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If you’re like most small business owners, there are never enough hours in the day to complete every task on your list!

Often you’re faced with prioritizing what you need to do right now (for example, respond to a customer query, meet a deadline) with the things you know you should do for the ongoing growth of your business.

Scheduling time to attend to these business activities on a regular basis is a great way to get on track for greater success.

We’ve detailed some great business habits below to set you on the right path!

Do you know your Business Numbers?

It’s not uncommon for business owners to lose touch with how well their business is performing on a day-to-day basis. But an awareness of your real time income and expenses is the key to making better decisions that will nurture your growth.

By implementing these quick changes, you’ll see a significant difference in no time!

• Switch to an online accounting software that offers you access to real time data anywhere, anytime (we recommend Xero, MYOB or Quickbooks Online)
• Monitor your finances on a daily, weekly, monthly, and quarterly basis. You can review this data with your bookkeeper or accountant.
• Check in on your other numbers, too – your website metrics and software analytics – so you know whether your marketing, lead generation, and sales tactics are working.

Have you updated your Business Plan Recently?

Companies should update their business plan at least once a year, or even sooner if there’s an upcoming change that requires planning, financing, or re-assigning resources (for instance, a product launch, an opportunity to start importing/exporting, or a new side business).

Many business owners neglect to revise their plans on a regular basis. The common result is businesses operating on autopilot, losing sight of their bigger goals and the steps they planned to take their business to the next level.

The start of a new financial year is an excellent time to set goals, mark milestones, and start implementing your plans. The timing also lines up nicely with closing out the previous year’s books, so you can plan with your latest annual figures in mind.

Are you outsourcing?

It sounds simple, but the self-sufficient, independent nature of many entrepreneurs can make it difficult to get comfortable delegating responsibility. Finding the right people to relieve the burden of doing everything, all the time, is the only way a business can scale and reach its potential.

Think carefully about how you spend your days. Are you still at the point where you want to – or need to – do it all? The ultimate success of any company is to reach the point where it can run without you, so you can enjoy a holiday, pass the business on to a family member, or sell it.

You could choose to outsource your bookkeeping, your marketing, or even your daily administrative tasks.

It can take time to find the right people that you can trust to perform their jobs well and continue to grow your business. A recruitment agency can help you craft an attractive job description and recruit so you can focus on strategies that can bring you greater enjoyment and success.

Final Thoughts

Developing new business habits takes time and commitment – but the pay off is well worth it! Which of these business habits is most important for you to commit to this year?

If you are thinking about outsourcing some of your work, we suggest getting in touch with your local bookkeeper. The information and insight a bookkeeper provides goes a long way to helping you make smart business decisions.

Whether you’re just after some financial advice, bookkeeping tips, basic bookkeeping services or assistance selecting an accounting software package such as MYOB, Xero, Quickbooks Online or Receipt Bank, we can help. Your business will be better for it, and so will you.

See below for our bookkeeper locations; if you’d like to ask a question, please feel free to use the form below!

Our Bookkeepers

Justine Day: Southern Highlands / Bowral Bookkeeper
Amanda Graham: Southern Highlands / Bowral Bookkeeper
Petra Austing: Southern Highlands / Bowral Bookkeeper
Karin Evans: Gold Coast Bookkeeper
Pru Hall: Wollongong Bookkeeper
Jackie Short: Canberra Bookkeeper