Running a Business
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Boosting Profit Margins: Unexpected Ways to Increase Your Business Revenue
Let’s discuss an essential aspect of your business – how to increase your profit margins. It’s not just about reducing costs; it’s about implementing strategies that might pleasantly surprise you. In this post, we’ll explore some approaches to boost your revenue streams. Utilising Technology for Efficiency In today’s business environment, technology is more than just useful; it can revolutionise the way you work, allowing you to be more productive with less effort. Embracing Automation Imagine having an automated system that handles your invoicing and payments seamlessly. It’s like having a finance assistant who never gets tired. These systems ensure a smooth cash flow, eliminating the need to chase invoices or…
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Preparing Your Budget For A New Business
Every new business needs to have a budget in place to help manage costs. Start-up costs for a new company can be considerable depending on the industry you’re setting up in and the type of business you are opening. But how do you budget for a business that isn’t yet trading? Know Your Expected Turnover It can be tricky to determine a turnover for your first year of business, but you should have a figure in mind that is feasible to achieve based on your research and experience. Keep it conservative, as this will help you determine other operations costs and the rest of your budget. Consult with your accountant…
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The Most Important Factors You Should Remember When Selecting an Accountant or Accounting Firm
Your business’s accounting tasks can be daunting, to say the least, but someone has to do it – and it has most likely fallen on your shoulders if you are just at the beginning stages of your enterprise. But whilst your accounting tasks are a necessity and obligation, it doesn’t mean that you have to do it all on your own. An accountant can take responsibility and allow you to focus on other business necessities and responsibilities, but their services shouldn’t be taken lightly. They will, after all, be privy to all your financial information and data, and as such, you need to be able to trust them to do…