Small business owners face a myriad of challenges. But small businesses also make up a huge portion of Canada’s workforce. According to Industry Canada, 98 per cent of companies here are considered small, and those businesses comprise 48 per cent of the country’s work force. To help survive in today’s challenging economy, below are a few tips for small business owners.
Help your accountant help you
Hire an accounting service such as Five Star Accounting to manage your finances. An accountant files tax returns, tracks a company’s finances and keeps up with all the current and latest regulations. But a good accountant can do far more than just balance your company’s budget. Accountants can also help expand your company and grow your finances. Get organized before meeting with your accountant so that you’re not wasting time getting caught up.
Paperwork & meetings are time consuming
Your time is valuable. If you’re a small business owner, chances are you have very little time in the day to get everything done. Therefore, you should make the most of your time. Prioritize your tasks. Limit your meetings. Another valuable tip: Never let a piece of paper touch your desk more than once. If it’s important enough, file it or record it somewhere. Otherwise, shred it or throw it away. Clutter is a time waster, too.
How much do you really need?
Look for ways to save money by evaluating your overhead. Are you leasing a space that’s too big (and therefore more expensive)? Can you cut back on supplies and travel? Can some positions be eliminated? Is expansion necessary right now? Some of these are hard choices to make, but the goal is to have enough reserves on hand to survive difficult economic times. Set weekly, monthly and yearly goals, and work with your accountant and other top managers to stay on track.
Coach the coaches
In sports, the head coach often spends time coaching the assistant coaches so that he or she can focus on the big picture while letting the assistant coaches work with the players. The same holds for business owners. Thoroughly training your managers will allow you to delegate while also instilling trust that the job can still get done when you’re not there.