Tag Archives: Business Tips

6 Small Business Tips and Tricks

November 10, 2023 By in Freelancing/Self-employed Tags: , , , , 4 Comments

Successfully running a small business can be demanding. Asides from the constant fear of failure, you have to shuffle between different capacities to keep your business up and running. Little wonder why most new businesses fail after the first two years.

Luckily, we would be sharing some helpful tips and tricks to simplify management and set your business up for success.

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6 Tips for Small Business Owners

Staying abreast of major drivers of business success can be beneficial to entrepreneurs who are committed to scaling their businesses. While there’s a long list of them, we’ve streamline these major factors into 6 tips and tricks that you can implement right away. They include;

1.   Build a Structure

It’s never too early to build a structure around your business. While you might not be able to afford the manpower to set up an organisation structure as a small business, having a clear cut process to getting things done is a great way to start. This would help ensure that your business is organised and you’re not constantly overwhelmed by workload.

2.   Be Flexible

As a small business owner, chances are you’re not going to have everything sorted right away. From your business model and pricing strategies to your branding, don’t be afraid to tweak things when the occasion demands.

Be open to feedback from your customers to understand what they wish could be better about your business and take active steps to improve.

3.   Ensure your products/services are easily accessible

It’s instructive to make your customers journey with your business as seamless as possible. This would involve setting up clear channels; whether it’s through social media or a responsive website. Whichever way, eliminate redundant steps and make the checkout process fast.

Also ensure that your product/service page is clear and easily navigable to ensure that customers have the best experience.

4.    Cut Costs

Since priority for small business owners is saving costs, it’s advisable to ditch the idea of getting extra hands for tools that can make your work easier. Instead of getting your own space, using a shared space or setting up a virtual business are options you can explore.

Understand your business peculiarities and look for ways to cut down on unnecessary expenses without compromising the integrity of your operations.

5.   Market within your means

Getting billboard adverts or splurging on advertisements may not be sustainable for a small business. Majorly because, it would be more meaningful to divert the funds into scaling your business.

Therefore it’s essential to take advantage of cheaper means of getting your business in the minds of your ideal customers. Options such as SEO, networking, email marketing, social media and word of mouth marketing are cost effective marketing alternatives that are reputed for yielding results.

6.   Stay Creative

It’s important to constantly look for ways to make your business relevant and stay ahead of competitors. For this reason, staying informed about industry trends and creatively adapting them to improve your business can set you up for success. Keep learning and be open to new ideas and opportunities.

There’s no quick fix for scaling a small business. It’s a marathon and not a sprint. So keep at it! Don’t be scared to refine your strategies and do your research. You’d eventually see the rewards.

 

5 Small Business Tax Tips

January 22, 2023 By in Freelancing/Self-employed Tags: , , , , , Leave a comment

*Collaborative post.

It is the start of the new year and it is a great time to get finances ready. If you are a small business owner, it is super important to stay on top of your money as this will allow you run your business more smoothly. Staying on top of your business finances also helps when it comes to sorting out the business tax. Once you are on top of your money, your will most likely find the tax season stress-free. If you are wondering how to stay on top of your small business tax, here are 5 small business tax tips you may find handy –

(Note – these tips are for informational purposes only and not a substitute for professional accounting advice)

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5 Small Business Tax Tips

Keep accurate records

It can be tricky to stay on top of finances especially when the business is really but it is important to ensure you keep accurate records. Once you have accurate records, the whole tax season will be less stressful as you will have the records ready which will ensure you pay the right tax quickly.

Hire a qualified accountant

The best way to have a stress-free tax season is to hire a qualified accountant if you can afford to. A quick online search will bring lots of results for qualified accountants in your area. You could also ask around for a recommendation. It is important you hire ac competent and qualified accountant, so do check certifications before you hire.

For instance, if you are thinking of checking accountancy membership organisations UK to find qualified accountants, ICPA is one to check. Qualified accountants are usually part of a membership organisation for accountants in practice in the UK, so it is worth checking to see if the accountant you are thinking of hiring is part of a membership organisation.

Start early

I am an early bird and I like to do certain things quickly. Filing the tax returns early means you don’t have to deal with the crazy last minute rush. It also means you don’t get any surprise last minute tax bill. Once you file your tax returns early, you can conveniently spread the payments for your tax bill and that alone takes the pressure off.

Use an accounting software

If you can afford it, use an accounting software to keep accurate records, provide accurate information, and help minimise errors. A simple spreadsheet can do the work for you but for an easier and faster experience, go for a quality accounting software.

Set money aside for your tax bill

This sounds like common sense but the truth is it is easier said than done. Have some money saved up for the tax bill definitely helps and takes the pressure off. If possible, put some money aside every month towards the tax bill.

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Are you a small business owner? What do you think of these tips? What is your number one small business tax tip? Please sound off in the comments section, let’s chat. Thanks for stopping by.

 

How to Help Your Business Succeed

July 20, 2022 By in Freelancing/Self-employed Tags: , , , , Leave a comment

*Collaborative post.

There’s no such thing as guaranteed success in the business world. There are simply too many variables at play — even companies that looked, on paper, to be excellent ideas turned into a failure for reasons that are difficult to pinpoint. However, while you can’t guarantee your success, you can increase your chances of being successful. It’s all about increasing your advantages, which will weigh the odds in your favour. In this blog, we’ll look at some useful tips that’ll help you to do just that. 

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Hire Trustworthy Employees

You’re the person that’ll have the biggest impact on the success of your company. But your staff won’t be too far behind. If you have subpar employees, then you can’t be too surprised if you get subpar results. On the other hand, if you can develop a hiring process that pushes the best employees in your direction, then the future of your business will look brighter. Of course, it’s not enough to just hire good employees; you’ll need to create a working environment that allows them to produce their best work. If you’re guilty of micromanaging, learn how to stop; you’ll find that their output is much better when they’re allowed to just get on with things.

Get the Tools

There are many, many tools and resources that companies can use to improve their operations and produce better work. But you won’t get those advantages if you don’t have those tools within your organisation. It’s a good idea to periodically look at the tools that other companies in your industry rely on and then work on bringing them into your operations. Whether it’s hardware, software, or tools that allow employees to collaborate and work remotely, they’ll have an impact on your business.  

Outsider Help

You can’t do everything at your business, and not only that, but you shouldn’t do everything at your business. There are some things that are too complex or too time-consuming to be taken care of in-house. On the complex side of things are your legal, accounting, and marketing tasks; it would be better to hire Beyond Law Group Solicitors to manage the legal side of things rather than doing it yourself. A good accounting firm can ensure that your money is well-managed, while a marketing agency will help to spread the word about your company, helping you to bring in most customers. 

Take Care Of Yourself

Finally, remember to take care of yourself. You’ll want your business to succeed, but if you push yourself too far, then you could accidentally end up causing more harm to your business because your output wouldn’t be as efficient as it would be if you felt good. If you’re exercising, meditating, eating well, and having set cut-off hours, then you’ll always have the energy you need to deliver your best work. We said earlier how you’re the most important person at your business, and it’s true — treat yourself as the star player that needs to be taken care of, and results will come. 





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