radford tax logo
07 5495 4100 ◆

The skills necessary to be a business owner

Posted on December 16, 2020 by admin

As a business owner, you need to continually update various different skills. Improving these skills will enable you to improve all aspects of business operations. 

Financial skills

Being an owner means being able to manage finances. You should be able to effectively forecast your cash flow, monitor profit and loss, create budgets and make financial decisions which reflect all of these factors. 

Marketing and Sales

You should understand how the promotion of your products and services will take place. Marketing strategies are always changing and updating with technology, so make sure you keep up with these changes to ensure you are increasing your chances of sales.

Communication and negotiation

Building relationships with your suppliers, potential investors, customers and employees is essential. Effective communication and negotiation skills are the cornerstones of success in this area – so make sure you cultivate these skills. 

Leadership, project management and planning

Having an understanding of each aspect of your business will allow you to plan your projects and lead your team members. Keep yourself updated with different management styles, develop policies and procedures that will help your team members and manage resources to achieve your business goals. 

While you may be able to hire advisors, marketing directors, and managers, this does not absolve you from the responsibility of overseeing your business. This is why it is integral to continually update your skills and knowledge so you can understand the decisions being made about your business. 

maximise your business's value

latest news

Things you should do every time you get paid

Posted on January 20, 2021 by admin

It can be tempting to treat yourself on payday, but in the long run, planning your spending will be more rewarding. Creating a payday routine will help you pay your bills on time and save more money to put aside. 

The very first step needs to be completed the night before payday. Transfer any funds you have leftover from the previous payday to your savings account. This will allow you to spend less money you consider ‘extra’ and save it for your long-term goals.

The second thing you need to do is pay as many bills as possible, rather than wait till the ‘due date’. As it is, once money comes into the account, a lot of it is earmarked for bills and payments that need to be made, so rather than holding off on them, you should pay them immediately. This will also give you a clear indication of how much money you have.

Finally, creating a to-do list on the day of your payday is an effective method of viewing or planning your expenses. This will give a clear indication of small and large expenses that need to be paid before your next payday. They will also help identify unnecessary expenses or when extra money is being spent when it shouldn’t be. 

These are simple techniques that anyone can apply to get ahead of over-spending on payday. 

radford tax associationsradford tax associationsradford tax associations