Does it take you forever to sort your finances out before each tax return or to find that email from a potential client that you received last week?
Administration, often considered a mundane aspect of running a business, forms the backbone of organisational efficiency and success. From maintaining accurate financial records to ensuring regulatory compliance, effective administration not only prevents chaos but also lays the foundation for long-term viability.
I've therefore included below a few tips to help you stay on top of this essential element of running a business.
Set a date to update your finances
Pick a date each month (and put this in your diary) when you are going to update your finances, whether that be on a spreadsheet or app such as Quicken or Xero. Pay any bills owing and raise/send client invoices.
Keep on top of business receipts as you go
If you receive business receipts via email, move these into their own folder straight away. If you are using finance software they often have the facility to store receipts so if you keep them all in one folder, this will be easy to do once a month (or once a week if you've got a lot). Many business bank accounts, such as Starling, allow you to categorise your spending and upload receipts so everything is in one place.
Use filters and folders on your emails
Filters can be so useful to highlight important emails coming through or take out the ones that can be dealt with later. For instance, if you want to receive a certain marketing email but don't want it cluttering up your inbox, set up a filter so that it goes straight to it's own folder. The folder will have a number at the side so you will know there is an unread email in there but you can deal with it at a later date.
I sometimes use the VIP option on my iphone for important emails. I'll add the contact as a VIP and any emails from that contact will be starred and I'll receive a notification straight away. For both business and personal life, this is great when you're waiting for a really important email to come through and you can always remove the contact as a VIP later.
Setting up folders within your emails can save so much time. Consider creating a folder for each of your clients or suppliers.
Templates for the win
I love a template! Whatever you're doing, whether it be email marketing, invoicing or sending a letter, consider creating a template as this will save you time in the long run. Your business letterhead will probably already be set up as a template but you can also do this for client agreements, payment chase emails or even thank you emails.
Setting up a word document as a template rather than just copying the same document will ensure important information doesn't get overwritten.
Whatever you do on a regular basis, ensure you have a template at the ready for it.
Hire a VA
I hope you've found the tips above useful. If you're still struggling to keep on top of your admin needs, now may be time to consider hiring a a Virtual Assistant who can help with all of these. Get in contact for a free discovery call on how I can help you and your business or follow me on Instagram or Facebook for more administration tips for small businesses.
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