President Cyril Ramaphosa moved South Africa into lockdown level two, opening up most businesses and sections of the economy, albeit with strict Covid-19 protocols in place. The good news is that there is now some breathing room to try and make up for the lost time, sales and revenue.
However, business owners need to be savvy with their money considering the knock on the economy and ensure that they manage their business’s income versus expenditure better than before.
Manage your finances online
If there is anything that lockdown has taught us, it’s the importance of digitising business practises. Accordingly, to effectively and efficiently manage budgets, businesses need to look at the possibilities that technology presents and make use of a reliable online accounting software.
While some business owners may regard cloud accounting software as an unnecessary expense when finances are already strained, it needs to be viewed as more of an investment than an expense, given you choose a software provider that is reasonably-priced, offers the service you need, and provides additional benefits that will help you and your business in the long run.
When considering an online accounting software solution that is affordable, you need to also find a software solution that is user-friendly and offers reliability such as QuickBooks Online. By doing so, you will avoid falling into the trap of working with an overly complicated programme that steals time out of your day. After all, your focus needs to be on generating revenue, not grappling with time-intensive administration.
Utilising an online accounting software solution will allow you to keep track of expenses and provide a clear picture of what your business can do without. Further, if you are one of the many operations that has to tighten your ‘financial’ belt, it would be a good idea to negotiate with suppliers where possible for a greater value-for-money deal. Another option is to be on the lookout for savings or discounted deals that suppliers run such as the current 70% off of new Quickbooks subscriptions*.
Make use of available resources
Some suppliers and organisations offer resources that will help your business, such as the support and resources that EasyBiz Technologies offers its QuickBooks Online clients. These include free online training to navigate the software solution, a portal that enables you to find an affordable, reliable and qualified advisor, and access to tax resources such as the pocket tax guide.
Additional resources include literature such as blogs or columns that offer business advice, as well as registering for free webinars and workshops. There are also short courses that will help you understand the new norm of the business world, provide insight as to how these changes impact your business, and how to implement new strategies that will help move your business forward, such as refreshing social media pages, utilising paid media, looking into SEO and understanding any new tax laws and regulations.
Change your mindset
It is no doubt the economy and business world has been tilted on its axis as a result of the Covid-19 pandemic. However, it’s important to shift our mindset from doom and gloom to one that recognises endless possibilities as business doors reopen.
Business owners now have to be solutions-driven, adaptable and they must lead by example. A positive mindset will ultimately be mirrored by your employees, empowering them to operate efficiently and effectively, and signifying that you are now back in business, better than before.