3 Ways To Make Day-to-Day Business Management Easier
a Collaboration from Amy Collett.
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Running a business means balancing any number of demands at any given moment. It can be overwhelming for even the most organized and business-savvy entrepreneur, which is why it's important to utilize technology and outsource tasks when possible. Follow these tips for how to make your day-to-day business management more manageable;
1. Accounting
How your company's finances are managed is one of the most important things about your company. Data from Lending Tree indicates that 29% of business failures are due to cash flow issues and money mismanagement, so if you don't have a background in accounting, consider taking steps to streamline your process or outsource your financial management.
At a minimum, invest in accounting software that can help keep your numbers on track and get you better prepared for tax time. When choosing the software that's right for your business, pick one that uses the Plaid Transactions feature. Plaid-enabled transaction API software allows your accounting software to interconnect with your financial institution to streamline the bookkeeping process. However, using financial software still requires that you set it up and manage it, so you may want to invest in outside accounting services instead.
There are many benefits to outsourcing your accounting instead of hiring an in-house accountant. In-house accountants require both a salary and benefits, whereas, with online accounting services from Galena Solutions, you can simply pay for the services you need. While hiring an in-house accountant might mean going without or having to manage things yourself when the accountant falls sick or takes vacation time, an accounting service has people available at all times to see to your account.
2. Inventory Management
Keeping track of inventory can be another time-consuming and stressful task for entrepreneurs, but Business.org recommends that all companies take it seriously as accurate tracking helps increase both your profits and customer satisfaction. Inventory management software can make the process 10 times easier by tracking inventory for you and allowing you to access the reports on your computer or phone. Many companies have prices that are scaled to the needs of your business so that you don't need to overspend on your software and can only pay for the services you require.
3. Shipping
For many companies, shipping is an expensive and unwieldy undertaking. Customers expect their items to be shipped for free and arrive more quickly than ever, and they also want to be able to track them every step of the process. It can feel overwhelming trying to manage expectations, but there are ways to make it less stressful and more cost-effective. While offering free shipping might feel like a loss, it may be wise to modify the cost of your goods to offset the expense, as shipping costs are a huge driver in shopping cart abandonment.
In most cases, USPS is the cheapest option for shipping for businesses. USPS, FedEx, and UPS all offer flat rate boxes that allow you to ship whatever you can fit into a box up to a certain weight. All also offer cubic shipping rates that use the package's size to determine rates. Packages with larger sizes cost more even when they weigh less than smaller sized packages, so any time you can reduce the size of what you are sending, you reduce costs, as well.
Don't let running a business run you down. Managing a company is inherently challenging, but with the right technology and help, you can make it easier to rise to the occasion.
Make sure to take advantage of your free consultation.