This article was written for Business Jolt e-Zine – June 2009
Money, money, money! What do experts advise you to do during an economic downturn to protect your business assets?
Here’s what Elaine McPherson, owner of E=MC2 Centre for Business Excellence in Canmore recommends to her clients:
Staying on Course in Turbulent Times
Are you starting to feel the pinch? Now, more than ever, is the time to stay on top of the financial status of your business. Keeping good basic financial records is a key to business success and frees you to concentrate on building and maintaining relationships with your clients. It’s time to get back to basics – save time and money.
Here are a few tips that may seem like small matters, but in the long run can help you stay organized and free up valuable time:
Back to Basics – 3 Simple Steps to Staying on Track
1) Keep it Clean – Stay Organized
- Unfold & keep your receipts in order – use
- Match and attach receipts to your Bank and Credit Card statements regularly
- Keep an envelope in your vehicle and immediately file all gas and expenses receipts
- Keep personal and business account transactions separate
2) Your Time is Money – Make the Most of It
- Outsource your payroll – it’s cheaper than you think !
- Are you a 1-person operation? Outsource your bookkeeping and use your new found time to promote your business
- Are you in retail? Make sure that your till tape has lots of ink. Otherwise, you’ll spend time recreating the day’s activities later – or worse, pay a bookkeeper to do it for you!
3) Leave No Stone Unturned – Look to Save Money
- Review your processes and procedures in every aspect of your business. Ensure your staff and/or outsourcing agencies are proficient in their activities and that you’re getting the best bang for your buck
- Review your Financial Reports on a monthly basis – are your expenses as lean as they could be? Talk to your accountant about ways to cut back and make the best use of your available cash.