How to make your small business financially fit

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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.
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Have a plan
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.
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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 VAT, 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.
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Prepare for the off-season
More financial wisdom from fitness:
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.7 ways to take control of your business
Want to know how you can take control of your business? Read this guide for top tips to help you master your business admin.

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