Spring Cleaning Your Small Business
It's that time of year again! Most homemakers consider spring cleaning a great time to refresh their homes by emptying out closets and drawers, getting rid of clutter, and even changing their décor from a cozy winter feel to a more vibrant and colorful spring atmosphere. So, why stop at reorganizing and cleaning your home when your business needs attention as well? It may be the end of one season and the start of a new one for home owners, but it also marks the end of one quarter and the start of another for business owners like you.
For all of the small business owners out there, spring cleaning should never stop once your home is in order. Take advantage of this time to get on top of your business finances, too. After the first quarter has come to an end, it's an ideal time to determine what business practices have worked or have not worked for you. By doing so, you will find that you have a much clearer picture of what strategies to implement and what tactics to eliminate before you begin the next quarter.
This a great way to see where your potential for profit and risks for loss lie within your business plan, and make the necessary adjustments moving forward. An ounce of prevention is worth a pound of cure, and by the time you spot a weakness in your strategy, it could be too late to prevent taking a financial hit.
Failure to use expense-management software can be disastrous mistake for a small business owner. Just think of the hours and money wasted on overtime or the potential for simple human error when employees are made to fumble with hard copy invoices. Expense management software can help save both time and money by not only by tracking invoices online, but also providing you with up to the minute expense reporting that is literally right at your fingertips.
There are several software options out there that can help you stay connected with your employees when they are away from the office, working from home or traveling for business. To find the right low-cost software for your business may take some research, but it is well worth the effort and cost. Why worry about lost invoices or human error in your expense reporting when all of your employees can be connected to your office online? The benefits can make quite a difference in the efficiency of your company, and increased productivity directly equates to less overhead and greater potential for profit.
Think of how frustrating it is to file, report and log entries by hand. The men and women you employee will be less stressed, more productive, and happier in the workplace. When you lookat the big picture you won't only be saving on time and money in the daily operation of your business, you will most likely save on staffing and paid time off. Stressed and unhappy workers tend to take more time off or even quit, costing you more in employee recruiting, onboarding and training new staff members.
Another way to access liquidity is to set up a merchant account. If you have strictly been a cash and carry type of business, you are missing out on a substantial opportunity to increase your income through credit card transactions. By only accepting cash payments, you are basically turning away potential sales on a daily basis. Many people do not carry cash these days, and by offering credit card processing you will increase your reach and potential for profits. Make it easier for your customers, and your business, and find out how a merchant account can help your business grow.