According to the Bureau of Economic Analysis, disposable income among private individuals is finally starting to increase, up .2 percent in Oct., 2013 and .1 percent the following month. While the percentage may seem small, this represents tens of billions of dollars.
Instead of sitting back and waiting for the recovery to find you, take financial success into your own hands. Start by simplifying and streamlining your business in 2014 to get ahead and save. By the time consumers are ready to spend, you’ll be ahead of the game.
Be your own accountant
How do you handle your company’s inventory, payroll and taxes? Small business payroll software like Quickbooks simplifies the control over your finances and keeps everything organized. Its intuitive interface allows users create invoices, manage bills, and pay employees. Store owners can also track inventory, pay vendors and cut employee checks with the same software.
Know when to outsource
Do you need to order, ship and track your own inventory? Consider hiring a dropshipper to send items directly to your customers. Some dropshippers can also handle customer service, follow-up communication and send invoices and financial statements that can integrate directly with your accounting software. Use the extra time to review which products are moving and which need a bigger marketing push.
Connect to wholesale buyers
Need to get your inventory in front of buyers? Find wholesale buyers and streamline the process with Joor. The platform connects manufacturers to retailers looking for wholesale buying opportunities. But it also saves small business owners from sending out multiple portfolios and marketing information to individual buyers. Prospective clients can look at your inventory in real-time or check-out future items to keep in mind for later.
Start delegating
How many tasks do you need to focus on in a single day? Determine what isn’t essential to your time, like preparing a shipment or returning emails, and empower your employees to do it for you. Use a POS (Point Of Sale) system like ShopKeep to see sales trends in real time. Analyze sales to figure out if you need more employee help. Watching your business activity in real time also means you can start lining up new products and brainstorming new marketing tactics based on what’s moving and what’s not.
Simplify your legal expertise
All small business owners need legal advice at some point or another to keep their business growing and healthy. But legal fees and attorney retainers can be expensive. Opt for a service like Rocket Lawyer, which provide an on-call legal service for a small monthly fee. Get help reviewing new contracts, incorporating your business, tax audits and non-disclosure agreements at one fixed price. The site also houses free legal documents and can help handle personal matters like wills and divorces.
