Business systems – what does that even mean? Let’s look at financial business systems, and non-financial business systems.
The SME Association of Australia conducted a ‘Small & Medium Enterprises Survey’ in 2018 and found that the highest concerns were cash flow, getting new clients, and keeping ahead of the competition. So what can we do to help small business owners with these challenges?
Financial systems are the quickest thing to implement, and the easiest way to see changes quickly in your business. Having good financial systems in your business can help you:
A growing number of savvy business owners are seeing the benefits of Xero.
There are a number of financial aspects you could consider in your business, not just the obvious such as cash and profit – although they are very important. Have you also considered:
All of these things, and many others, have an impact on the financial health of your business.
No matter how good the above numbers look, if you don’t have the non financial systems running in the background, you’ll end up working a lot harder than you need to, you’ll be spending more money that you should, and your business won’t be as valuable as it could be. So what do we mean by non financial systems?
All of these items have an impact on your business, in more ways than just financially – staff satisfaction, potential for growth, the overall value of your business.
According to the SME Survey, one of the biggest business drivers is growing your customer base. If you don’t have the systems in the back to support that growth, this will be a never ending wheel of customers coming in once, but not coming back.