Do you want 3 simple tasks to help RUN your business smoothly?
It is imperative to keep your finger on the pulse when and there are many ways tin which to do so to help run your business.
Here are just three simple and effective ways of monitoring your business on a day to day basis.
Check your business bank account daily
I cannot stress to businesses enough about checking their bank accounts daily. I have been known to check my business account twice daily, once in the morning and once in the evening.
It is important to know how much cash flow you have, what payments have/have not been withdrawn and payments that have come in. It is too easy to be misled by how much cash you may have if you are not monitoring what is coming in and out of your account daily.
Scan or save you receipts
We all know that we need to keep all business receipts for at least 5 years. Not only is it a good idea to maintain an eligible filing system, it is also important that YOU understand and know where you can find your documents at any given time.
It has become more popular these days to keep a scanned copy of receipts in a dropbox/online storage system however, you are still required to keep the original document.
If filing is not your forte, the very least you can do is make sure you save your documents and receipts in one spot where they can be located or opt to hire someone to create a filing system for you that is easy to understand and maintain.
Review and budget
Reviewing your business on a daily/weekly/monthly/annually basis is the key to running a business smoothly. I am not talking about a full review on a daily basis but a mental scan of how your business is running or where improvements are needed.
Maintaining a budget is another way of reviewing your business success and goes hand in hand with checking your business bank account daily. Knowing what cash flow you actually have and what cash is coming in is imperative in creating a budget for your business. You will be able to schedule payments without breaking the bank balance, know when you are able to spend a little more or equally, when to pull in the reins and stop spending.
There are many options for running and maintaining a successful business. For more tips or help with implementing some systems in your business, contact us now.
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