You probably didn’t start a business because you love admin. Small business administration is an integral part of running a business and can significantly impact your profits. Even if you hate administration right now, with some effort and perseverance, you can master it. To help you understand the steps you will need to consider, you can use these tips. You might not end up loving business administration tasks, but you should find them a bit less painful.
Complete Your Business Administration Tasks Regularly
Make time to finish all of the seemingly trivial admin tasks. While it might be tempting to put these off until later, regularly handling admin will save you time in the long term.
Make a note in your calendar, or use tools like an LEI management portal, when you need to do specific tasks and schedule a time to carry them out. Different tasks should be done daily, weekly, monthly, or yearly.
You will get better at completing tasks with experience and admin will soon become a part of your daily routine.
Take Twenty Minutes To Complete Simple Tasks Every Day
Set aside twenty minutes or so every day to complete some of your simpler admin tasks. This includes things like checking your company’s bank account, being aware of which clients have paid, and how much money you spent the day before.
Record your expenses throughout the day and keep your receipts somewhere safe. If you do this every day, you will be able to keep the information fresh in your memory, and you won’t have to rack your brain trying to remember what you bought and when.
Accounting software can make these tasks less of a burden by automating many processes, allowing you to focus on running your business.
Weekly Admin Tasks
Some small business administration tasks can be done on a weekly basis. Set aside one morning a week to make sure you’ve paid your suppliers, to check which invoices are still outstanding, and record this information in a spreadsheet or your accounting software.
If you use accounting software, all this information gets automatically uploaded and stored securely so you never have to worry about losing your files.
Monthly Admin Tasks
Take one day each month for bigger business administration processes like:
- Invoicing. If you don’t send out invoices, you won’t get paid. Invoicing on the same day every month will mean that you will be able to track outstanding invoices accurately.
- Payroll runs. In most cases, you will want to pay yourself and your staff on the same day every month.
- Reconciliation. Match your income and expenses on your business’s bank statements to the invoices and receipts you have collected throughout the month. That way, you will have an accurate record of how much money is coming into and leaving your business.
- Manage inventory. A monthly stock take will tell you what stock you have in store and show you what isn’t selling.
- Check how the business is doing. Are you generating enough revenue? Can you cut back on spending in some areas of your business? Use this information to improve your overall business strategy.
- Performance review. Spending one day every month reviewing how the company is performing and projections for the future is beneficial. You might find seasonal trends, identify which customers are most valuable, and determine whether any items or services are no longer adding value.
Annual Admin Tasks
Some admin tasks need to be completed at least once every year. Take at least one full day every day to complete a full assessment of the business and get your taxes in order. You should also take stock of any services, like insurance, and review how much you are paying for them. Is there a better or more affordable option available?
Get Someone Else To Do It All For You
Many small business owners just don’t have the time or inclination to handle their own admin. This is why you might decide to get someone else to do it for you. Here are some things you can try:
- Employ a part-time administrator. Experienced administrators and virtual assistants can manage all of your admin tasks and are usually very good at finding ways to run your business more efficiently.
- Outsource your accounting. Small business accountants and bookkeepers can process many of your admin tasks and make sure that everything is done correctly and is in line with the law. Some might be able to offer solid business admin advice.