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Your business admin checklist
Admin, admin, admin. As a business owner, your admin list is likely to be never ending, but there’s no need to let it spin out of control. Taking care of multiple parts of the business can be really time consuming, so spending time figuring out what comes next is important.
That’s why we’ve done some of the hard work for you! Put your favourite playlist on in the background and work your way down this simple list of the sometimes tedious, but usually vital, admin tasks in your domain. We’ve jotted down all of the weekly, monthly and yearly tasks that should be on your business admin checklist…
Keep an eye on the business bank account
Did you know that almost one in seven small businesses have been unable to pay employees, and over a third with cash flow issues have been unable to pay debts?
Keeping on top of your business finances is vital, and making sure you monitor your bank account weekly is really important. In fact, the more often, the better! This allows you to pick up on any unusual, potentially fraudulent behaviour, and to regulate spending, helping to manage cash flow.
Schedule social media posts
It’s been estimated that up to 50 million people living in the UK are social media users. That’s over half of the population. So, if your business doesn’t have a social media presence, you might want to think about setting one up. Social media can be a great way to reach your customers, and if you have the right content to share with them it can go a long way. So, why not set a little time aside each week to manage your social media platforms? It could really help your business boom in this digital era.
Taking stock and managing inventory is often considered one of the more time-consuming business tasks on our admin lists, so it’s easy to let it slip. But it really should be a top priority, whether you own a retail store or a manufacturing business. Keeping up a consistent routine when it comes to inventory is the best way to save time, and implementing an efficient and regular management system can really help you stay on top of things.
Review your business plan
Reviewing your business plan and making sure that you’re on track, and then readjusting your goals if necessary, is the best way to ensure progress. If you have an effective business plan, it’ll help you to prioritise what’s more important and beneficial for the business and have a more realistic projection for the future. Plus, one study has found that entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don’t!
It’s everyone’s favourite time of the month… payday! Keeping on top of payroll will help you keep your employees happy, whilst making sure that you pay on time shows them how valued their work really is. But if you’re not really sure where to start, accounting packages like Quickbooks can really help you work out the necessary tax deductions and cut the amount of time you spend on payroll each month, allowing you to focus on other areas of the business.
Ensure you are legally covered to play music with TheMusicLicence
Playing music in the office can boost productivity around the workplace, and it can also have a hugely positive impact on your consumers. So, making sure that you renew your licence to play music for employees and customers is vital. All you have to do to ensure you are legally covered to play music within your business is get in touch with PPL PRS and we’ll take care of everything for you.
Renew your insurance policies
From employer’s liability and public liability, right through to buildings and possessions insurance, there are a lot of things to consider every year. In fact, it’s thought that around 40% of businesses are underinsured. Making sure that your business and its assets are fully insured is vital, and so is reviewing any changes that might need to be made every year.
End of year accounts
If you keep up with your accounts each month, then getting your end-of-year accounts in order shouldn’t be too much of a struggle. Just make sure to consider everything from fuel to equipment, and don’t be afraid to ask for help from a specialist if putting the accounts together really isn’t your thing.
Annual performance review
What have you achieved in the last year? What went really well? And what could you improve on next year? At the end of each year, take some time to reflect on the past 12 months and assess your progress against your business plan. That way, you’ll be better able to plan the months and years ahead, giving your business the best chance at succeeding.
Having all this and more to do every week, month, or year, can seem like a lot to take on. But the most important thing is to remember your end goals and persevere with your to-do list.
Making sure you get everything done as you go along means that there won’t be so much catching up to do at the end of the year and you’ll feel a lot less stressed along the way.
For more information on how you can de-stress at work, check out our blog on how music affects mood and reduces stress.
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