How Outsourcing, Automation, and Support can help you to overcome challenges in your business.

Lyndsay Connelly • August 2, 2024

August Blog Post

How Outsourcing, Automation, and Support can help you to overcome challenges in your

business.


Running a business is no small feat. Business owners face numerous challenges daily, from managing finances to ensuring smooth operations, staying competitive, and planning for growth. We know, because we’re business owners too!

Here, we'll explore some of these common challenges and discuss how outsourcing, automation, and getting the right support can help overcome them.


Financial Management


One of the most significant hurdles for business owners is managing finances effectively. This includes budgeting, forecasting, cash flow management, and handling taxes. Mismanagement can lead to severe financial problems, even bankruptcy. Just doing the bookkeeping for compliance purposes won’t help your business to succeed. A clear vision and understanding of your finances is key to a successful business. At Valorem Virtual Finance we come across so many businesses who have buried their heads in the sand for so long. Not addressing issues with cash flow for example can cause many implications for your business. When you decided to be a business owner you didn’t think you’d be playing the role of a bookkeeper too and you don’t have to! Finding a bookkeeper who knows your industry and can support you with your business processes is the solution to your financial management challenges.

At Valorem Virtual Finance we support our clients to ensure that not only are they compliant but they have full visibility of their finances, allowing them to plan for the future. We leverage the latest technology to ensure that your processes are as streamlined as possible, giving you vital time back and reducing the risks of human error.


Time Management


Do you often feel like there’s just not enough hours in the day? As business owners we play multiple roles in our businesses which can often lead to a feeling of overwhelm and if left untreated this could lead to burnout. Consider using time blocking techniques so that you can manage chunks of tasks at a time and use task management software such as Asana or Xero. Software like Xero will help you to manage your tasks better, giving you visibility of what needs to be done each day. It’s also a great tool for when you start building a team so

that you can delegate tasks accordingly. If you’re not yet in a position to employ a staff member, think about outsourcing the tasks you

find time consuming or that you don’t enjoy. We can’t be perfect at everything! Getting the help you need can make all the difference to your mindset, health and wellbeing and the motivation you have for your business.


Keeping Up with Technology


I know it can be difficult to find the time to research the latest software, but knowing how to leverage the software available to you will give you back so much valuable time. Use technology to your advantage by using it to its full potential. Consider using automation such as Zapier to complete repetitive jobs. All these small 5 minute jobs add up and the more of these you can automate the more time you’ll get back to spend on areas of your business that need you most.


If you’re wanting to scale your business it’s important to overcome all of these challenges along the way. By surrounding yourself with positivity, developing a network of support around you, whether that be outsourcing tasks or just having someone there for you as a sounding board, can make all the difference to your growing business.

You don’t have to face these challenges alone. Business owners who ask for help, get to their

goals much quicker, setting the stage for sustainable success and long-term growth.



Are you ready to make the changes you need for your growing business?

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5 ways bookkeeping can help your small business grow

By Nicola Yale • December 27, 2023
Running a small business can be tough - there are many challenges that small business owners face daily. However, maintaining accurate and consistent financial records doesn’t need to be one of them - and it’s a great way to help your business grow. Bookkeeping is the area of accounting that deals with recording financial transactions, and it can play a vital role in the success of your business. In this blog post, we will discuss five ways bookkeeping can help your small business grow. Track your finances One of the primary reasons to keep accurate financial records is to track your finances. With bookkeeping, you can see how much money is coming in and where it's going. This will help you make informed decisions about your business's future. You can look at your financial statements and easily identify trends, such as increasing expenses or declining profits. This information will enable you to adjust your business strategy accordingly. Manage cash flow Cash flow management is an essential aspect of running a successful business. Without sufficient cash flow, your business may not survive. Bookkeeping enables you to track your receivables, payables, and all other financial transactions. You can also forecast your cash flow based on your current financial position, helping you to avoid shortfalls in the future. Make informed decisions With accurate financial records in place, you can make informed decisions about your business. You can analyze your financial statements, identify areas that need improvement, and implement changes that will help your business grow. For example, if you identify that your expenses are increasing, you can explore ways to cut costs. Alternatively, if you notice that your sales are declining, you can develop new marketing strategies to attract more customers. Prepare for tax season As a small business owner, preparing for tax season can be stressful. However, with bookkeeping, you can simplify the process. By keeping accurate and organized financial records, you can file your taxes quickly and accurately. This will save you time and reduce your stress levels. Additionally, you can take advantage of tax deductions and credits that you may be eligible for, reducing your tax liability. Plan for growth Finally, bookkeeping can help you plan for the growth of your business. By tracking your finances, you can identify areas that are performing well and invest in them further. Additionally, you can analyze your financial statements to identify areas of your business that need improvement. By doing so, you can make adjustments to your plans and strategies to ensure your business grows in a sustainable and profitable way. Conclusion In conclusion, bookkeeping is essential for small business owners who want to grow their businesses. By tracking your finances, managing cash flow, making informed decisions, preparing for tax season, and planning for growth, you can build a successful and profitable business. Accurate financial records can help you identify opportunities, avoid risks, and make strategic decisions that will benefit your business in the long run. If you haven't already invested in bookkeeping, now is the time to do so. Your business's success may depend on it. Are you ready to take your bookkeeping to the next level? Book a free call with us

The Power of the Year-End Review

By Nicola Yale • November 24, 2023
The Power of the Year-End Review As we approach the end of another incredible year, it's time to reflect, celebrate achievements, and set our plans for the future. At Valorem, we’re proud to work with all different types of clients, and whether you’re a creative entrepreneur, a passionate freelancer or a proud business owner who feels that maybe 2023 could have been better, an end-of-year review is a great way to reflect on what worked, what didn’t work, and what’s next. In this article, we’ll share our ideas for conducting a year end review for yourself, and of course, if you need our support with the financial part, we’re here to help and ready for your call. Celebrate your wins Do you remember your first sale? How about the moment you hit the VAT Threshold? Every win in business deserves celebration, and the end of the year is a great way to look back on just what you achieved - even if it wasn’t planned, and even if seems like a tiny win. Celebrating your wins is a morale booster, it keeps you motivated and focused, and your wins are probably closely connected to the reason you are in business in the first place. Learn and evolve Ok, 2023 wasn’t a walk in the park. And just like life, running a business can be a bit of a rollercoaster. Your end of year review gives you a great opportunity to assess what worked well and what can be improved for the future. Take a look into your numbers and see where things went brilliantly as well as those areas that might benefit from a change of strategy. Your numbers tell a story, and the insights you glean from a review can have a meaningful impact on your decisions for the future. Set goals for the future And we’re not just talking business goals, we’re talking personal too. Your business’s success isn’t just about spreadsheets and profits, it’s about building a business that meets your personal goals. Did you really have the year you hoped for personally? What could be better next year? Your bookkeeper can help you make sense of your numbers so you can focus on how they help you achieve your life goals. Take control of your finances Many business owners simply don’t review their finances, but as you’ve read this far, we’ll assume you’re not one of those people. It’s easy to bury your head in the sand when it comes to your finances, if everything’s paid on time, it can be tempting not to look any deeper, but taking some time to conduct a year-end-review is a great way to start as you mean to go on. what ever happened up until now, having a view of where you are right now, means you can take control of your finances for the future. A solid financial foundation is the backbone of your business, and we’re here to help. Seeking support is never a sign of weakness. You do you’re thing, and we’ll do ours. Reach out to your bookkeeper as your go-to partner for all things financial, and we, for one, would love to support you in conducting your own end-of-year review, to discuss your goals, address your concerns and discuss new ways you can grow your business in 2024. Whether the calendar year end is the same as your financial year end or not, this time of year is a great time naturally to sit and take a look at exactly what’s going on behind the spreadsheet. As we wish 2023 farewell, we’d love to raise a toast to you and your business and a new year of exciting growth.
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