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Starting a new business venture by yourself is incredibly exciting, but it can be daunting, too – especially when it comes to accounting and taxes. The sooner you begin to learn about accounting, the less likely you are to run into trouble, which is why we’ve put together a basic accounting guide for new sole traders, contractors and freelancers who need a nudge in the right direction.

In business, cash flow is just as important as profit. If your business is a car, then cash is the fuel in your engine; when it runs out, you’ll stop moving. A study by the U.S. Bank found that 82% of failed businesses cited cash flow problems as one of the main reasons behind their collapse. Therefore, it’s essential that you prepare for cash flow problems and understand how to survive a slump.

If we’re being honest, accounting is no small business owner’s favourite task. It is, however, vital that you keep on top of your accounts in order to prevent money leaking out of your company. The following accounting mistakes could mean that your small business is bleeding money and losing profits, without you even knowing about it. Let’s take a look at six small business accounting mistakes to avoid.

Once upon a time, having a quality website for your small business was optional, but that is no longer the case. Your website is a vital part of your marketing strategy. It’s important to create an engaging and informative website, because you want to convert your visitors into paying customers. Encouraging users to stay on your website for longer increases your chances of starting a conversation with them and building a relationship. With that in mind, we’ve put together a list of five ways to keep visitors on your small business website for longer.

As a small business owner it’s only to be expected that you want to take things to the next level. However, before you begin to grow it’s important to make sure that your business is scalable.

There’s nothing quite like being your own boss, but running a small business can be a huge headache at times, too. When you’re first starting out, it can be difficult to decide which goal to tackle first and how to spend your time. We have put together a list of tips to help you better manage your people, time and money so that you can stop stressing and enjoy the wild adventure that is entrepreneurship.

If you want to have the best chance at success as a small business owner, then it’s imperative to take good care of your finances. This doesn’t just mean profit – you need to make it a priority to keep cash in the bank. It’s difficult to grow your small business when you’re continually running out of funds. In this article, we’re going to share five tips to help you manage your cash flow so that you can continue operating smoothly and plot a roadmap for steady growth.

It’s no secret that we are living in strange and uncertain times. This is especially difficult for small business owners because economic downturns and market changes present a serious threat to their survival and growth. However, there are ways you can help to increase your business’ agility in order to stay afloat in the face of sudden change. Here are five ways to future-proof your small business.

A good customer retention rate is essential to your small business. The more one-off customers you can convert into long-term patrons, the more profitable your business will be. Research by Invesp found that it costs five times more to acquire a new customer than retain an existing one. Meanwhile, the probability of selling to an existing customer is, on average, 60-70%, versus just 5-20% with a new customer. The data also found that existing customers spend an average of 31% more.

In business, it’s not about the money you make but the money you take. Generating £100,000 in sales sounds great, but if it costs you £90,000 to get there then it’s not quite the impressive figure it initially seems. In order to hang onto more of your hard-earned money, you need to focus not only on increasing your revenue but also on spending less in order to do so. Controlling costs, being resourceful and working smarter, not harder, is the secret to increasing your profits. Let’s take a look at four strategies you can employ to boost profitability for your small business.