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Make your small business financially fit

As a small business owner, you are probably always looking for ways to bring in more money and lower expenses, but is your business financially fit?


Many small business owners are guilty of "bank balance accounting", thinking there is money in the bank. I must be profitable. They couldn't be further from the truth. 


I will show you 5 steps you can take this week to get your business financially fit.
Step 1. Make a vision board of what's important for your business and set your goals.

Making a vision board will help you to see your goals and keep you better accountable. You can save it as a screen saver on your laptop or phone and see it regularly.

Your goals should be SMART:
Specific - What exactly do you want to achieve?
Measurable - How will you know when you have achieved them?
Achievable - Are you able to reach them? Are they realistic?
Relevant - Are they important to your business?
Time-based - What is your deadline?

You could :
Gain x new clients in a month/ quarter
Sell x more products or new services a month/quarter
Lover your expenses by x by next month/quarter
Make more online sales by next month/quarter, etc.

Step 2. Analyse your current situation and make a plan
Don't be scared by this section. It's pretty simple. Pausing and analysing your situation at present will help you find a starting point. You need to know what you have and need at present to be able to move forward. Your budget will help you understand your expenditure and help with decision-making, and it's easier than it sounds.

Planning will give you peace of mind and remove stress from your life. So go back to your SMART vision board and make a plan to achieve each of your goals.

If your goal was to lower your expenses by x, you could see how you track your costs now and if there is a more efficient way to do so. For example, you could start using cloud accounting software, or if you do already and still need to know, make a meeting with your accountant and ask them to help you with management accounts.

If you want ideas to cut costs, read the "How to money-saving tips for your business."

Step 3. Track your achievements
Maintain control and hold yourself accountable. Keeping your bookkeeping up to date and knowing your numbers will help you grow your business and achieve your financial goals faster.

Cloud accounting software such as Xero will help you track many things with minimal effort, and you can see your figures anywhere. (Anywhere you have internet, that is :))

Get a journal and keep your progress there as well. Look at it as often as you can and hold yourself accountable.

Step 4. Create habits
Spending a small amount of time on your business daily will help you create positive habits and deal with your finances with little effort.

You need to treat your business as your most important client. Looking at your bank account will stop being scary, and you won't feel anxious about the next tax bill.

Get yourself into a habit of reviewing your accounts monthly to ensure your business has a healthy cash flow and that there is money to pay your bills. Another thing that will help your cash flow is putting money aside every month for your tax bill because there won't be a massive amount of unexpected money coming out. 

Step 5. Get a professional to help you
Time is the one commodity we can't get more of. Getting a professional on your side will give you your time back and much more. Yes, it will cost you money, but you get what you pay for. Use your time wisely. 

If you get a good accountant, you will not only get your time back. They will talk to you regularly, explain and help you grow your business. They will help you find ways to achieve your financial goals and cut taxes. 

Final Thoughts
Accountants are no longer just regular stale pale males. Instead, there is a new breed. One that empowers their clients to do better and celebrates their achievements with them.

If you feel stressed and exhausted from keeping up to date with all those tasks in your business, ask for help and get your business financially fit before it gets too late.

At Brush up Accounting we don't talk at people. We know it's essential to communicate with our clients and celebrate their milestones with them. Whether you have just started your business, would like to grow it or got yourself in a bit of a pickle, we can help to set you on the right path. To book a chat with us, get in touch with us here.



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