How to get your small business finances in shape
We all know the basic rules of getting fit: eat less, move more, and push yourself a little harder every day – just 1% daily improvement leads to massive gains. The same rules apply when you need to whip your small business finances into shape. It won’t happen overnight. It takes discipline and commitment. There’ll […]

Here’s a fitness plan to get your small business finances in shape
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Set a goal
The golden rule of goal-setting is that they should be SMART: Specific, Measurable, Attainable, Relevant, and Time-based.For example:
- Reduce operational expenses by 10% this quarter.
- Increase market share by 5% by the end of Q3.
- Save enough capital to open a second branch within two years.
Small business survival toolkit
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Have a plan for your small business finances
Plans outline the daily, weekly, monthly, quarterly, and annual actions you can take to achieve your SMART goals.For example, to reduce operational expenses by 10% this quarter:
- What action can I take today to reduce costs? Ideas include not travelling to the office, not printing the 80-page document someone emailed you, and doing an audit of your subscriptions.
- This week? Due diligence on contractors and consultants to which you can outsource specialist, non-critical, or mundane work that no one else wants to do or can do.
- This month? Migrate from on-premises to cloud-based systems. They’re reliable, secure, and make managing your cash flow a breeze. With the right systems in place, you know exactly how much money is coming in, how much is going out, and what’s due to you in future. Cloud accounting is the way to go.
- This quarter? Re-evaluate expenses based on monthly trends and insights delivered by your cloud accounting solution. For example, are you paying for licenses, services, or subscriptions that you don’t use? Can you save money by revising your insurance policy? Can you renegotiate payment terms with suppliers?
- This financial year? Come up with strategic ways to “spend money to make money”. This could include upskilling yourself and your team, investing in content creation and marketing, or paying invoices early in exchange for a discount from your vendor.
Business plan template
Thinking of starting a business? Or, looking for investment but need help putting a plan together?
Our free and easy-to-use business plan template can help.

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Monitor your progress
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Outsource to the experts when things get complicated, or you need a mentor
As your business grows, it’s wise to get expert input on big decisions regarding people, money, and strategy. Things like taxes, payroll, and financials get complicated quickly.A trusted consultant that understands your business challenges and goals can guide you in making important decisions. The return you get in time, focus, energy, and peace of mind are priceless.
How to choose an accountant
Discover our expert insights into choosing the best accountant for your business.

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Prepare for the off-season
More wisdom for your small business finances
You don’t need much to get started. There are thousands of free home-based workouts online. And wine bottles work just fine as weights in Pilates class (or so I’m told). Some of the world’s most successful people give away their knowledge and strategies for free. Find them and start there. But you do need to push yourself. Growth happens outside your comfort zone. Experiment, try new things, keep an open mind. Lean into the discomfort; there’s power on the other side. You are what you eat. When it comes to content consumption, follow the 80/20 rule. Limit things like social media and Netflix binges to 20% of your free time. Spend the other 80% reading books, listening to podcasts, and learning something new. Remember: 1% better. But indulge your guilty pleasure occasionally. Cheat days let us enjoy life’s pleasures without guilt. You work hard. Splurge some of your tax refund; invest the rest. Rest and reward. This entrepreneurial life is demanding and exhilarating. It’s fast-paced and demands resilience and agility. Slow down. Breathe. Meditate. Journal. That’s when all the good stuff bubbles to the surface.Boss your finances with Sage 50cloud
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