Small-business owners usually don’t have the time or money to routinely make big changes to their businesses. However, you can consider easy changes that have the potential to make a big difference to your company’s bottom line. Here are four tweaks you can make to help ensure you spend your money wisely and increase your success:
Use financial tools:
It’s hard to optimize your business if you don’t perform proper financial management for critical areas such as revenue, taxes and payroll. You can cut this seemingly daunting task down to size by using relatively inexpensive financial tools like these:
QuickBooks: A mobile, cloud-based accounting system that provides real-time insights into your business and accomplish tasks, such as banking and invoicing, via your computer, tablet or smartphone.- Cyfe: A dashboard program that consolidates information from multiple websites you use, such as PayPal, Shopify, QuickBooks and social networks, to save you time and help give you the big picture.
- Mint MyBusiness: A business version of the popular financial tracking software that keeps tabs on your spending habits and even suggests budgets.
- Couponbox: A coupon calculator that shows the cost-effectiveness of your coupon-based marketing programs, so that you don’t hurt the bottom line with overly generous discounts.
- Trigger: Track part-time employees, freelancers, and contractors as they work on projects and tasks, a great way to measure productivity.
- TurboTax: The business version helps you prepare your taxes, maximize your deductions, and handle all the forms you need to file.
Streamline operations:
Businesses require more time to manage as they grow. Here are some ways to streamline your business and save yourself precious time and money:
- Cut back on email: Set a time limit on the amount of time you spend each day responding to email. Only spend time on urgent messages, and consider programs like Slack to handle internal communications.
- Outsource: Use accounting and HR services instead of tying up your own time doing tax prep, payroll, benefits administration, etc. It’s less expensive than you think and frees you up for more important tasks.
- Throttle meetings: Some meetings just suck the soul out of your business by being non-productive and boring. Don’t schedule meetings unless they directly contribute to your monthly or quarterly goals.
- Hire expertise: It’s easy to begin a company by hiring friends and family rather than expert talent. Fight this urge and hire great people from the outset. It might cost a little more, but it will help you avoid mistakes, wasted time and bruised feelings down the line.
Build company morale:
Happy employees are productive employees. There are many inexpensive ways to build morale, including company picnics, birthday parties, relaxation breaks, good medical benefits, employee discount programs, and allowing pets in the workplace. You might even organize a nearby child care center if you have several employees with young children.
Revamp your image:
Does your marketing image provide the best return on investment. Perhaps you can tweak it to give your brand(s) more oomph. First, conduct an image audit to find out what customers (and demographics) think of your branding. Pick a new logo, font, colors and designs that are more relevant to your target audience. Update your website and employ the latest SEO techniques. Get involved in the community and listen to customer suggestions.
There are many other ways to tweak your business, but these are a good start. If you need extra help organizing your business budget, be sure to check out our smart sheet. 