It’s 2016 and the world around you is changing. More and more people are owning small businesses. The internet has progressed and evolved since its early days, and people are flooding to get their small businesses out there through websites and other platforms. For those of us who are current small business owners, it was not easy to get here. So many hurdles to jump, so many failures to overcome. But here we are and we plan to stay here so long our income continues to go up and not the other way. Stabilizing your small business income should be at the top of your list of important things to keep in mind. With the economy note yet on its feet, it’s best to focus your attention on this subject. In this article we will give you 5 ways to stabilize your small business income.
1. Track All Of Your Expenses
This one might seem like a simple one but creating a budget for literally everything is essential when running a small business. Make sure you are keeping an eye out on ALL of your accounts as your small business keeps growing. It’s as simple as gathering all receipts used throughout the day and making sure to either write down or put in the computer any and all payments coming in and out. Do not leave anything out; meals you eat on the go, gas used to get from one place to another, supplies bought at another location – it all adds up in the end. By not keeping up with all of the expenses, you end up not being able to create a reliable financial statement or conjure up correct reports on your tax returns.
2. Boost your SEO
SEO is important when wanting to up your revenue or attract more customers. SEO is not difficult and should often be updated to keep up a certain amount of traffic on your small business website. You’re going to wanna utilize keywords that are a bit closer to your niche and that have fewer competitors. The URLs you use be able to take your customers back to your main site and should also have indicators of the content on the same page, such as the page title. Also, you’re going to want to avoid using numbers or odd strings of text in your URLs – this is so that you do not lead people away from your page. And finally, every article you publish on your page should also be be accompanied by social share icons that lead to your small business’s Facebook page or Twitter account. In a sense, it’s like killing two birds with one stone.
3. Learn To Separate Personal and Business Money
This applies to new and seasoned small business owners alike. It’s important always to keep business, and personal money separate. Try going with easy-to-use software, such as QuickBooks. Honestly, you don’t need to be an accounting expert to keep track of your income and expenses. However, if you know you won’t enter information into the computer software every once in awhile while it’s still fresh in your mind, you might want to get a simple cash book from the local supply store. Make sure to write all the money that comes in and all that goes out. You can end up with way too many financial headaches if you do not organize and optimize your financial records.
4. Stop The Habit Of Using Your Sales Tax Money
This one should come as no surprise to all small business owners. It will certainly cost you way more in future penalties, fees, interest, time and aggravation than obtaining some short term financing. The most reliable strategy is to discipline yourself to deposit all the sales tax money you gain each and every day into a separate bank account. Now, why do this you may ask; it’s simple; tax liabilities grow due to business owners using the tax money they collect and will gain working capital for their current operations
5. Don’t Forget To Pay Yourself The Right Amount And No More
It’s Friday afternoon, and it’s time for the weekend to begin. So like always, you pay yourself what you want and sometimes even take a little more out that you need for whatever weekend plans you might have. In the short run, this seems like an okay thing to do – but in the long term, this is just bankruptcy waiting to happen. Even when the business is thriving, it is important to continue to draw only YOUR salary. This is because the “down times” will be coming eventually through the natural business cycle of your small business. It’s not fun to leave the money in the firm during times of plenty, but it sure is nice to have those reserves when the company is struggling in future. So make sure only to grab what you need and leave the rest. It’ll surely help shortly.
Joel House runs a leading Queensland based SEO Agency – Black Shirt Marketing. When he is not growing businesses across Queensland, he has his head in books to ensure he is on the cutting edge of all things small business and digital marketing