Business Tips for Small Business Owners
Monday, June 15th, 2020 in: Advice
Small Business Tips
Please find our 5 most powerful small business tax tips below. They are not in any particular order but are all potentially valuable to a small business owner to hack your way to success.
Business Tip 1 – Create your personal and business goals
So many business owners fail to create something they are working towards. When you start a business you may have some written goals initially. However, these can fall by the wayside after a couple of years. The first step to achieving something is to dream about it. This cannot be overstated. We strongly believe in an annual one-page business plan to set the tone for the next 12 months.
Business Tip 2 – Plan your week
It sounds so simple yet it has such a big influence on how your week goes. Rather than diving into Monday morning and replying to emails why not review your goals for the month and the year and plan the activities that will genuinely help you work towards achieving these? The Eisenhower Decision Matrix explains ways in which you can choose the tasks that matter most.
Business Tip 3 – Believe in your own USP
USP stands for unique selling point. It may sound cliche but you need to stand out from the crowd. It has been said that a salesperson cannot sell a product they are not sold on themselves. This is the same for your business identity. You need to strongly believe in why are your business exists and why it is different your competitors. If you can combine this with a genuine interest in helping your customers, your business will take on another level. Do not ignore the importance of research when finding your USP. For further reading, I strongly recommend Good to Great by Jim Collins. In this book he talks about how exceptional companies have the ‘hedgehog concept’ locked down.
Business Tip 4 – Measure what matters
Although we are accountants and are comfortable with numbers it cannot be overstated again how important it is to understand your numbers. I do not simply mean but your turnover is or what your properties. Just as important is the key drivers behind your business success. This could be the volume of sales per member of staff, the volume of sales per month, the time taken to produce X. etc. It has been said several times that turnover is vanity and profit is sanity. The ethos behind this is that just increasing your revenue is not necessarily giving you a better business to help you achieve your goals.
Business Tip 5 – Save tax by getting your business structure correct
As promised we have thrown in a tax tip! One of the most simple ways to save tax is to make sure you have the best business structure in the first place. For example, you can trade as a sole trader, partnership or limited company in most instances. Making sure you are as tax-efficient across your whole family as possible by potentially splitting business ownership with family members is one of the easiest way to create tax savings.
Small Business Tips
For more tax related small business tips please feel free to book a discovery call below
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