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As a small business owner, the likelihood is that bookkeeping isn’t your favourite task. It is, however, extremely important in order to establish a profitable and financially healthy business that will be around for years to come. Compiling accurate financial data allows you to make informed decisions about the future of your business, whether that’s scaling up, cutting costs or identifying potential problems before they do any real damage.

The benefits to starting your own business are certainly attractive, but research by the Telegraph newspaper found that a third of small businesses fail within the first year. Time and time again, new business owners fall prey to the same common pitfalls. It’s important to be aware of the money traps that small businesses frequently face so that you can avoid them and set your business up for lasting success.

The benefits of artificial intelligence (AI) are certainly not reserved for big businesses. AI is often seen as an expensive tool but in actual fact it is becoming far more affordable and accessible. Small businesses can now harness the power of AI to save time, increase productivity and boost profits. Here are six key ways in which AI can benefit your small business.

Sales is one of the trickiest parts of running a small business, particularly if you haven’t worked in the field before. There’s an art to selling and it’s a skill that you can fine-tune over time. It’s important to take the time to master the sales process and learn how to overcome the most common objections you will hear over and over again. By understanding what is stopping a prospect from becoming a paying client, you can then begin to overcome these objections.

Productivity is essential for profitability, and yet most small businesses have several productivity leaks that are in desperate need of plugging. Here’s how to weed out the bad habits that may be draining your business of efficiency and put better practices in place going forward.

By their very nature, entrepreneurs are risk-takers, and that’s something to be celebrated. However, many entrepreneurs share a tendency to dive in head first, without stopping to weigh up the risk. Since over 90% of startups fail by the time they hit the decade mark, it’s important to create a strong financial foundation for your business to set yourself up for future success. We’ve compiled a list of the seven biggest money mistakes that startup owners make to prepare you for the journey and keep you on track for financial success.

When it comes to marketing, the power of video really can’t be overstated. Research by Statista found that 85% of internet users in the United States consume video content each month and social media platforms are becoming increasingly centred around video. Video content is no longer just YouTube’s domain; video-sharing app TikTok has taken the world by storm recently and even Instagram is shifting its focus with the introduction of the Reels and IGTV features. Meanwhile, research by Hubspot found that users are 64% more likely to buy a product after watching a video online.

It almost goes without saying that you should create an emergency fund for your small business. Running a business can be unpredictable and, as the saying goes, even the best laid plans often go awry. It’s important to create a safety net to prepare yourself for unforeseen circumstances so that your business can weather the storm without running out of cash. We’ve compiled a list of seven easy ways to create an emergency fund for your small business so that you’re prepared for bumps in the road.

When considering financing for your small business, you may be unsure about the benefits of using a business credit card over a personal one. Research by the U.S. Small Business Administration shows that almost twice as many small business owners opt for a personal credit card over a business one. Business credit cards often involve a much higher fee which may be off-putting to those on a budget but when used carefully, you can reap the rewards. Let’s take a look at the differences between business and personal credit cards so that you can make the right decision for your small business.

Pretty much everything is stored in the cloud these days: your photos, your credit card details and even your step count – so why not your accounting, too? Accounting software can free up a significant chunk of your time and help you keep more accurate financial records, both of which represent big wins for your business. If you haven’t switched over to the cloud yet, here’s why it pays to move with the times.