Certain business challenges such as the devastating corona virus 🦠 (COVID-19), can occur and possibly require your business to go Home-based. At this point, you may need to organize your processes depending on the nature and size of your business.
Most Participatory as it may be, you find yourself becoming more active in every aspect of your business which cannot be delegated, therefore, requires all the coordination and focus your can momentarily give your business.
Jeannel King, is a home-based business owner and a well known visual facilitator and coach, once advised that home-based business owners focused more on working on their business rather than working in their business. According to King,
“There’s a big difference between working in your business and working on your business,” … “A home-based business typically translates into being a small operation of one: you! In that situation, it’s easy to focus only on product or service delivery. However, it’s essential to make time to work on our business, and that means focusing on the finances, the marketing plans, the vision and strategy, the systems and processes that provide the infrastructure for our businesses to be not just successful, but thriving and sustainable.”
Talking about finance, all the marketing plans, the vision and strategy … all the systems and processes that provide the necessary infrastructure for businesses basically depends on how financially buoyant a business tends to be. That is to say that Staying on top of the day-to-day money management of your home-based business with the a good Bookkeeper or a Professional Accountant, and incorporating such business critical measures as;
- Properly managing your accounting, with a good accounting software, crucial to keep accurate track of your income and costs.
- With the track records, review your costs; which allows you to fine-tune where your money goes or the source and application of your business cash.
- Making financial projections; this helps your business to come up with a strategic plan to address inevitable future business threats and take advantage of available opportunities. Your financial projections should be clear and precise.
- Remember not to get slack on invoicing; Send out invoices as soon as possible after providing goods or services, – – -Set payment terms of seven days to make sure that payments are not forgotten or lost in the process, – – – Always follow up on sent invoices. You can make this easy by creating set templates for email or SMS follow-ups, – – -Reference invoice numbers and cross-reference these with payments.
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Do You Need Accounting Help?
Consistent up to date and cleaning of accounting records for sound business decision making, may be posing some difficulties when you are preoccupied with other business functions. Is it time to consider independent professionals because of certain technical complications that could occur along the line? It could also be daunting, time-consuming procedures. Not recording correctly and poor monitoring can cause complications and confusion.
We @Fritznoble assist our clients on the best available options that suit their businesses...Reach out/ Outsource With Us… If Accounting works are bothering you, then it’s time you outsourced your accounting and bookkeeping requirements, this will help you concentrate more on core competencies of your business; with a team of professionals to help.
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