There are some financial hacks all business owners should know about as running a business is hard enough as it is. The financial side of things needs to be managed by an employee, accountant or yourself and this will probably depend on the size of the company. There are some financial hacks everyone should know about if they own a business …
Take advantage of online tools to maximise productivity
Whether it’s business management tools or scheduling tools you can find for free online, they are useful for helping the financial side of your company. Whether you have a big team or a small team, you can use organisational tools to schedule meetings, set tasks, and check workloads. If you’re using a cloud-based software this is ideal for saving all documents and data so everyone can access it.
If you are struggling to make ends meet financially you can take out a no credit check loan if you don’t have the best credit score. These loans are available to anyone who needs them and your credit won’t be checked. However, make sure you check all the terms and conditions to make sure you can pay it back without the interest rate getting you into trouble.
Outsourcing is key as time is so important
Instead of getting overwhelmed or letting your staff get overloaded with work you can outsource work. For example, if you need some design work or SEO writing completed for your website you can outsource it to freelancers and make a one-off payment if your team doesn’t have time. Keep a good connection with freelancers you employ as you might need to use them in the future. Remember how precious your time is so don’t overload it with tasks that somebody could do quickly, if you have a smaller business you will know the importance of time.
Separate your money out and set budgets
If you don’t already, make sure you separate your money out and have a set card for all your business transactions. It would be confusing to mix everything up and not know what you are spending on your business or what you are earning. Set monthly budgets for each area of your business, for example you can set a budget for marketing that can be spread across social media, print, events, PR, and any other advertising you want to get involved in. At the beginning of every year it’s effective to have a big plan from month to month. Obviously, there will be some changes but a brief plan is helpful for budgeting.
Employee your staff remotely
Employing your staff remotely can be a great way to save some money and look after your finances. If you use cloud storage and migrate all your company documents and data into one place so everyone has access this will help remote work. Staff can create their own folders and share documents with one another. With staff working from home, you will save on bills like electricity and heating as they will be paying this inside their own home. You can also become free from equipment as everything will be on cloud services instead of hard drives. Minimising chatting in the office can mean your employees will get much more done but make sure they still communicate on weekly meetings.
Now you have some financial hacks that will help with any business finance issues in the future, you can prepare for a new year with some new targets. Make sure you remember these hacks and put them into place within your company, you will see how much difference it makes.