By: Ed Clarke
Being a business owner can be one of the most fulfilling career paths out there. But to be successful, you must wear a lot of hats and oversee a wide range of tasks and projects along the way.
Many business owners find themselves struggling to keep up at some point on their journeys. If you’re overwhelmed and looking for simple ways to keep your finances and other responsibilities in order, then consider these tips from The 6-Figure CPA Coach!
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Use Accounting Software
Money is probably what gets more business owners in trouble than anything else. That’s because managing a company's finances is not easy; it requires time, energy, and know-how.
Fortunately, there are software tools on the market today that can make the process much less overwhelming. And while you will pay an upfront investment, it will pay off big in the long term. Look at products by FreshBooks, QuickBooks, and Wave Accounting to improve your business’s bookkeeping process.
When researching accounting software, make sure the product you choose is compatible with the Plaid Transactions feature. By using Plaid’s transaction API, you will have 24 months of transaction data at your fingertips, which will prove valuable when making decisions concerning your bookkeeping.
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Implement Simple Invoicing Strategies
Many businesses get into financial trouble because they are not getting paid for the products or services they provide. Try to minimize the late payments your company has to deal with by taking preventative measures.
For example, make sure you are sending invoices out immediately after a sale. Set up payment reminders through text or email to be sent to your customers a few days before each due date. And if the due date comes without payment, send another reminder.
Another thing you can do is to offer incentives for early payment. This might include giving early-paying customers a discounted rate, coupons, or access to early access to a new product or service. ---
Hire a Professional
While software can go a long way in helping you keep tight finances, it is hard to beat the expertise of a professional. Look for a reputable professional like The Lady CFO to help you keep your money organized and take your business to the next level. Our consultants specialize in fractional CFO services, controller services, and more!
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Shipping gets a lot of businesses in trouble as well. Take time to research the different carriers available to you, and choose one that will offer you the best services within your budget.
Also, consider automating your order fulfillment, and get the most out of flat-rate shipping. And since customers love free shipping, think about offering this perk to those who meet a minimum order amount. The key is to have a strategy in place that you can manage effectively.
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Plan Ahead
Finally, planning out your steps as a business owner can go a long way in reducing stress and maintaining order in your operations. Categorize all of your tasks by type or project, and create a daily schedule for the entire week. There are plenty of templates online that you can use to plan out each hour.
As you’re making your schedule, leave some buffer room for interruptions and unexpected issues. And when you are performing each task, devote all of your focus to that task alone; you might be shocked at how much faster and better your work gets by doing this!
You wear a lot of hats as a business owner, so it’s essential that you do whatever is necessary to manage your operations efficiently. Consider the tips above for managing your finances, shipping, and day-to-day tasks. You will quickly realize that you have less stress and that your business is moving in the right direction!