Running your own business can be time consuming and difficult to say the least. Managing employees and balancing the budget can cause untold amounts of stress and sleepless nights. So here are a few things that may help to make life a little easier.
Money is probably the most important thing to a business. It’s the reason you’re there, working every day. But if it is not managed correctly there will be little left to spend on anything but work.
1. Always keep receipts. At the end of the day log them down either on a computer software such as Quicken or write them in a notebook at home. Forgetting something may lead to thinking you have more money than you actually do.
2. Notate each day’s tax income and place it in a bank account especially for that purpose. You will earn interest on this money all year and are actually making money off of money you collected for the IRS.
3. Keep records of how much it costs to buy a product and how much you make from selling a product after labor and employment. If the numbers are in the red or are almost not profitable you may want to consider trying something new.
We all dread that word. In today’s world and economy it usually stands for lazy, complaining and possibly thieving persons who want to do nothing but still earn a paycheck. If employees do little to nothing then a business can not thrive or make money.
1. If you do not have a time card device Get One. Without one you have no real way to track exactly what time your employee arrives and leaves and many of them will show up late.
2. Try utilizing small rewards programs to generated to give a small bonus or prize to the employee who generates the most revenue. To keep track of this try writing names on receipts or order cards. Prizes can be anything from a free meal to a $25 bonus. You Will see results.
3. Pay attention to your employees. If someone repeatedly does things they are not supposed to or slacks on work. Fire them. Even if they are hard to replace it is better to do it yourself or not have someone rather than pay an employee who does little or does thing badly.
Taxes are a part of life, get used to it and be prepared to pay them.
1. If you have to charge sales tax be sure to work out how much that was each day and minus it from your profit. Thinking you made the sales tax as profit can be detrimental later in the year when you have to pay it. Also as noted above, try setting it aside in a bank account once a week.
2. Personal property tax, business tax and property tax have to be paid as well. The more money you make and the nicer your establishment is the more these are going to be. Try to save up for it during the year to avoid a surprise you do not have the money to pay for.
No matter what kind of business you run it is important to keep up appearances in order to please customers and keep them coming back.
1. Schedule cleaning at least once a week. Either do this yourself, find an employee willing to do it or hire a maid.
2. Check for maintenance errors such as loose windows, leaks or faulty paint at least every six months. The faster they are fixed the less they will cost to repair.
3. Be sure that you have good steady lighting and that your heating or air conditioning is in good working order. Customers are more likely to return to a comfortable environment.
While you may be attached to the times you are currently open sometimes they don’t quite work. If you have a day or two with little or no customers try opening on a day that you are closed for a few weeks. If it does better than the day you are normally open switch opening days. Be sure to leave a notification of this in the window for at least a week before actually making the change. Also for that week or more try to be open on both days. This will cause more work but you will lose less customers who think you have closed.