Rewarding Good Habits and Good Sense
- Success is no accident
- Take control and reap the rewards
- Do the basics, do them well, and keep doing them
Good Habits + Good Sense > Competitive Advantage
- The Basics – The basics are not sexy, many aren’t very exciting. But they are important. Either do them yourself, or get someone you trust to do them. Just make sure they get done.
- Opportunity Knocking – Many business owners neglect the basics. Some will be your competitors. This is your opportunity. Do what they can’t, don’t and/or won’t do.
- Know Your Numbers – If your bookkeeping is complete, why not use it to gain an advantage over your competition?
- Get Organised, Sort Out Your Paperwork – Lost and/or mislaid paperwork costs you time and money. Both are precious. As a business owner, you can’t afford to waste either.
- Regular Bookkeeping – Ensure all income and expenditure is processed and up-to-date. It will help you keep things organised and ensure you have enough cash in the bank. Rule 1 of running a business is never run out of cash. Rule 2 is never forget Rule 1. Who’s not paid you yet? Chase your debts and get the cash in. Don’t be fobbed off with excuses.
- BookkeepingPLUS – Better information leads to better decision-making. Build resilience into your business. This won’t happen overnight, it takes time, but it could help you cope better with future disruptions.
- PLUS What? – A 6 and 9 Month Tax-planning Review. Is there anything you can do to reduce your tax bill before your financial year-end? Think about it before your year-end. Be prepared.
- Prepare Year-end Accounts and Tax Return in Good Time – It will let you know, nice and early, what your tax bill is going to be. You then have plenty time to make sure you have or are putting enough cash aside to pay your tax when it’s due. There is no benefit to you in leaving it until the last minute. That’s when nasty surprises happen.
- Update Your 5 Year Budget Plan – Is there anything in the past year that indicates that the sales, profits, cash figures need amended?
Success is no accident. Take control and reap the rewards. Ensure you get the good quality information you need, when you need it, to help your business survive and prosper. Do the basics. Do them well. Keep doing them. Gain a competitive edge over your competition.
Good luck with your business.
Thanks for reading