Webbie Wednesday is my favourite name for the some of the task I undertake every week. Apart from my post yesterday, I am very organised and have set up several systems within my business to ensure that all tasks get done on time. You need to when you are running a business. Not only can you achieve your goals and become a profitable company, but because there are legal requirements for running a business.
For example, every year, the government wants to know how much you have earned. They want to know that your accounts are in order. That you are paying your staff correctly and your team is paying the correct amount of tax. If you are VAT registered, you need to make a return every three months (sometimes that time can be longer, but most are every quarter).
Suppose you have investors in your business who also want to know about their return on their investment. They need to understand that the company is running profitable and that you are not squandering money. As a business owner, you need to know that you are not spending too much. You can afford to pay your staff, pay yourself, and cover all expenses. Not only that, you need money to invest in your business, your marketing and your team.
Knowing your finances is vital. The phrase MONEY IS KING comes to mind. However, most accountants would follow that with KNOWLEDGE IS QUEEN.
Some soft services also need to be scheduled. For example, your marketing needs to be consistent and on point. As a result, I have created Webbie Wednesday. Every Wednesday, I will update my websites, check the links and reply or delete comments.
On Monday, I call five clients to ensure they are OK, happy with what is going on and see if there is anything else I can do. It is so much easier to work with an existing client than to get a new client. Contacting some of my clients also reminds them I am here and creates a better working relationship.
I used to hate Finance Friday. My accounts were all over the place and a nightmare, mainly because I was not too fond of the software package I was using. I used to use Quickbooks, and it is just not intuitive or user friendly to my mind. I have since changed to Xero and love it. The software is always up to date, and I can safely say that Finance Friday is now a joy and my accounts are in order.
What I learnt about writing my memoirs
- Staying on top of my accounts is a joy when I like the software. Put another way, when you like the tools you work with, the task is much easier
- Knowing your finances enables you to plan for your business, especially growth
- Fun names make the task easier