Regardless of the size of your business, it is essential to find the resources needed to invest in your company. Helping your business grow is crucial especially for small business owners. There are many ways that you can invest in your business that do not necessarily mean spending excessive amounts of money. For example, setting aside a designated amount into the savings is always a good idea. You never know when the stockpile of funds will be needed for an unforeseen cost to the business. So let’s look at a few other ways that we, as small-business owners, can help our business grow.
How do you invest in your business?
Small business owners often start their business because they are looking for freedom in work, but more importantly to fulfill a dream and gain financial independence. As a small business owner, you are very well aware that cash flow is important. It is essential for all small business proprietors to consider ways to manage funds to best invest in the company and keep the organization open.
Tool #1 – Managing your money
Managing your money can be a daunting task. However, if you take the time to set up a few necessary tools and processes then tracking your funds will be less painful. The data you manage will provide you with a better understanding of your business finances and stability. One such tool is tracking your expenses. You can track your expenses using a spreadsheet. Another helpful way to manage your money is a budgeting or bookkeeping tool. There are many options available including some free ones. It is up to you, though, to be diligent in keeping your entries current. Whether we want to admit it or not, finances and how we manage our funds is a vital element to business success.
The financial tool that I use is QuickBooks Online. I have used Intuit products for many years; including TurboTax. The Intuit company has proven itself as reliable and trustworthy, and maintains the highest security possible for its applications. I sat down and considered what my financial tool could accomplish for me. I needed something to invoice customers, collect payment, track project information, track project expenses and billable time, and so forth. I chose the QuickBooks Online subscription that best met my needs. The time-savings with invoicing and receiving payments has been a very nice feature. I often receive payment within 24 hours. It greatly helps my cash flow!
Tool #2 – Financial goals
If you are tracking your expenses and you are also aware of your income you should be able to set some realistic financial goals, or projections, based on the information you have in front of you. For example, if you know that your monthly expenses are $1,000, then you are well aware that you need to balance out those expenses with the required income. You may find that you have a low-income season during the year. With the information you have, you can make plans for those financial ebbs and flows.
As a small business owner, it is also important to remember in your expenses such things as a savings account, a retirement fund, and an emergency fund. It is also necessary for us to consider essential purchases such as computers, major equipment, and vehicles. With that said in your expense list, you should also have categories for a savings account as well as funds that will be reinvested back into the company.
Tool #3 – Frugalness
One of the things that I have been pushing myself to do is to use no cost or low-cost resources. For example, I use a Mac computer. Office applications are included with the Mac operating system. Mac OS has word processing, spreadsheet, and presentation software that is part of their iWork package. Thus, I have been trying to go”native” using the Pages, Numbers, and Keynote applications. I have had moments where I was frustrated because I could not easily make those applications do what I was used to doing in another software. So, I downloaded the user manual for the Mac OS native applications, and I reference that material any time that I do not readily see a way to format or use a function. I also have used online videos as a free resource. Going native is helping me with professional development, which is an investment in my business.
Another option is to consider Google’s G Suite, which includes word pressing, spreadsheets, presentation, and other miscellaneous applications. You can set up a free account and have limited access to the many tools that are available through Google. It is also possible to pay a nominal fee to have more robust applications and greater online storage for your files. The critical point here is to evaluate what you really need and to choose from the options available that best meet your needs.
You can find no cost or low-cost tools that will help you track your finances. For example, when I am working on a project, I use an application that is called Timing. I have used the app for several years and found it to be well worth the cost (starting at $39/year). The Timing application also provides me with a good deal of information on what I am actually doing while on the computer. The app helps me stay on track with the work that I need to accomplish.
Tool #4 – Professional development
Investing in your company should also include training and development. If you are not keeping your skills and knowledge current, then it will become easy for you to miss opportunities meeting customer needs. So, it is crucial for you to find ways to work on professional development. Many options range from no-cost to way too much money. But when you consider the benefits along with the investment you can choose what best meets your needs.
Some of the resources I have used in the past include webinars from vendors. Practically all of the applications I use have free online training on their websites. I also find that YouTube and Vimeo will have videos that correspond to application training. I am a member of a few local groups, such as the Athens Georgia WordPress Meetup Group. I use this networking opportunity to gain from colleagues in the field. Another useful resource is your local Small Business Development Center. My consultant is Michael Myers at the UGA’s SBDC. There are several offices scattered across Georgia. Across the United States, there are similar organizations that provide consulting services and reasonably priced training about running your business.
Tool #5 – Project and task management
I found it is useful for me to document basic processes. Doing so helps me not to forget a task. I can also share the information with my clients, so they are in the know. Several tools can be used including the Office suite tools discussed previously or an online project and task management tool. I use the Asana online application. Asana has a free version that meets my needs. Other tools that you might want to consider would be Evernote, OneNote, and Trello.
Tool #6 – It’s all about you doing your diligence
Regardless of what you use to invest in your business, it all boils down to you taking the time to faithfully apply the tools in a way that benefit you and your business. The little bit of time that you take now to find a device can help you streamline a process or streamline communication, which, in turn, saves you time. Using faithfully the tools you have to help you stay on top of your information, finances, and work is a must. As a small business owner, you know that time is money. Thus, it is vital for all small-business owners to invest the time to invest in your business for success.
Tools that I use
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