Posted by : Amanda Stein Tuesday, December 4, 2012
Finance and Accounting
As a business your means of making money is through payments from customers. It is important to be smart and manage your transactions properly in order to benefit from them.
Many small businesses often run off a cash only service, this however could hinder your business and lose you potential customers. An awful lot of people now make payments in shops with a credit or debit card as they don’t carry much cash on them, businesses who only take cash are therefore limiting their payment options and turning away customers. You may want to consider accepting online payments if you have a website as this will widen your spectrum of customers. You could even think about extending credit to your customers as this will allow your customers to purchase a product from you and pay for it at a later date. Another option would be to accept cheques from your customers although this is a less popular form of payment used today.
As well as money that comes into the business you will need to take into consideration that you to will need to pay money out to your employees. Setting up a good payroll system will help you to stay on top of your responsibilities and even save you time. When setting up payroll you will need to make sure that you have all of your employees’ details and that you pass them on to the appropriate people. You will also need to decide on a pay day and choose a payroll system. Once you have set everything up you can either handle payroll yourself or get your accountant to do it. A tip for saving money when dealing with your payroll system is to use compatible forms rather than original forms. They are far cheaper and work just as well as the originals.
Every business will have to do an element of marketing in order to reach target groups and become recognisable. It is important to carry out enough market research to achieve your desired result. Advertising your business on things such as fliers, newsletters and business cards will help spread your name. Make sure you include bold meaningful information such as contact details, what you’re about and any deals you have. Email marketing allows you to send information out to specific groups and include certain material or information that would draw the attention of the group. Other forms of marketing include online marketing, media marketing and spreading the word yourself.
It is extremely important as a business owner to adhere to laws and regulations regarding employee rights. It is your responsibility to protect your employees’ rights and see that they are receiving proper treatment. There is a vast amount of laws, rules and regulations involved in running a business so make sure you do your homework and look into them properly.
Technology is forever growing and expanding bringing with it new software, opportunities, challenges and complications. It is important to make sure that you remain up to date with technology and understand it so that you can run your business to the best of its ability.
Something you can’t predict in a business is whether or not you will obtain any damages to your goods and business or be a victim of theft. Make sure that your business has good insurance cover to protect what you have worked hard for.
Author Bio: Emma runs her own business and has recently started at looking at the ways she and her organisation can be more efficient. One of the ways she has chosen to do this is with Discount Forms.