As a small business owner for over ten years, I have learned a LOT and sometimes, I had to learn it the hard way. My goal is to make it easier for other women in business to manage their own without having to go through the same hardships.
I also talk about this here on my podcast. Click to listen in and subscribe. Lets dive in to learn more about managing your small business.
1- Set up SEPARATE personal & business accounts.
-Having separate accounts for your business expenses and personal affairs allows for you to keep everything in one place and not worry about extra charges being tracked in the wrong place. I have truly benefited from keeping it aside, since we are a family of 4 and have lots of daily expenses. I also like the ease of knowing how well I am doing, financially, in either arena- without having to dig too deep. PLUS when Tax time comes around, it’s super easy to keep track of my expenses!
2-Set aside $$ for taxes annually
Hiding my face in shame due to how long it took me to start actually using this tip. Setting aside money for tax time will save you from a gut-punch come April. It hurts your bank account less. There’s also the option of actually filing your taxes quarterly and saving your hiney at the end of the year.
3-Set up a filing system
Having a regular system that you use to manage your business is ESSENTIAL. I have used Google Docs for my business for the entire life of it. I LOVE that it’s an all-in-one system and that I can access it on the go. I keep record of my upcoming photo shoots, my monthly orders, pending clients, upcoming guests for my podcast, collaborations I take part in, and keep my dream board tucked in there. There are tons of third party apps that can be used for filing management, but I have thrived with my trusty Google Sheets for over 10 years.
4-Hire an accountant or use an accounting program
I can’t emphasize this enough. Business taxes are NOT the same as personal taxes. A professional accountant or professional accounting system will help you to manage proper write offs, tax rates, mileage used, etc for your business. I have used my tax professional for the past 6 or 7 years and I honestly couldn’t run my business without her. One year, we used a big box company and I was overwhelmed by their processes and method of delivery. Find someone who gets you and your business and partner with them. It gets easier every year, as they will learn you and your business with time and know exactly what to expect. Taxes are my least favorite business chore and I will absolutely hire it out to ensure that I don’t have to interact with it.
5-Take Advantage of Mobile Apps
Instagram, Facebook, photo filters, pinterest, canva, time management, to-do lists, etc. The list is endless on productivity apps that are incredibly useful for the average small business owner. I look forward to doing a review of my favorite apps used daily for my business in a later post, but today- search “apps for business” in your app store and share with me your favorites! There are many available for FREE, too!
6- SCHEDULE Time to Stay Organized
Yep, I said it. SCHEDULE time to stay organized. If you don’t create time to manage your business, you won’t be able to. Schedule time to go through your emails, file your paperwork, follow up on client contracts, etc. While we all have our own best peak work hours, it’s important to learn where you thrive and how you can be the most productive for your business.
I hope that these quick tips were helpful and you were able to learn something new today. Thank you for being here! Share your favorite apps and business tips below!
