When you first launch your business, you might’ve been lucky enough to have a cash injection. While spending cash initially is fun, when you start making that money back you need to manage it accordingly. It is a dream come true to make money from something you have created with your own hands or use your other skills for, but that bubble can burst very quickly if you don’t manage your business well.

Keep a keen eye on your day-to-day spending. It is very easy to let the odd coffee or dinner meeting slide. But, it’s that attitude that will cause you or your accountant a nightmare come tax time. You would do well to either hire a great (great can also mean cost-effective) bookkeeper or, you can invest in some accounting software. If you choose to do the latter, then you should input your numbers daily. Set aside an hour a day for it, and you’ll never fall behind.

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Invest in your IT. Using a company that specialises in small business IT support, like Houk Consulting, you can’t go wrong. There are very few businesses that can survive or thrive without having reliable support and tools in place. If you happen to have a few staff, then this is going to be important. Implementing automated services, simple things like cloud back up, remote access, and even desktop optimizing will make your days run so much smoother. While on this subject, you will benefit from scheduling in social media in chunks. Once you have got a strategy in place, then you should start mapping out content for as far ahead as you can. Now, while this doesn’t replace the conversation and engagement you should be aiming for, it will keep you ticking over for a while if you have rush or orders or something crops up, and you find yourself too busy to manage your social media.

 

Learn what you can outsource what you can’t. Ideally, you will be learning the skills you need to manage the day-to-day running of your business. After a few months, or maybe even years, you might find you need more hands-on support. This is where many people turn to an assistant. Someone to get your days and nights in order, arrange your meetings – both online and offline, someone who can book your travel and keep you organised. A typical PA might cost a pretty penny, and while that might work well, you should be thinking about taking that relationship online. VA’s are more cost effective and can manage everything a PA can manage minus a physical handshake.

 

Remember you are in control. One of the biggest issues of running your own company is that often we turn to other people to help us make decisions. People that haven’t got the same time and cash investments, so their advice won’t always have your best interest at heart. So while talking to a lot of people about a situation is beneficial, in the end, if it goes wrong or right, it all lands on your shoulders.