Blogs

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.

New year’s resolutions aren’t just for January 1st. The start of a new fiscal year is an opportunity to start afresh and make positive changes to the way you manage your money. As a business owner, it’s important to handle both your personal and business accounts well, since credit providers take your personal score into consideration when reviewing business credit applications. Here are ten ways that you can better manage both your personal and business finances in the new fiscal year.

Credit control is the process by which businesses extend credit to customers in order to make it easier for them to purchase a good or service. This could be by delaying payment or breaking down the total purchase amount into more manageable installments. This strategy drives up sales but it’s important to be careful about how you extend credit, and to whom, or you could end up in financial hot water. In fact, research by Graydon found that over half of business bankruptcies are related to poor credit management. We’ve put together a guide to credit control for small businesses to help you manage this process wisely.

A healthy cash flow is essential to the survival of your small business. It’s like food; without it, your business will starve. You need cash to be able to fund your operations, so it’s crucial to keep a close eye on how much money is flowing in and out of your business. Smaller and younger businesses in particular need to be mindful of cash flow so as not to damage relationships and accumulate debt. Here are some easy tips to help you better manage cash flow in your small business to ensure survival and growth.

For many small business owners, the first few years are simply a struggle to survive. Prioritising business growth may feel scary, but it’s the secret to getting past the break-even point and transforming your small business into a bigger and more profitable enterprise. We’ve put together a list of five growth strategies that can see your business grow from a tiny company into a commercial powerhouse.