Mistakes happen, always and everywhere. Some mistakes can be avoided, some couldn’t have been. One thing that stands out always though, is that one should learn from one’s mistakes. Some mistakes however can turn out to be costly and damaging unless attended to as soon as possible. Most business owners start their business with a basic understanding of bookkeeping and opt to keep the books themselves instead of opting for bookkeeping online services. This often results in the business owners making seemingly trifle, yet costly mistakes.
- Mishandling Receipts– Maintaining receipts is annoying and cumbersome; unfortunately it is necessary as the IRS needs it. The IRS can demand receipts going back years, which makes it important for you to save your receipts. The best way to store receipts today is to either scan them or take a photo and upload it to a document management system yourself. You can also try investing in bookkeeping online services. It is safe, reliable, efficient and won’t take up physical space.
- Ignoring Bookkeeping and Accounting Reports- Accounting and bookkeeping reports carry a wealth of useful information that are quite useful in making informed business decisions about the growth and development of your business. They can give you business insights, identify trends and patterns, all of which can help you spot and fix problems and overall improve your business.
- Mixing Business and Pleasure– Mixing business and personal bank accounts and transactions can harm your business. It not only makes it difficult for your in- house or bookkeeping online bookkeeper to track expenses, it also means that you will not be able to keep track of your expenses. One of the first things a business owner or entrepreneur should do is start a separate bank account for his business. Mixing business and pleasure is never good for business.
Every business owner dreams of growing his business, of taking the company right to the top of the particular field. So you put in extra hours, find ways to make more sales, generate more income, increase productivity, improve efficiency, expand- all of it. While all this does indeed make a difference, there are a few seemingly trivial aspects that also play an important role in bettering your business.
- Investing in Employee Growth– We are not talking about pay raises and bonuses here. You can pay for further education or training that will allow your employees to contribute better to your organisation. You can also find ways to ensure your employees are happy at work. Invest time and energy in getting to know your employees, their strengths and weaknesses, their opinions. Make sure that they know that you value them. Happy employees are always better for business.
- Investing in the Latest Office Software– Technology has touched the world of business as well. From bookkeeping online to invoicing and inventory, there has been a sea change in the way businesses operate today, primarily because businessmen are finding out using the latest software helps them run their businesses more effectively. It also means that you don’t have to spend so much time on non- core business tasks but can focus on growing your business instead.
- Purchasing Efficient Equipment– All businesses today depend on some equipment or the other. While your current equipment may be in working condition, it is possible that they are slowing you down, which is why we recommend investing in efficient working equipment that will help you grow your business.
No one knows your business better than you. If you take a good look at your business and think out of the box, you will be sure to find ways to help your business grow.
The franchise business is on the roll. More and more entrepreneurs are finding that running a franchisee is good business. One of the reasons for this is the fact the franchiser entered the franchise business because of the success of his business; hence franchisees are also banking on receiving tips to succeed from the franchiser. If you are a franchiser wondering how you can help your franchisees, here are some tips for you.
- Help Set up a Good Financial Management System– Money is the backbone of any industry; it is what keeps businesses rolling. Hence it goes without saying that it is essential that your franchisee has a proper financial management system in place with reliable in- house bookkeepers or use bookkeeping online in place. If you want your franchisee and your business to succeed, it is vital that you help with financial management.
- Help with Marketing– The franchise business depends on people identifying the franchisees with your brand. Hence it is important that you take the lead on marketing, because you need to sell your brand and that is what will bring customers to your franchisee, whether you are a bookkeeping online business or a fast food chain.
- Train Your Franchisee– There is a reason your business is successful and that is what you need to teach your franchisee. Provide them with training on inventory management, sales and administration. Put them in touch with your service providers- bookkeeping online, payroll, IT etc. Let them visit your store and see how you run it; people learn better this way.
- Encourage Your Franchisee– Franchisees are bound to have it tough- managing the business, maintaining the good name of the brand, meeting its standards, and so much more. As the franchiser, they need to know that they have your support, so encourage and appreciate them. Be open to new ideas and changes. Share your goals with them so that they know what to aim for, feel they are a part of the business and are contributing to its growth.
Always keep in mind that no business, no matter how good, if it is a franchise business cannot succeed without co-operation between the franchiser and the franchisee. Together you can make it work.
Save paper! Save trees! Go Green! We have been hearing a lot about that in the last couple of years. Aside from taking care of your environment, there are numerous reasons why you, as a business owner, should go paperless and move to online data storage or cloud storage solutions.
- Make Tracking and Documenting More Efficient– Ever found yourself hunting for a receipt or bank statement that you remembered keeping in the blue file (or on the table with the rest of the papers)? Happens to the best of us. On the other hand if you were saving your documents online, you would have found the papers you needed in just a matter of minutes; and that is precisely why bookkeeping online companies recommend using online data storage services. It makes life easier for you and for your entire finance management team.
- Automate Non- Core Business Tasks– When you move to online data storage solutions, you get access to different systems that can handle non- core business tasks. These inter-related systems can collect and share data with each other, like bookkeeping online, which means you can automate all those mundane non- core business tasks that you don’t have the time for and take care of other more pressing tasks.
- Outsource Bookkeeping and Accounting– Numerous business owners are finding that hiring bookkeeping online services is cheaper and more efficient than in-house bookkeepers and accountants. If you want to take the outsourcing route, online data storage is the way to go; how else will your online bookkeepers and accountants access your data? Your books can now be updated immediately and be kept up-to- date; what more could you ask you?
Going paperless has a lot of benefits and it can make your business efficient and productive. Numerous business owners, small and mid- size, have found that online data storage improves their business operations and makes their life easier.
Most people are bitten by the “start my own business” bug at some point of time. Running your own business will be great- you get to be your own boss, do things your way; the whole idea is awesome, that is till reality comes knocking on the door. You don’t just start a business with a snap of your fingers; you need a business idea, business plan, investment; you will have to start from scratch. For some people, however, all that doesn’t matter; they just want to be running their own business. And that is part of the reason for the growing popularity of franchises. Let us explore the other reasons behind the growing number of franchises.
- Support with Start-Up Costs– All entrepreneurs break out into a cold sweat at the thought of the dreaded start-up costs, even if they have good bookkeeping online or in-house. Owners worry about meeting costs before the business is seeing any revenue, especially since you never know what emergencies can crop up or unforeseen incidents occur. The good thing with franchise business is that since the business is already running, your franchisor has data on start-up costs and expenses that help you a great deal.
- Safer– Running a franchise is definitely safer than starting one of your own, simply because you know what you are getting into and franchisors already have a well thought- out, working business plan. All this also makes things a lot easier for you.
- Franchisor’s Support– Franchisors, of course, want their franchises to succeed, so it goes without saying that they will do their best to help you succeed, which is, after all, what you as a business owner need. You can be trained on all the important aspects of your business- inventory management, bookkeeping online and in-house etc. and learn how to build a thriving franchise outlet. You will not be alone; you won’t have to figure your way through alone. You will also have access to reliable teams to work with or to outsource non core functions to like bookkeeping online.
- Selecting a Location-The location of a business plays a big role in its success; another area franchisors can help in. It is more likely than not that they already have a list of potential locations, so they can help you find a store and set up as well.
Franchises are in now; if you want to start your own business but don’t know how to go about it, the franchise business may be just the thing for you.