WMC Accounting, Geelong, Colac, Bellarine Peninsula

2 lessons on strategy all SMEs should be aware of

Are you working to much?

Hard work is a trait many in Australia truly believe in. So much so that a number of companies have played on this, from Victoria Bitter to Hard Yakka – Australia's hard-working spirit is something they take pride in.

However, it is important to know the difference between hard work and bad small business strategy. Instead of working with expert small business accounting services to find better strategies to capitalise on high demand, many are working longer hours to compensate.

For instance, new figures from Xero – reported in SmartCompany – show that small business owners are not planning enough to ensure they are covered during times of increased demand. As such, over 30 per cent are implementing longer working schedules for themselves in an effort to cope.

To help small business owners strategise better, and work less, here are two ways to avoid longer working hours.

1 – Cut waste

While cutting waste can refer to a number of processes, in this instance, it refers to the time spent engaging in time-heavy activities.

One way to avoid wasting time is by utilising cloud-based technology that can speed up many of the processes and activities you attempt every day. From reviewing revenue spikes to submitting important applications, cloud-software can allow easy access and multi-person collaboration.

For instance, cloud software can allow you to access your data in real-time from any internet-connected device. In other words, you could be enjoying a Victorian Bitter at home one minute and reviewing tax receipts the next.

2 – Learn to forecast

While increased demand typically comes during holiday periods, this is not always correct. Many industries are dotted with peaks and troughs that are specific to their sector.

In response, Victorian business owners need to do more to future-proof their enterprises. One way to achieve this is through experienced Geelong accountants who can help you plan for the future.

If you would like to know more about setting up a strategy for the future, talk to WMC Accounting today.

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