Common Challenges for SME’s
There are three common challenges that almost all small business owners encounter; People, Finances and Time.
No individual can manage every aspect of the business confidently and with experience. We all have our fortes and equally, we all have areas where we are not naturally proficient. When we are working on something for which we have a natural flair, the challenges can be inspiring, the requirements of the job are intuitive and things can be completed with ease. On more difficult tasks, the feelings we experience are more likely to be frustration and confusion and the job may take up considerable time.
For this reason, a wise business owner will identify their strengths and weaknesses, engaging the services of another to undertake the tougher challenges. This could be a full or part time employee or a professional to outsource the work to as required. It can be difficult for a business owner to hand over responsibility, to trust another to do the job to their high standards, but by taking time to select someone who fits, a great weight can be lifted.
Business finances are one area where many business owners don’t have the necessary expertise to do a great job, yet effective financial management is essential for business success. For this reason, it can often be advisable to engage the services of a bookkeeper to help keep everything on track. By working just a couple of hours a week or even a month, a bookkeeper can free up valuable time, reduce stress and help with financial monitoring and reporting.
A bookkeeper can set up an appropriate finance system for recording income and expenditure. They can submit invoices, chase unpaid bills and ensure your bills are paid on time, so fines are avoided. They can track expenditure, file paperwork and produce regular financial reports. These can be used to review the financial position of the business and inform decisions, such as future investments.
No one has enough time to do everything they want and this is certainly the case for every SME owner. There are always aspects of the business demanding attention and keeping you busy. Even when things are running like clockwork, there are plans to be made for future opportunities.
It isn’t possible to create more hours in the day, but you can give yourself more time by outsourcing jobs, such as your day to day financial management to professionals. This not only releases more time to focus on other aspects of the business, but can also remove stress, so you have energy to devote to attracting new customers, launching new ranges or seeking new suppliers.
If you are setting up a new business or are struggling to cope with the finances of your existing business and are keen to invest in bookkeeping, Oxford based RCH Accounts can assist. Our professional bookkeepers can be engaged for as many hours as you feel are necessary to help. They can be trusted to keep on top of your business finances, so you have the time to focus on other areas of your business. Contact us today to discuss your requirements.