It is often thought by society that the only measure of a successful business is its turnover rate. But that is a dangerous misconception. It leaves us celebrating businesses who, sure, have a high turnover rate, but we ignore weighting their body of work, sustainability, or what the return for the owners and shareholders is.
This misconception leads to many starting businesses looking solely at what their services were charged while working for someone else. They simply try to undercut and take a larger piece of the pie. It sounds nice in theory but is fundamentally flawed. Yes, if you see an opportunity in the market you should take it, but it is important that you create your new business without a pure sales = success mindset.
Gaining staying power for your business takes constant evolution and work. You need to be able to ensure that your customers are not only happy but keep coming back. This takes a lot of time and effort, but, is well worth it in order to expand and reach exciting new heights. However, you can’t invest this time if it is all being taken up by administration work. The administration work is incredibly important, so you cannot get rid of it, but you can streamline it. If your business isn’t already on Xero, then you are missing out. Xero holds many benefits that could transform your administration process, streamlining it, providing you with time to invest back into other aspects of your business. Here are 10 ways Xero will transform your business.
An outsourced bookkeeping service offers immense benefits for any business. While doing your own bookkeeping may be a good option when your business is just starting out it will begin to become increasingly complex as you grow. It may be tempting then to just hire an in-house accountant or bookkeeper but the inflexibility and the low benefits to cost ratio make it a risky choice. To get the benefits of a full team of bookkeepers without the cost of going in-house look at hiring a good outsourced bookkeeping service.