6 Steps to Ensure That Your Business is Financially Fit and Healthy

Danielle Cole • Feb 07, 2022

As a business owner, you are probably always looking for ways to increase revenue. But what about ensuring that your company is financially fit and healthy? While it may seem like the two are mutually exclusive, they are not. In this post we'll share six simple tips that will help ensure that your company is in tip-top financial shape.


#1 - Set a Goal

Ask any personal trainer if it's a good idea to set fitness goals and they'll respond with an emphatic "yes!"

 

The same rings true for your business' financial fitness. Setting goals is a great way to ensure that you're on track for success.

 

Remember that your goals should be SMART: Specific, Measurable, Achievable, Relevant and Time-based.

 

For example:

 

●    Reduce expenses by 5% by the end of Q1

●    Set aside enough capital to open a second location within three years

●    Hire a full-time marketing manager by the end of Q3


#2 - Create a Plan to Achieve Your Goals

Once you've set your goals, it's time to create a plan for achieving them.

If your goal is to reduce expenses by five percent by the end of Q1, then list out specific areas that are ripe for improvement and identify potential solutions. For example:

 

●    Reduce postage expenditure by implementing an online postage system

●    Implement a more efficient way to track inventory

●    Create new systems to increase productivity

●    Increase hybrid working hours

●    Relocate to a smaller office space

 

#3 - Track Your Progress

Just as runners track their miles on their Garmin watches or weight lifters keep a log of their sets and reps each session, business owners should keep track of their data in order to track progress and identify trends. However, instead of a smartwatch or phone app, business owners should opt for cloud accounting software.

 

Cloud accounting software gives you greater financial visibility and anytime, anywhere access to all of the numbers that matter. It also makes it easy to track your invoices and transactions, and get a handle on your cash flow. Cloud accounting solutions also enable you to visualise data, which can help you to identify problems and opportunities that might otherwise go undetected.


#4 - Prioritise Cash Flow

Cash flow is one of the most important aspects of a healthy business. If you don't have enough cash to pay your employees, suppliers and other bills then it doesn't matter how much revenue you're bringing in - your bottom line will be negative every month. Therefore, cash flow is central to the financial health of your business.

 

Keep on top of your cash flow by using a tool like Xero.

 

Xero lets you manage your cash flow to ensure that bills are paid on time and you're always aware of how much money is coming in, going out and whether or not there's a surplus or deficit. You can set up alerts for when invoices become due so that you don't end up incurring a late payment fee.


#5 - Hire a Consultant/Advisor/Accountant

Just as fitness fanatics hire personal trainers, business owners need the guidance of a quality consultant/advisor/accountant.

 

A great consultant/advisor/accountant will allow you to tackle the particular problems and pitfalls of your industry using a proven method for success. They will point out where there is room for improvement and identify opportunities for growth that you may have missed. Furthermore, they will coach you through the implementation of these strategies and keep you accountable, ensuring that your goals will be met.


#6 - Create a Culture That Fosters Financial Awareness

Finally, in order to ensure that your company is financially fit and healthy it's important to create a culture where employees are actively engaged in improving financial performance. This can easily be done with team-building exercises, like brainstorming new ways to decrease expenses or increasing profits.

 

Hire employees who are enthusiastic about improving the financial performance of your company by providing them with training and access to cloud accounting software so that they can monitor their daily tasks for possible improvements.


Summary

Don't wait until hard times start - be proactive about your company's financial fitness. Track your progress, prioritise cash flow and hire a consultant/advisor/accountant so that you can avoid paying late fees. Finally, create an environment where employees are actively engaged in improving the financial performance of their company. With these six simple steps, any small business can get itself into great financial shape.



Want to know how we can help your business? Let’s talk

Share

More resources...

5 Digital Marketing Trends We Can Expect to See in 2022: What You Need to Know Now

By Danielle Cole • 04 Mar, 2022
The digital marketing landscape is always changing, and it can be tough to keep up with the latest trends. That's why we've put together a list of 5 digital marketing trends that we can expect to see in 2022. Keep reading to learn what you need to know to stay ahead of the curve this year. #1 - The Need for Speed According to Google, over half of users will leave a website if a page takes over 3 seconds to load. Meanwhile, the demand for a speedy web experience is only increasing as Wi-Fi gets faster and 5G rolls out across the world. That's why it's more important than ever to make sure your website is as fast as possible. There are a number of ways to speed up your website, including optimizing images, using a content delivery network (CDN), and caching static files. You can also use Google's PageSpeed Insights tool to get specific recommendations for how to speed up your website. #2 - GeoTagging Geotagging is the process of adding geographical information to digital content, such as photos and videos. This can be done manually or automatically using GPS data. Geotagging has a number of uses, including helping people find businesses and attractions nearby, providing location-based ads, and improving search engine results. This makes your business more visible and allows you to show up in front of more customers. You can add geotags to your content manually or use a geotagging app like Geotag Photos Pro. #3 - Voice Search Voice search is becoming increasingly popular, as more and more people use voice assistants like Siri, Google Assistant, and Cortana. According to DBS Interactive, 41% of adults use voice search at least once per day. One reason for this is that voice search provides faster results than traditional text-based searches. Additionally, people are starting to use voice search for tasks that they wouldn't normally do on their phone, such as checking the weather or calling a business. To make sure your content is optimized for voice search, you need to include long-tail keywords and use natural language. You can also use Google's Voice Search feature to get insights into how people are using voice search to find your content. #4 - Short Form Video Short-form video app TikTok exploded in 2020, and Instagram was hot on its heels with the release of its Reels feature. Some expected this trend to be a flash in the pan, but it's clear that short-form video is here to stay - and only growing more powerful by the day. Short-form video is a great way to connect with your audience on a more personal level. It's also a powerful tool for storytelling, which can be used to engage and entertain your audience. If you're not already using short-form video, now is the time to start. You can use tools like Instagram Stories or TikTok to create short videos that capture your audience's attention with relatively little effort. #5 - Shoppable Social Media Content Buyable social media content is a type of social media post that allows users to purchase products directly from the post. This can be done by clicking on a buy button or scanning a QR code. Buyable social media posts are becoming increasingly popular, as they provide a more seamless shopping experience for users. They also allow businesses to sell their products directly from their social media accounts. Buyable social media posts are a great way to increase sales and drive traffic to your website. You can create them using tools like Shopify's Buy Button or Facebook's Shopping Tab. Final Thoughts Digital marketing is an ever-evolving field, and it's important to stay up-to-date on the latest trends. These are five digital marketing trends that we can expect to see in 2022. What do you think? Are there any other digital marketing trends you would add to this list? Let us know in the comments below! 

5 Ways to Grow Your Small Business with Mobile Marketing Solutions

By Danielle Cole • 06 Jan, 2022
If you're looking to grow your small business, then mobile marketing solutions are the way to go. Mobile marketing is a relatively new field but it's quickly becoming one of the most popular ways for businesses of all sizes to advertise their products and services. In this blog post, we'll discuss 5 ways that mobile marketing can help your company achieve success. #1 - QR Codes QR codes are a great way for your customers to access important information. They can be used to direct people to websites, give discounts, access content and even pay bills. QR Codes work by allowing you to scan them with a smartphone and accessing the web page that is linked. They're very easy to set up, use and track, so they give you more control over and insight into your mobile marketing. Unsurprisingly, these codes have exploded in popularity recently. If you haven't yet capitalised on this trend, don't delay any longer. #2 - SMS Marketing SMS marketing is another great way to reach out to your customers. You can use it to send special offers, alerts about sales or new products and even surveys. SMS messages are also very affordable, which makes them a great option for small businesses. You can even use SMS Marketing as an effective tool for customer support, which is one of the most important aspects of any successful company. #3 - A Mobile-Friendly Website According to Statista, mobile devices have accounted for over half of web traffic since 2017, so it's vital that your website is mobile friendly - yet you would be surprised at just how many businesses overlook the importance of mobile optimisation. Having a mobile website is especially important if you're doing any sort of e-commerce. Your customers need to be able to easily search for products, compare prices and make purchases from their phones - otherwise they could simply go to your competitor's site instead. If you don't already have a mobile friendly version of your website, start planning one now. It's not as difficult or expensive as you might think and it could make a huge difference to your business. #4 - App Development If you're looking for a more comprehensive way to reach out to your customers, then app development might be the answer. Apps can do everything from providing product information to letting customers make purchases, payments and reservations. Your customers will definitely appreciate the convenience of being able to access all your services from a single app instead of having to visit multiple sites on their phones. If you want your business to stay ahead in today's competitive market, then investing in mobile apps is an excellent idea. Creating an effective and compelling mobile app is no easy feat. You'll need to hire a reputable mobile app development company, which can be very expensive and time-consuming, so make sure you get it right the first time. As an added bonus, your customers will appreciate being able to access all of your services in one place on their phones. #5 - User-Generated Content User-generated content (UGC) is one of the most effective ways to increase brand awareness and boost sales. It involves your customers creating their own content about your product or service, which can be anything from photos and videos to reviews and blog posts. UGC is incredibly powerful because it's authentic - it comes from real people who are genuinely interested in your product or service. As a business, you should encourage your customers to create UGC and make it as easy as possible for them to do so. You can do this by setting up social media accounts specifically for user-generated content, providing ready-made templates or even offering rewards for the best submissions. Final Thoughts If you want to grow your small business, you can't afford to overlook mobile marketing solutions. Not only can they drive traffic into your funnel and convert casual visits into sales, but they're also affordable for all budgets. The digital age is only just beginning, so it's time to incorporate mobile marketing solutions into your overall strategy.

The 6 Biggest Business Trends to Look for in 2022

By Danielle Cole • 01 Dec, 2021
The world of business is ever changing, and the year 2022 is unlikely to be an exception to this rule. Business owners should always be aware of new trends on the horizon and the challenges or opportunities that may come with them. Let's make sure that you're prepared by diving into the biggest business trends to look out for in 2022. 1. Sustainability Sustainability isn't perhaps so much a trend as a principle that's here to stay, but that only makes it more important. As consumers become increasingly conscious, it's important that businesses take purposeful steps to reduce their environmental impact and learn how to communicate this to their customers and clients. Climate issues are only becoming more immediate, so the pressure is on for businesses to step up. 2. Employee Experience & Engagement In 2022, employers will have a new challenge: how to engage and inspire their workforce. The pandemic has left many workers disillusioned, and this is only compounded by the fact that jobs are becoming increasingly automated. The key to success in 2022 will be finding ways to create value for employees before they leave you behind. Although automation can, in some instances, alienate workers, it's possible to use AI to make jobs more engaging. By taking care of menial tasks, AI technology allows employees to focus on more complex and interesting issues and increase their sense of value. 3. Greater Organisational Agility The pandemic proved that the entire world can change in an instant. Businesses that are unable to adapt quickly enough will be left behind, so it's crucial that organisations take steps now to ensure they're agile. More and more businesses are shifting towards leaner management styles and eliminating a lot of middle management to make their businesses more efficient. 4. More Authentic Connections Chances are that you've already noticed a change in social media and the way we interact with brands over the past few years. The rise of influencer marketing is evidence of this; people want to see who's behind their favourite brand or product and make sure they're getting an authentic connection. 5. Flexible Working In 2022, flexible working will become a standard feature of most jobs. In fact, it's already happening in some sectors and industries – just look at the huge numbers of gig economy workers that are able to work from home or on their own schedule. Businesses that are unable to adapt quickly enough will lose out on talented workers who can work from home or even remotely abroad. Now that many of the pandemic restrictions have been lifted, we'll also see more integration between physical and digital space as remote employees find new ways to interact with their colleagues and customers. 6. Hybrid Events In a similar vein, hybrid events will also become part of the norm in 2022. In a world where remote working is more and more common, it's becoming increasingly difficult to keep everyone engaged face-to-face at industry events. The solution? Hybrid conferences that take place online as well as offline – think virtual speaker sessions or breakout areas for networking with people from all over the world. There's a reason why more and more businesses are opting for hybrid conferences. They're an effective way to keep your team engaged in the physical space while also giving them the opportunity to network with colleagues from all over the world online, too. Summary These are just some of the biggest business trends that we'll see play out over the next few years. By thinking ahead, businesses will be able to adapt as the world continues to evolve around them and even use these changes to gain a competitive edge. Want to know how we can help your business? Let’s talk!
Share by: