May 28, 2014
hWhether you are the owner of a small business or a start up, it is understandable that things can get a little too busy. From managing everyday tasks, taking care of employees to finding ways to increase business, the responsibilities and duties that you face can often mean you neglect managing your business finances and your long term goals.
Despite being at the crux of every business and crucial to lasting survival, many businesses often struggle to focus enough time and attention on maintaining their financial profile. Was 2013 the year you struggled to keep up with your bookkeeping? Did your tax records slip and did you struggle to get your VAT returned on time? Then of course there is the issue of maintaining focus; a lot of businesses struggle to maintain a clear focus and often simply carry on without ever referring back to any original ideas and plans. If you found yourself struggling to keep up then why not ask yourself; how will 2014 be any different?
With the first month of the year drawing to a close, now is a great time to take a step back and look at the situation that your business is currently in and start to take control before the year slips away from you…
Outsourcing Finances- From bookkeeping to tax and vat returns to the constant task that is payroll; if you struggled to keep on top of everything this year then why not consider outsourcing your financial management? There are a range of start up business accountants that offer their services at a fixed fee leaving you free from stress and well rested with the knowledge that an expert is taking care of it all.
Business Plan- There are a phenomenal number of businesses that create a fantastic business plan highlighting long term and short term goals and aims but forget that it even existed. Are you keeping your business goals focused or have you also neglected to keep an eye on your plan? This year why not make a conscious effort to stick to your business plan? You would be surprised as to just how beneficial a little bit of clarity can be.
Cash Flow- One of the biggest strains any business can face is cash flow. With often far too much going out then coming in, things can very quickly become a massive struggle. Are you regularly monitoring your day to day charges? By failing to keep on top of it all you could end up in a big mess. Outsourcing as mentioned above will of course be a great help however you mustn’t remain ignorant to it all yourself.
Before the New Year stops being a new year and starts flying by; make sure you have the right tools, team and attitudes in place to give your business the best chance possible. Whether 2013 was a fantastic year for your company or not, you would be surprised as to just how refreshing a new attitude can be!
About the Author
Ben Black is the Director of Calculated Accountants, a firm of professional start up business and small business accountants dedicated to providing solid, trusted financial advice and support.