Written by: Kevin Gardner
Starting a business is not an easy feat. There’s always something to do. You might find yourself taking on different tasks on a daily basis. Your business is only a side hobby if you’re not making any money. Managing and organizing every aspect of your business with the help of a business process manager can help you hit your profit goals. Here are six key ways of organizing your business.
Track Your Income
If you want to organize your business, then you need to track your income. It’s important to know how much you’re making. You should track your income on a daily, monthly, or weekly basis so you know exactly what you’re bringing in. You can use an income tracker template, spreadsheet, or mobile app to track your income.
Either option allows you to break down your income into categories that represent the different income streams your business receives. If you own accounting, bookkeeping, invoicing, or tax software, you can use any of these programs to track your income. One advantage of tracking your income is that it motivates you to better manage things so you can see how your income fluctuates. If you have an income goal in mind, you’ll want to track your income on a regular basis.
Audit Your Expenses
Since you’re going to track your income, you should also track and audit your expenses. It’s likely that you have a list of expenses that need to be paid to keep your business running. Deducting expenses from your taxes will help decrease your taxable income. It’ll also lower the amount of taxes you will have to pay.
Track your expenses the same you that you track your income. Tracking your expenses will allow you to audit them on a regular basis so you can ensure that you’re not wasting money on unnecessary costs.
Use a Separate Bank Account
As soon as you start a business, you should have a separate bank account for your business. Keeping your business and personal income in one bank account during the first year of business is a quick way to fail. You’ll feel stressed out and confused by tax time because everything is disorganized. It’ll take you several hours and a tax accountant to get you back on track.
You can avoid this problem by getting a separate business bank account. You’ll need an EIN number, or you won’t be able to open a separate bank account. If you don’t have an EIN number yet, you can open a second personal bank account and treat it like one. Let your income enter that account, so you can pay your expenses from it. Read your monthly statement so you can better manage your cash flow.
Declutter Your Office
Now that you organized your finances, you need to organize your office. Decluttering your office may be a time-consuming process, but it’s the only place to start. Get rid of anything that you no longer use or need. Get rid of those items that have nothing to do with your business.
Check state and local recycling laws for broken or old electronics, and determine which items can be donated. You can also hire a professional service to help you with this task if you find it overwhelming. Once you have a clean and organized office, you’re ready to tackle business.
Organize Paper Files
Do you have a sea of papers in your office? It’s time to clean them out. Throw out, shred, or recycle any piece of paper that you no longer need. Go through each of these papers to make sure you no longer need them. Scan documents and send them to the cloud so they’re safe and out of prying hands.
Scanning is a great idea since you can make duplicate copies, retrieve the papers you need, and free up space in your office. If you still have a cabinet or paper files, you’ll need to find a way to safely maintain those records. Your records may consist of various types of files that are accessible, yet confidential. In this case, you’ll need to file them away in a filing cabinet.
Organize Your Email
Make use of the flags, folders, and rules of your email account. Change the subject line of each email you want to save or archive, so you can access them whenever you need. Email organization is not just a logistical system. Learning how to write effective emails that elicit a response can reduce those back-and-forth email chains. Create a list of common client requests and keep them on hand. Don’t forget to be concise, inclusive, and informative in your emails.
These six steps should get you started with organizing your business. Just tackling one step at a time will help you get back on track and better manage your business. You can focus on other tasks, such as creating a business budget, creating procedures and document them, or hiring a professional to help you out.
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