Small business is booming! According to Statistics Canada, there are more than 70 small businesses for every 1000 people across the country. While small businesses are big in numbers, keeping them on track can be a challenge for owners. Administrative tasks are boring, repetitive and take time away from serving customers, but keeping the books in order is critical to running a successful business.
By sticking to a few basic rules, owners can cut back on the administration and focus on their business.
- Be Efficient
Follow your business plan, in order to keep focused on immediate needs and to keep on track with long-term business goals. Manage your tasks with a “To Do” list that keeps you on track
- Organize Your Files
E-mail correspondence can be overwhelming. To save time, set up a filing system that sorts important emails and attachments.
- Invest in Technology
Popular small business accounting software, such as QuickBooks, will cut the time you spend on accounting. It can print cheques, create invoices, track expenses and set due-date reminders to keep track of money coming in and out. A survey of small business owners showed 80 per cent of users save 10 hours a month by using software.
- Update Your Security Software
Data theft and customer privacy is a growing issue for all businesses. Make sure you are up to date with security software to protect your important business files and financial data – especially if you have an Internet connection.