Have you just started your small business? You might not think it, but this is the perfect opportunity to set up a small business. With the pandemic, everybody is spending more time online.
While businesses that have lots of overheads are struggling, those that are based on the internet are experiencing monumental growth. Amazon has grown by 37% in the third quarter of 2020.
But the financial management of a small business can be overwhelming. Here are some top tips for getting your small business in shape.
1. Digital First
The pandemic has changed the way we all do business. Previously the world was moving towards businesses becoming online-only anyway. The pandemic has accelerated this.
It’s the greatest opportunity there has ever been to create a business. There are no overheads associated with an online business. You also have a bigger customer base. If you even any small overheads get rid of them.
If you have employees working in an office, consider selling the office and make working from home a permanent measure.
To get started with an online business consult some experts. Get yourself some great digital marketing gurus to help you along the way. They will be able to ensure that your business ranks highly on Google using Search Engine Optimization (SEO).
You could reinvest the money from selling your overheads into digital marketing. This is small business management 101.
2. The World’s Your Oyster
Remember your customers are no longer in your location they are now all over the world. And you need to adapt to that to manage your finances more effectively.
Open a business account with a multi-currency bank such as Revolut or TransferWise. Now you can accept payments in currencies from all over the world.
Remember you can now employ anyone from all over the world. This is the new world of small business finance in 2020.
3. Streamlined Accounting
Now that you are fully online it might be that you can dispense with your accountant or accounting department.
There are much cheaper accountants from all around the world. They can help you to streamline everything from invoice factoring advice for small businesses to how to increase your profit margin.
Shop around on marketplaces and put out an advert on LinkedIn to find new people who can help you run your business the way you like it.
Financial Management for Small Businesses: Embrace the Online Revolution
The world of business has changed more over the past twelve months than perhaps at any other point in history.
The online revolution means the whole world is your oyster when it comes to business. You can streamline your overheads and finances to embrace this new world.
Open up a multi-currency business account to ensure you can fully take advantage of the new opportunities afforded to you.
If you are interested in reading more about financial management then be sure to check out the rest of our site.