TOP TIPS FOR SMALL BUSINESSES

Top Tips for Small Businesses

. If you have not already got a business plan , write one . It is a living document, review and revise it at least quarterly. It is a road map for your business.

. Budget, at least 12 months in advance on a rolling basis. Review your budget on a monthly basis. This will enable you to track your businesses performance, and highlight any issues that need addressing as and when they occur.

. Payment, agree your payment terms (preferably upfront) and make sure your customers adhere to them. Accounting systems enable you to highlight poor payers, use this facility. Chasing payment is an additional cost to your business. Cashflow problems brought about by non payment is one of the biggest killers of small businesses.

. Technology and Software - use it fully, the cost of training you and your employees to utilize your systems and streamline your business will give you more time to focus on value added activities.

. People- one of your most important assests who do not appear in your balance sheet. Train, recognise and reward your employees, your company’s health depends on it.

. Delegate- if you have the right plans, processes and people in place you should be successfully able to delegate to your employees giving you more time to work on your business rather than in the business.

. Network – join a local networking group and relevant professional associations.

. Professional advice – if you need professional advice use it. Networking groups are a good source of accountants, IT experts etc with a word of mouth recommendation.