Time is money for small business owners

Time is Money for Small Business Owners

Time is precious. At the end of October, we gained an hour when the clocks went back. However, it’s more usual that time is not on our side. We are always trying to beat the clock, whether it’s getting the kids to finish their homework or just completing those everyday must-do tasks. Time escapes us. When it comes to small businesses, ‘time is money’ – it’s a valuable resource. Running a small business isn’t easy, as a business owner you have to wear several hats. How you manage your time can make or break your business. At Better Business @Hand we provide advice for small business owners to help you have an easier time.

 

Timely advice for small business owners

Let’s face it, we’re all a bit White Rabbit from time to time!

I’m Late! I’m late! For a very important date!” the White Rabbit from Lewis Carroll’s Alice’s Adventures in Wonderland.

At Better Business @Hand, all our consultants are small business owners themselves and understand the challenges other small business owners face. Time being a perennial problem, as there are never enough hours in the day. Let’s face it, we can all identify with the frazzled white rabbit racing against the clock in Alice’s Adventures in Wonderland. When you’ve got a deadline looming or time is running out on a problem you need to solve, you feel as if time is slipping away. The Better Business @Hand team are here to help, so you don’t spend time worrying or miss a deadline because you don’t know what action to take. You can book appointments of 15, 30 or 60 minutes to get your business challenges solved. We provide advice for small business owners whenever you need it.

Time barriers include too many tasks on your to do list, lack of planning, not saying ‘no’ and not asking for help. What is your biggest time barrier? Time Management is crucial for small business owners. It is essential that you plan ahead, learn when to delegate and stay on top of your finances. You can’t do everything. You know your business but might not be an expert in marketing or accounts or legal issues. Find someone who is an expert to lighten the load. You can also go to the Better Business @Hand team for advice on a wide range of business problems. We’re here to help. What’s more, you can get help on demand via your mobile phone or video call. No time wasted travelling to appointments.

 

Time literally is money when it comes to late payment

Cash flow is the lifeblood of many small businesses and not having enough is a major problem. Currently many are using the Government’s Bounce Back Loan Scheme to bring much needed cash into the business. However, a time old issue for small businesses is late payment.

In an article on the Financial Times website, Mike Cherry, national chairman of the Federation of Small Businesses (FSB), said: “We know that paying small businesses late is debilitating, and the practice has increased during Covid-19. It deprives small firms of cash flow, holds back growth, undermines productivity and forces many to take out external finance. In thousands of cases a year this causes the closure of small businesses.”

The figures speak for themselves, with FSB research showing that ‘…around 50,000 small companies close each year due to late payments’ (source: 30 September 2020, UK Businesses face fines for late payment of suppliers, https://www.ft.com/content/5c91c918-a304-4c7d-bc8d-2553be0418c6)

The government is planning measures to clampdown on large companies that take months to pay smaller suppliers. According to a government press release “The government is seeking to create a culture of prompt payment in UK business. This is essential to enable small businesses to succeed, creating jobs, driving innovation and supporting their community.” (source: https://www.gov.uk/government/news/government-to-protect-small-businesses-with-action-on-late-payments)

This is good news, however it could take time to implement. At Better Business @Hand we’ve got you covered. Our consultant Tim Vogel can provide small business financial advice on how to deal with late payment. Tim is a Chartered Accountant, Magistrate and Forensic Accountant and owns an Accountancy Practice in Norfolk. He can also help with business structure and tax matters, with the end of year tax returns looming, book an appointment with Tim if you’ve got an issue that needs solving. Tim can also provide advice on complex accountancy and insolvency matters.

 

Time is against you when you have a red flag – Ignore it at your peril

 Do you ever red flag an email and then it gets buried? The same can happen with problems.

We can sweep things under the carpet hoping they go away. However, with business issues, they can get worse. It’s vital that small business owners seek professional advice as soon as possible before things get out of hand. Sometimes it can be the case that the fear of the problem is worse than the reality. However, you need to address it sooner rather than later.

Maria Pombo, Better Business @Hand founder and a consultant, said: “Seeking help as early as possible is fundamental to survival not only to safeguard the business but the directors and owners in so far as their duties and liabilities are concerned. I am a Turnaround Professional and Practising Professional Paralegal. To me challenges are opportunities and their solutions an opening to enable the changes your business needs to help make it resilient, sustainable and to continue whatever crisis comes its way.”

For small business advice Book an appointment with Maria. With Better Business @Hand you can get help when you need it – so, no more sleepless nights!

 

Make time online count for your business

We’re all spending more time online than ever right now. It is essential that your website works, as any downtime can result in lost customers and missed sales. Your website is your shop window to the world. With the clock ticking on the Brexit transition, you need to make sure everything is in place, including your online presence.

Better Business @Hand consultant Stirling Austin runs a Business Development and Web Design Consultancy in Manchester and can help you succeed in European markets.

Stirling said: “Exploring additional and new sources of revenue and new client markets, such as international expansion, and new online projects and ventures in uncertain times can be a daunting task and difficult to know where or how to start. With over 25 years’ experience of building cross-border businesses in the UK, France and across Europe both online and offline, I can help put in place the building blocks necessary for companies to succeed in expanding into the key European markets.

Book an appointment with Stirling to discuss business development and website design issues.

For information on the Brexit transition see:

https://www.workcast.com/ControlUsher.aspx?cpak=2905552366482043&pak=2807339524439725&referrer=CHW

https://www.gov.uk/transition

 

Times of Crisis

Navigating hard times is always a challenge for small business owners. However, the pandemic has wrought havoc, with lockdowns causing major disruption and cash flow issues. Some businesses have pivoted, offering new services and adapting products. Many have accelerated their digital growth by moving their offering online.

Better Business @Hand consultant, Ivelina Delcheva, said: “When the COVID-19 pandemic erupted, many businesses found out that the usual ways they approached their businesses were not working anymore. Interrupted supply chains, collaborating with employees remotely and finding new channels for servicing customers became new reality. In times of crisis like this, it’s critical for companies to focus on efforts that drive continuous operational improvement.”

Ivelina is a Turnaround and Operations Improvement professional with 15 years’ experience in large businesses, SMEs and start-ups. Book an appointment with Ivelina

 

Expert advice for small business owners

It can take so much time to sort out a problem yourself if you don’t know what you’re doing. Valuable time that you could have spent on your business. Sometimes it’s a case of not knowing who to turn to. If you’re busy running your hairdressing business, your small manufacturing operations, your personal training services or your florist shop, it takes time you simply don’t have to build a network of professional experts. At Better Business @Hand we’ve put together a trusted network of consultants you can turn to whenever you need advice. Think of us as your extended team on hand to help your business.

With us you’ll benefit from advice on demand when you need it via your mobile phone or video call. There’s also the added bonus of no unexpected bills, simply pay as you go for each appointment. You are in control of the amount of time you book, so costs won’t slip away. Booking is easy, just select your consultant and click the Book Appointment button. We look forward to helping you resolve your business issues.

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