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Small business

Small biz tip: 3 mistakes tanking your profits

Presented by Oracle NetSuite

Presented by Oracle NetSuite

Let NetSuite show you how they’ll benefit your business with a free product tour at NetSuite.com/Kim.

When you’re an entrepreneur or a small business owner, you know that every penny counts. There are so many regular costs, plus you have to spend even more when life throws things like weather damage or a global pandemic at you.

That’s why money-saving tricks can make a world of difference, especially in this tumultuous time. New data from Statista shows that 29% of small business owners cite coronavirus as their greatest challenge. The third-biggest hurdle was cash flow: 12% struggled with financial stability.

If you’ve been having trouble this past year, we’ve got your back. Here are three helpful tips that will keep your hard-earned dollars in your pocket.

1. Doing it all yourself

When you first start a business, you’re probably doing it all yourself. You’re the CEO, the account, the marketer, the IT person and the janitor. As you grow, you simply can’t maintain that level of control. If you’re having trouble letting go, ask yourself a few questions:

  • Where is time and energy best served?
  • Where can I add the most value?
  • What can I do better than anyone else?
  • What can someone else do as good or almost as good as I can?
  • Which tasks do I dread?

Try to be as thorough as possible. Small business owners often overburden themselves, but when you take on more than you can chew, the whole company suffers. A capable leader knows when they need to take a break, so check in with yourself, recognize your boundaries and plan accordingly.

Identify your biggest struggle. Do you often make mathematical mistakes when going through financial records? Then hire on a new team member to take over those duties.

Or you could even outsource the job to a freelancer. If you’re really strapped for cash, you could just hire a one-time financial consultant on Fiverr. Just make sure to check the reviews, since your mileage may vary.

Basically, you need to identify your problem areas so you can spend time doing what you love. Otherwise, you’ll waste too much time on tasks you hate, which can tank your enthusiasm. When you’re exhausted from monotonous tasks, you won’t have the energy you need to recognize new opportunities for growth.

2. Not cutting where you need to

If you have a small staff and a lot to get done, you know time is precious. You can’t afford to waste time on things that don’t bring in money. That could be a project you were really excited about. You don’t want to give it up, but it’s up to you to make the hard decisions.

You also need to keep an eye on expenses. Maybe you’re hemorrhaging cash over expensive office space, unmoving inventory or ineffective advertising.

Put some time aside to go over your spending habits. Get ready to be analytical, because you need to examine where your money’s going and how well it’s serving you. That way, you can identify places where you need to cut back.

3. Using the wrong software

You know the frustration of old hardware (looking at you, slow computer!), but what about software that’s not quite right for what you’re doing? Kim hears from listeners all the time looking for a better way to get their accounting done when QuickBooks isn’t cutting it.

That’s where NetSuite comes in. It’s the world’s No. 1 cloud business system for good reason. If you’re bogged down in spreadsheets stored locally on your computer, you’ll love the fact that you can access all your data in one place, whenever you want.

Now, the software itself isn’t free, but you can check it out at no cost and see if it’s right for you. And every small business owner knows the right software can save you a ton of time and that truly does equal money.

To see it in action for yourself, head to Netsuite.com/kim and get a free product tour.

Stop paying for multiple systems that don’t give you the information you need when you need it. Ditch the spreadsheets and all the old software you’ve outgrown. Now is the time to upgrade to NetSuite.

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