What Should You Be Spending Your Money On (and Not Worrying About)?

spending your money

As a small business owner, you probably watch every penny that you make and spend. It can be really hard to justify spending your money on things, even though you know that it takes money to make money.

So, what should you be spending your money on (and not worrying about)?

Bookkeeping and Tax Preparation. Bookkeeping can take a large amount of time that you could be doing something else. It is also important that you set your system up right (from the beginning) to ensure that you are not going to have to run around at tax time.

Training. Books, classes, and coaching are important to ensure that you are doing everything that you can to have a successful business. They are worth every penny; as long as you get a lot of information out of it.

Professional website. In this mobile age that we live in, our website has to be perfect. You only have a few seconds to impress people before they walk away from you and your business. In order to impress as many customers as you can, you need to spend the money and get your website done right!

Outsourcing mundane tasks. Every business has plenty of tasks that need to be done on a regular basis. If you are the only one doing everything, you will quickly burn out so it is important to get help. Besides, you can’t imagine how much more you can get done when you have help.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website www.portalcfo.com.

Don’t change for the sake of change: Do a Business Analysis first

change

When sales are in a slump, your first thought is to make a change. Get those numbers up, and put yourself into the black. But, throwing mud at the wall to see what sticks may do more harm than good. You don’t want to waste time and resources on slapped-together plans. Before making any changes to your business strategy, you should do a business analysis.

What exactly are you looking to change?

Don’t answer this question too broadly. Make more money, or increase profits is too broad. It’s imperative that you get to the root of what you want to change, or the root of the problem. If you are looking to cut costs, do an analysis of your current procedures. One-by-one, see what can be cut effectively. If you are looking to increase sales, take a look at which demographics you want to increase the sales in. Examine what you can do to make them buy more from you.

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Password Security for Business

password security for business

Our first-ever (and last) post about password security.  Why?  This subject caused a client some unnecessary grief recently.

In the workplace, there’s no doubt that any successful business owner is going to have a lot of applications. Speaking of which, the more files and applications you have, it’s likely you’ll need a bunch of passwords as well. With how easily business owners are getting their data compromised, having short and simple passwords definitely isn’t enough. Overall, here are some useful password security tips.

Make sure the password is something that’s easy for you to figure out, but very difficult for others to decode. Now you might be thinking that’s the whole point of a password. The difference in this case, however, is that you want to make your password as unique as possible. For example, your password could be your least favorite animal spelled backwards, or it could be an anagram of your best friend’s name. These are the kinds of passwords which are unique only to you.

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Ways to Save Money In Your Business

save money in your business

How can I save money in my business?  Successful businesses have one thing in common. They are able to make more money than they spend. It is that simple. For most people, it can be hard to watch your money and spending, especially with the saying about taking money to make some.

Here are some ways to save money in your business.

  • Outsource before you hire. If you think that you might need help but don’t want the expense of a full-time employee with benefits and everything else, you might be able to outsource some of your work for less money. Outsourcing also helps you save money because you don’t have to find enough work to keep an employee busy all day long.
  • Ask for referrals. Word of mouth advertising is free and is the most effective form of advertising. For this reason, you should ask satisfied customers to refer your business, which helps you to save money on your advertising costs.
  • Buy used equipment. Besides your office space (whether you are buying or leasing a space), equipment can be one of the most expensive parts of running a business. For this reason, you should be able to buy used equipment for a fraction of the cost. Things you use most often can be replaced when your business is more profitable.
  • Use free software when you can. There are many places online where you can find software products for free (or low cost). If not, you might be able to find a free trial to see if it is worth the extra expense.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more valuable articles to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.