead and implement these into your enterprise.
Keep your personal and business finances separate
You own a business but the business does not own you. Never mix it up. If anything goes wrong with the business, it can screw you. Never accept payments into your personal account if your business account is not yet made. Wait it out.
Set up your business as a registered Company
Even though you are your own boss and you aren't working for anybody, but set your business as a separate tax-paying entity for you. Your business is a professional unit for which you work. Do nor mistake and mix. This protects your personal assets from blowing over to your business. No financial professional problems can affect your personal life.
New business owners are always looking for ways to save money. As a result, they do their own accounting, inventory, production planning and payrolls, which is not practical. In this modern era, software options are available which are cloud-based, value for money and affordable. In fact, they are so economical that they cover their own cost by saving time. If you make invoices, purchase order and reports in them, they will look so much cooler. They help in managing the whole business by giving you important charts, analyses and calculating taxes. So it is best to invest in them and use them.
You will never lose receipts.
Major expenses will never be omitted.
It will correlate all expenses, investments and receipts and create important reports for you.
Will minimize data entry.
The best investment is the money you spend on your education. Keep educating yourself. Why should we learn by making mistakes when it is better to hear it from a learned person who has been--there-done-that. Do courses that can help - how to set up a business, how to manage clients, how to market, how to advertise and how to network etc. you may even do online courses which are really good but do not do the free ones because they just provide superficial knowledge. Go for in-depth study and become a connoisseur.
You will not be troubled with
Head spinning with googling
Do not open your inbox for first two hours everyday
It may sound contradictory but always complete your to-do list first before you open your email in the morning. This is the most productive time of the day. At this time the brain’s productivity and decision making power is at its best. Do not waste this time in doing tasks that do not matter. In case an urgency has popped up in your mailbox, you would be better equipped to handle it once your important chores are taken care of.
You will always complete your to-do list.
You will not make decisions that you may regret later.