5 Small Business Management Tips that Will Make Your Life 10 Times Easier

There’s nothing quite like being your own boss, but running a small business can be a huge headache at times, too. When you’re first starting out, it can be difficult to decide which goal to tackle first and how to spend your time. We have put together a list of tips to help you better manage your people, time and money so that you can stop stressing and enjoy the wild adventure that is entrepreneurship.

1. Separate Your Personal and Business Finances

This is a step that many small business owners tend to skip, especially in the early stages. However, it’s important to separate your personal and business finances as soon as possible. It’s very difficult to manage your finances well when your accounts are muddled, so start as you mean to go on.

You should open a business bank account to keep a log of all of your business-related transactions, because this will help you get a much clearer picture of how your business is faring financially and save you hours when tax season arrives.

It’s also a good idea to take out a business credit card, as this has a much higher limit than a personal one and won’t affect your personal credit score.

2. Use Accounting Software

As a business owner, it’s natural to want to save as much money as you can but the DIY approach is not cost-effective in the long term. It’s worth paying for good quality cloud accounting software like Xero, as you will reap the rewards in terms of time and headaches saved. Cloud accounting software makes it very easy to stay organised and keep track of receipts and invoices, as well as helping you to maintain an air of professionalism.

3. Be Super Scheduled

As a business owner, there are always a hundred and one tasks demanding your attention. To ensure that you achieve what you want to achieve, you need to diarise it. For example, if you need to devise a marketing strategy but keep getting bogged down with client work and management, put a strategy session on your calendar. This way, you have a commitment to stick to and are far less likely to let it slip further and further down your to-do list.

4. Invest in Education

One of the best ways to improve your business is to further your own education.

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