Scared you are losing money because you don’t have great insights in your business? Here’s three easy ways to take the power back

Do you ever get the feeling that your business might not being going as well as you think? How do you tell? What’s going to help you see? Here’s three things you can do to help you get a better handle on your business future.

It’s a icky feeling that can keep many small business owners up at night. Is my business doing well? Sure, money’s coming in, but is it enough to keep all the other plans ticking over?

It’s a common theme for many business owners I work with. They just aren’t sure how to get better insights into their business to know how to put their plan into action  They fear losing money because they don’t know what’s going on. Could your administrative support be of help here?

Having greater insight into where and how your business is tracking gives you so many opportunities and options.

Here’s three things you can do to take the power back.

1 - Start using software that captures your business in one place.  For example trades need to use a Job Management System like a Tradify or Fergus where all the sales, costs, timesheets, work descriptions and photos are all tracked in one online system.  Game Changer.  You will then be able to see the sales, what job made a profit or not etc.

2 - Get accounting software online like Xero.  This is key to knowing what is going on from a cash and profit standpoint.  However, a big tip is that Xero must be accurate and updated in a timely way - all bills and invoices must be captured weekly and the reconciliations done weekly or daily so you can view where your business is at any time.

3 - Consider getting an admin specialist.  These people help you capture the insights and key indicators that make your business make money.  How could you create an administrative tasks management system.

For example how many invoices need to go out every month, what is that value?  How many leads need to come in so you can see how many you are winning?  What is that number?  What is the conversion rate? What are your billable hours vs your quoted hours?  Are you missing out on profits?  These are things an admin specialist can help you work out.

Knowing how your business is tracking on a daily basis is the key to knowing if you are making money or losing money.  I know which one I would want.  

Ask us how to train or hire an administrative support or virtual assistant solutions person into the business