Archive for May, 2013

Business Finance 101-Top Tips for Employers

There is so much thought and care that goes into creating a successful business. If you run a business that operates a particular product or niche that is truly your own, then the hard part of coming up with the idea has already been conquered. Next, you must rely on successful management, marketing and a strong grip on your finances to ensure success.

Here are ten top tips for you and your employees to follow.

Set targets that are realistic

Study the amount of the work achieved on an hourly and daily basis. Calculate the average and use this as the benchmark standard for work that must be achieved during the day. Setting unrealistic work targets will not only exasperate your staff but could lead to embarrassment if not being able to deliver your designated quota to a client.

Communication is key

Communication between management and staff is what makes a business run smoothly. If people have ideas, listen to them. A lot of the time it could turn out that there are much simpler ways of doing things.

Keep the workforce minimal

Only employ the exact number of people needed to do the job. This will help save money by minimising outgoings and it will also help streamline the work environment.

Watch overheads

Again, keep track of all of your outgoings thoroughly, just to ensure that you are not wasting any money in areas that could be cut back.

Keep up to date with technology

New technologies are abundant in the workplace and keeping up with them essential. They could help save you time and money.

Reward hard work

It sounds obvious, but rewarding hard work will make people respect you as an employer and continue to work harder for you. Many people’s only reward for hard work in the workplace is keeping hold of their jobs. Consequently, this causes them to feel less loyalty to the business.

Keep backups

Keeping backups of all of your important data from is extremely important, especially if you are using accounting software such as Sage One. Any data lost, destroyed or accidently deleted can then be retrieved immediately.

Budget realistically

Make sure you don’t overspend in areas such as marketing, nor under-spend when it comes to product quality.

Think about online migration

The Cloud is a great way to ensure your data such as your payroll online, remains safe and accessible at all times.

Be secure

Always encrypt your files with passwords to guard against any unwanted activity.

Brand image

When in the workplace, always make sure your staff and yourself behave in a way that is succinct with your brand image.