Small business tips: finances

Small business tips are all over the internet. A quick search will throw back pages of websites claiming to have the small business tips to turn your budding business into an industry behemoth in no time. However, it’s almost always marketing tips for small business that they’re talking about.

When it comes to small business finance, there’s little room for hiring the big firms you know will have the super smart brains you dream of having on your team. Before you start panicking about your start up ‘making it’, take a look at this little gold mine we’ve put together for you.

This list of small business tips covers a few of the things worth considering if you’re looking at taking your business to the next level or streamlining operations.

Of course, if you need a temporary fix of finance for small business, or need to find sources of finance for a small business, visit our quick cash loan calculator. You’ll have to apply as an individual, but if you’re a sole trader that shouldn’t be a problem.

Once you have submitted your application and been provisionally approved by us, we will get to work finding the small business loan you are after so you can focus on that brilliant business of yours.

Small business tips for finance

Small business tips for finance are something we know a thing or two about. Let’s get started!

1. If hiring an accounting firm isn’t affordable, consider hiring a good bookkeeper that can help you keep your expenses in view and accounted for. You could also consider some accounting software like Xero to help you keep track of expenses yourself. Having it all loaded into a system like Xero will make it easier to get a clear snapshot view of where your business is, and make things a lot easier for you come tax return submission time.
2. Make a date with your books. It’s so easy to get stuck into the day to day operations of a business – this is especially true when it comes to finance for small business. You know there’s a number you need to keep costs below but don’t have time to really get stuck into the books. Setting up a regular date with your books, either through accounting software or a bookkeeper, will force you to keep a watchful eye on your small business finance situation.
3. Pay yourself first. Sounds odd, but here’s what we mean. By allocating an achievable set amount to savings each month, and paying it when you pay your regular debtors, you’ll be able to start saving a bit for when you need extra cash flow.
4. Spend time consolidating everything related to your small business finance. From bill payment methods to payments dates, spending time getting everything into a similar format will help you keep an eye on things and know exactly what’s coming off your account – and when!
5. Check your cover! Have you checked that your insurance covers all aspects of your business? Often, as businesses expand, you add on cover. While this is good, it’s always worth checking if you can get a discount for bundling your cover together. Setting up a regular review period will give you time to make sure you’re not paying for anything unnecessary or irrelevant. It’s always worth looking at the comprehensive insurance options – the disaster scenarios are listed because they can, and do, happen. Cover your bases!
6. Plan, plan, plan. When it comes to small business finance it can be hard to plan too far ahead. You don’t know what direction your business will go in and how it will grow, so how can you forecast expenses? As tough as it can be, preparing well in advance will give you ample time to get the cash together for those big bills later on.
7. Wherever possible, try to automate all things billing and invoicing related. This will give you the freedom to concentrate on other areas of your business and the peace of mind that comes with knowing that your invoices will be paid on time. It is also helpful to have all billing loaded into a system that you can rely on for accuracy. There’s nothing worse than finally taking the plunge and hiring someone to help you only to have them invoicing incorrectly and losing you money!

Small business finance Australia

There are a number small business tips for finding finance, and we have shared a few of them. Next up, the money question. How do I get small business finance in Australia?

There are a few options, such as applying for a business loan through a bank or finding an investor to buy into your idea – although that might involve giving away equity or an ownership percentage.

You could also apply for a short-term personal loan if it is just an emergency expense that you need to cover.

You know the type – delivery van repairs, a new printer, some extra materials so you can meet your big delivery.

If you are happy to apply as an individual and have a personal bank account, you could be eligible for a quick cash loan. Head up to our straightforward application form to get started. If you qualify, you’ll have an answer from us in just 60 minutes.

Let’s get back to those small business tips.

Small business tips and advice

Remember, the information in this blog post is meant as a suggestion only. It’s always worth finding a mentor or business advisor who can help you out when you have a question. Even better would be to have a panel of super smart advisors who knew the ins and outs of your business.

You could consider setting up an advisory council. Often paid, advisory councils are a fantastic opportunity to approach leading minds in various sectors and have them come together to weigh in on different areas of your business. You could approach admirable people from marketing, finance, legal and leadership backgrounds to create a balanced council to keep on hand. Just make sure you perfect that pitch before you approach them!

Here are a few other small business tips you could consider:

Transfer knowledge!

If time is money, there is no time more precious than your own, especially in a small business. It may require work on your part but, as soon as possible, try to get a business bible together. This would be a guide to how your business works, who the clients are and any other information about the day to day running of the business.

Mapped out, it will be easier to transfer knowledge to any newcomers to your business without you having to spend hours training them up. It also means that, in case of any emergencies, someone else can step in and take over for you.

Make space

A clean, organised desk does wonders for productivity and efficiency, so it makes sense that an uncluttered mind would do the same. Having a digital ‘to do’ list that you can access from anywhere and add dates to so you actually action the things on it is one way to ‘close a few tabs’ in your brain.

You could also try shutting down your computer every night so that you are forced to start from scratch every day and tasks don’t linger for days, or taking a few minutes at the start and end of each day to meditate or just catch your breath. Leaving your work at work is always a clever way to make sure that you are rested and focused the next day.

Marketing tips for small business

Although we are sure you will find a mountain of free marketing tips for small business online, we thought we would add our 2 cents into the mix, too. You never know – there might just be a tip or trick here for you.

1. The first, and perhaps the most important of all the marketing tips for small business is that you need to have a plan. Sounds obvious, but you’ll be surprised how many businesses spend time and money building websites and setting up social media channels, or attending conferences and exhibitions needlessly. If you spend a bit of time figuring out who your ideal clients are, you will be able to develop a buyer profile and flesh it out with the types of places they go and the things they do. If, for example, your business will target 18-25-year olds with an interest in fashion, it wouldn’t be a good idea to spend marketing budgets on attending a gaming convention and hoping to attract fans and business. The further you drill down into the audience you are targeting, the more you will be able to target your audience where they are.

2. Once you know where you will be able to find your audience, you will want to figure out how to talk to them? What are the things that they would be interested in and would catch their eye? What words do you need to use to appeal to them? You could try looking at what your competitors are doing and how they are talking to and targeting their audiences for some clues if you are stuck.
3. Partner up wherever you can – small business tips you never thought you’d hear, right? Initially, you will likely be on a mission to get as much brand recognition for your small business as possible. However, partnering up with established brands by offering prizes for their giveaways or sharing the costs of hosting a stand at an event could get your brand in front of extra eyes. If you choose a partner or collaborator carefully, pairing your small business up with theirs may even give a sense of endorsement or credibility.
4. You will be tempted to get professionals involved in your marketing, particularly if you don’t have any prior experience in writing advertising copy or designing marketing collateral. However, DIY tips for small business are available in many of the great marketing automation and content creation tools just waiting for you to check them out.

Programs like Visual.ly or Canva can help you create beautiful, eye catching infographics and images and Biteable is a great website to turn to if you want to create introductory videos about your business that will explain what your business does.

If these marketing tips for small business weren’t helpful, spend a bit of time looking up different marketing websites. We’re sure you will find one that speaks to both you and the industry you are in.

If, after all of these helpful small business tips, you are not able to cut costs and keep some of your money aside for when disaster strikes or you need to urgently access cash for small business expenses, consider getting a quick cash loan.

At the top of this page, and on the home page of our website, you will find a loan calculator that you can use to figure out what your loan repayments would be. You will also find a simple application form which will guide you through the quick steps that you will need to take to apply for your loan.

That’s it! Simple, right? In just one hour you could find out if your loan has been provisionally approved and if we are going to be able to find you the cash loan lender that you need.

What are you waiting for? Get started!