On average four days a month are lost by small business owners trying to get to grips with compliance and admin tasks. Yet only one day a month is dedicated to growing their business. The findings in a survey by the Federation of Small Businesses made me think that’s four days we could all be spending doing something more productive and making our businesses even better.
Outsourcing your bookkeeping and admin work may seem like an additional cost to your business, but if you’re spending four days a month doing them yourself, you’re losing a day every week just in admin. That’s almost a fifth of your earning potential over a year! A professional bookkeeper or VA does these tasks all the time, so will be able to finish them in less time and therefore will cost you less to get the job done. They’re also likely to be able to spot anything you may be missing, such as unnecessary spending, or any extra expenses you’re not claiming and therefore possibly paying too much on your tax bill.
So, what could you be doing instead on those four days to help your business grow…
First, and most obvious, you can spend one extra day doing whatever it is that makes your business money, whether that’s a day of working for a client or making extra products to sell to customers.Based on a five-day week, one extra day’s earnings gives you a 5% turnover increase every month.It’s also the reason you set up your own particular business, so I’m guessing you’d enjoy doing this just a little bit more than tackling that pile of paperwork!
Go to a networking meeting.They’re an effective way to meet potential customers, gain referrals and show off your products with pride.But they’re also a great way to get advice from other group members, and as a lot of small business owners work alone, it can be quite therapeutic to get out and have a chat with other people who are in the same boat.There are lots of networking organisations out there, some more formal and some with a more relaxed format – have a look online and see what groups are meeting in your area.And after your meeting, spend a little time following up – get on LinkedIn and connect with anyone you’ve talked to at the meeting, to make sure you stay in contact.
Spend some time working on new ideas – we all have a bunch of them, either floating around in our head or tucked away on the pages of a notebook.So have a day of planning how to bring the idea to fruition and putting it into action.
Take the day off!So many of us struggle to take time off, because we’re worrying about losing income or just can’t switch off from work mode.But how productive are you going to be if you’re completely frazzled?So maybe have a shopping trip, go out for lunch with friends or spend the day at home with the family.Whatever you decide to do, enjoy yourself!
If you’d like any help with the bookkeeping side of your admin tasks, please get in touch via www.shbk.co.uk, or follow us on Facebook, Twitter or LinkedIn.