Business

If you’re the proud owner of manager of a business and are looking to simplify managing your business’ finances, continue reading to discover how

Tips on managing your business finances:

1. Purchase DIY accounting software to make managing your business’ books a whole lot easier

In order to stay on top of your business’ books, it’s a smart move to install DIY accounting software onto your primary laptop. As you’ll be able to meet your business’ accounting obligations, in a short amount of time.

2. Try to forecast the future performance of your business, if your business remains on the same financial trajectory

It’s a great idea to try and forecast the future performance of your business, to see how your business’ finances may look in six months, 1 year, 3 years, 5 years and 10 years. As if your business’ projected profit margins disappoint you, you’ll be able to make quick changes to your business plan, in order to try and change the future of your business’ finances.

3. Make sure that your personal finances are kept separate from your business’ finances

Make sure that your personal finances are kept completely separate from your business’ accounts and finances. As your business’ accounts may need to be audited in order to comply with taxation laws, it’s a wise idea to keep your business’ accounts and your personal accounts separate.

4. Make sure to keep all of your business related receipts

In order to keep track of your business’ finances and to meet your business’ tax obligations, it’s also a great idea to keep all of your business receipts and invoices. If possible, make sure to collect all of your physical receipts and invoices as well as your online receipts and invoices for your business’ expenses.

5. Limit your high-interest debt

If you’re offered a large business loan from your bank manager, don’t accept the offer if the interest rate which is associated with the loan is too high as you’ll end up increasing your business’ debts unnecessarily. Instead, try to negotiate a lower interest rate for a smaller business loan or to book meetings with bank managers at other branches or banks.

6. Make sure to carefully manage your business’ credit cards

It’s also a wise idea to look at your business’ credit card statements each week. In order to see if there are unnecessary payments on your credit cards, which you may be able to cull from your future budget.

7. Plan for the future but putting aside money for your business’ upcoming major expenses

In order to ensure that your business will be able to grow as the years pass, make sure to start budgeting now, for your business’ future expenses. As an example, you may want to start saving for your business’ second premises or for a new website for your business.

8. Don’t rely on an accountant

Even if you choose to hire an accountant, it’s still worth looking over your business’ accounts, to ensure that you’re aware of your business’ numbers.

So if you want to ensure that your business remains financially viable in the future, it’s well worth following the 8 financial tips listed above.

In order to help your online business grow from strength to strength, continue reading to discover 5 invaluable online business tips.

5 Online Business Tips:

1. Make sure that your social media accounts post quality content

Many business owners make the mistake of posting on their social media accounts too frequently, without ensuring that each post which they post provides valuable content. So if you want to build a following for your business on social media, make sure to provide high-quality posts, that your target audience will actually enjoy reading.

After all, if your business’ social media accounts spammed individuals with junky posts, individuals will be likely to unfollow and ignore your business. Whereas if your business builds a reputation for posting quality posts, your followers will be more likely to engage with your posts and to share your posts with their social networks.

2. Don’t overcharge your customers for shipping

If your business sells physical items, it’s well worth trying to find ways to cheaply yet safely deliver your products to your customers. As potential customers will be very unlikely to go through with making an order from your site if your shipping prices are unreasonable. As in today’s day and age most individuals prefer shopping at sites which offer free shipping or inexpensive shipping rates.

3. Consider installing a chatbot on your homepage

One way to ensure that all of your customers are able to find the information which they’re looking for is to install a chatbot on the homepage of your website. As that way, you’ll be able to program your chatbot to answer the most frequent questions, which customers tend to ask your customer support team. As an example, you will be able to get a chatbot to answer questions about how to place an order on your site.

4. Make sure to create a mobile-friendly version of your business’ website

While it’s important to design a functional, attractive website for your online business, it’s also important to design a fully functional, easy to navigate, mobile version of your website. As a large percentage of your customers will try to access your website from their smartphone or tablet and won’t make a purchase if they’re unable to find the information which they need on their smartphone quickly and efficiently.

5. Send regular sales to your customers

It’s well worth encouraging your regular clients to sign up to a VIP email list as that way you’ll be able to send your long term customers regular links to limited time sales. As it’s human nature to strive to purchase products at a discounted price.

If you’re wondering about how you can convince thousands of your customers to join a VIP marketing list, you may want to offer each customer a one-off discount code, in return for successfully signing up to your business’ marketing list.

So if you’re looking to take your online business to the next level and are looking for simple methods to help your business grow from strength to strength, it’s well worth implementing all five of the online business tips listed above.