There’s no shortage of advice for business owners on the internet. Over the years, I’ve had a lot of opportunities to get advice and much of it was useless to me.
But there were a few key pieces that I’ve collected over the years that have made a dramatic impact on my business. No-nonsense lessons that I either picked up from people smarter than me, or learned the hard way. It’s the advice that I wish I was given when I first started out in business
It won’t all be useful to you right now, but if just one of these tips is as game-changing for you as it was for me, then I’ll consider this post a success.
So, how’s your filing system? Do you ever have trouble finding a specific document again once you’ve stashed it away? You may even have three or four files that contain the same information but are labeled differently – what a mess! The frantic pace of daily business and life tends to create a temptation to just complete each task as quickly as possible at the expense of order and process–a situation with the potential for escalating problems in the future.
With Great Power Comes the Electricity Bill.
Make sure your Accounts Payable is managed effectively.
On the first day of working with a new client, the local power company showed up to turn the power off due to non payment. Fortunately the service man was kind enough to give us one day to get everything worked out. My client was perplexed as to why the bill had not been paid. The answer was that the checks were sitting in one of the many piles of paperwork on my client’s desk. You know that pile of paper that just keeps growing as you put out the fires of the day but you never seem to get to. My client did not have a clearly defined bill paying or accounts payable process which was costing the company money not only in late fees, credit problems and wasted productivity time.
Bookkeeping has been around since the beginning of time (nearly), but recently we have seen a shift. Technology is adding a whole suite of capabilities to this traditional field. But what does that mean for your small business?
Here are 5 Technology Trends in Bookkeeping for Small Businesses: