Month: February 2016

How To Keep On Top Of Your Admin

MOMENTUM Business Support Administration
A scrunched up piece of blue paper on a notebook with a drawn light bulb on it

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We haven’t come across many small business owners that enjoy doing the day to day admin required to keep their business running, in-fact most of the owners we speak to frequently feel overwhelmed with the amount that needs to be kept on top of. We understand how difficult it can be to take care of everything yourself, so we thought we’d share some top tips on how you can effectively keep on top of your business administration.

Lists
Starting your day with a list of what you want to achieve will make you much more productive, and ensure you don’t spend half of your day thinking “Right, what’s next?”. A ‘list’ can take many forms, whichever works best for you. You could schedule times for specific tasks into your calendar, type up lists on a calendar ‘to do’ program or any other digital platform, or you might just stick to good old fashioned pen and paper. Whichever you choose, the important thing is to remember to have it ready before you start work – or even better, create tomorrow’s to do list today, allowing you to get straight on with your day.

“People now feel time accelerating. Lists allow them to feel some sense of accomplishment.” – David Viscott

Prioritise
You can’t just pick the best bits of your list, or the easy tasks or the ‘quick wins’. You need to think strategically about which tasks you should prioritise for the benefit of your business. Know what your goals (and ultimately your strategy) are and ensure that you progress through your daily admin duties with this in mind. Making sure the margins are perfectly symmetrical on your Invoice is considerably less important than actually sending the Invoice out!

“You need to prioritise. If you can’t get to everything or do everything, that’s okay.” – Julie Chen

Make The Time
Whether you choose to use your calendar for creating your list of tasks or not, the important thing to do is ensure that you make time every day/week/month to get your admin done. We all use a diary or calendar of some sort to organise ourselves on a daily basis, but it doesn’t just have to be for meetings. Block out realistic slots of time to get your admin done – and make sure you stick to them.

“If you spend too much time thinking about a thing, you’ll never get it done.” – Bruce Lee

Stop Offering
Do you always make the notes in meetings, do the research for shared industry reports or gather attendee information at networking events and much more…? Just because you’ve taken the time to do those things it doesn’t mean you should also be the one to add the admin task of pulling it all together to your list. Learn to say no, or share the load by asking others to help (if it’s a regular task, you could also suggest taking turns for who does it each time). Remember, you are just as busy running your business and dealing with daily administration as everybody else.

“We have to establish time boundaries and learn how to say no.” – Alexandra Stoddard

Delegate
So obvious but still something that just isn’t done by many business owners. “They’ll take too long.”, “They won’t do it right.”, “It’s easier if I do it myself.”, are all very common reasons we hear from business owners about why they choose not to delegate. The truth is, they are often so busy doing it all themselves that the tasks take days (even weeks) to be completed, or are completed on time at the expense of their personal life. It might take a little extra effort initially to delegate a new task, explaining exactly how you’d like it completed etc., but once it’s done, it can be delegated permanently.

“I find that many entrepreneurs are trying to do everything when it would be cheaper and more time-efficient to delegate, even if there are monetary costs associated with that.” – James Altucher

Eat That Frog!
If you leave the admin task you dread the most to the bottom of your list there’s a danger that it’ll never get done, or at best will be completed at the last minute when you no longer have a choice. Often, the idea of the task is much worse than actually doing it, and once it’s done, it’s done! Delaying the inevitable will only make you feel stressed and frustrated. Make the time and commit to getting it done, you’ll feel so much better when it is.

“If it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.” – Mark Twain

Looking for new and better ways to efficiently take care of your day to day admin is definitely a large part of what we do at MOMENTUM. If you’d like us to support you with your admin or just want to chat through what you currently do, we’re always happy to help. Call us on 01903 688789 or send us an email to makeithappen@mbsmih.com.

5 Easy Ways To Improve Your Cashflow

MOMENTUM Business Support Finance
a five Euro bank bote

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Cashflow is without a doubt the number one issue faced by small business owners. Almost every survey, poll or graph highlights this, and even if they didn’t, we all know ourselves that this is most definitely the case!

We work with a number of small businesses in a wide variety of industries and sectors, and thought we’d share with you some of the best processes we’ve learnt and implemented.

1.    Reduce Payment Terms
Whilst the perceived ‘norm’ for payment terms is 30 days, there is no actual rule or regulation that truly says this must be the case. If you’re a B2B provider that issues invoices on a monthly basis you can decide when they are due. This may vary from client to client as agreed or you may decide on a generic approach, the point is, if you want your invoices paid within 14 days instead of 30, then this is your decision. The benefits here are that payments are received regularly throughout the month, and if you have late payers, their perception of how late the invoice is increases. Whilst you still might not receive the payment on time (within the 14 days), you’re much more likely to receive it within 30 days!

2.    Invoices Due At Different Times Of The Month
Though creating invoices at a set time within the month may be useful for your time management, it’s not ideal for cashflow. Creating invoices weekly with varied payment terms as you see fit or as agreed with your customer will help to ensure that you have fresh payments cycling through the business every week. It will also help with Credit Control and keeping on top of late payers. The benefits here are that payments will flow more regularly throughout the month. If you have 30 day payment terms, and space out your invoices to be sent (let’s say) each Friday, after the first month you will start to receive fresh income each week.

3.    Speak To Account Payers Regularly
The best way to ensure your invoices are paid regularly and on time is to ensure you have a good working relationship with your clients. Speaking with them on a regular basis about what’s happening in their business and understanding if there may be reasons to stop them paying your invoice on time will help to mitigate this actually happening. By simply following up once you have sent invoices out to ensure they have been received, and there are no queries, proactively reduces the likelihood of last minute ‘no pay’ reasons. It also helps build an open relationship and shows your clients that you’re happy to work with them and be flexible where needed, and encourages them to be the same with you.

4.    Get Someone Else To Cover The Credit Control
Another great way to help ensure your payments run smoothly throughout the month is to enlist the services of an independent person to conduct your Credit Control. This ensures you keep your working relationship with your client, they can vent any frustrations to you about your Credit Control person, but ultimately don’t ‘blame’ you, as the Credit Controller is merely doing their job. It’s the age old ‘good cop’ ‘bad cop’ routine, but really works when it comes to maintaining relationships and getting paid!

5.    Invoice On Time!
An obvious but easily and frequently overlooked factor in cashflow. Whilst it can be hard to keep on top of all of your paperwork and do the work too, invoicing should never be sacrificed. Book a regular spot in your calendar each week/month and above all else, once you’ve done the work, get the invoice out there!

We have lots of experience when it comes to cashflow improvement and credit control, so please don’t hesitate to get in touch if you’d like to chat through your current processes and how they could be enhanced – T: 01903 688789 E: makeithappen@mbsmih.com

How To Create An Engaging And Valuable Social Media Schedule

MOMENTUM Business Support Digital Marketing
A person holding a teacup while reading at a table

It’s Vital To Have A Strategy When It Comes To Posting Content

A Social Media Schedule is quite simply a plan that outlines the key content of your future posts across all of your Social Media platforms. It’s vital to have a strategy when it comes to posting content to ensure you stay consistent and make all the hard-work and effort of keeping up a regular presence pay off! A schedule also really helps to ensure your content is in line with your business’ goals and gives you the opportunity to think about the messages you’re sharing and link them into new product/service launches, events throughout the year, key achievements, milestones you want to share and much more.

When it comes to Social Media, the main goals are usually to increase followers, boost engagement, generate leads and to establish yourself and your business as a leader in your field. Creating a schedule really gives you the opportunity to do this. It takes you from being reactive to proactive – the key to any successful business strategy.

Identify The Reason You’re Using Social Media

So, first things first, you need to identify the reason you’re using Social Media in the first place and link your posts directly to your objectives. For example, if you’re using Social Media as a brand awareness tool, then make sure your posts truly reflect your desired business image. If it’s for customer service or research, then ensure your posts are interactive, open and welcoming. If it’s to increase custom and generate leads, then be sure your messages focus on what’s important to your customers and give them plenty of evidence to show why you’re the best choice for them.

Mix It Up And Keep Your Updates Interesting

Broadly speaking, the more active you are on Social Media the better, however there are exceptions to the rule. Constantly shouting about yourself, without quality ‘evidence’ – such as blogs, tips or useful advice – will turn people off. Remember what you’re trying to achieve and cleverly link your posts into your goals. There are a number of different post types to take advantage of: photos; videos; gifs; links; text; offers; quotes and of course, don’t forget your all-important #hashtags. Mix it up and keep your updates interesting. It’s also essential to know when your audience is online. Everyone is busy – your customers being no exception. Make it easy for them to see what you’re sharing by understanding the best times of day to reach them. Weekday lunchtimes might be a great time, but Friday evenings certainly won’t be!

It’s Also Important To Remember That These Are ‘Social’ Sites

To schedule our content we use Hootsuite, but there are lots of other great tools out there – (this might help http://www.socialmediaexaminer.com/13-tools-to-simplify-your-social-media-marketing/). The best thing to do is take a look and see which one works best for you. Alternatively, if you’d rather not use an external software, a simple spreadsheet or even word document works just as well – the only downside is you can’t physically schedule the posts for future times/dates.

Whilst the main benefits of creating a Social Media Schedule are saving you time, planning ahead and maintaining your sanity! It’s also important to remember that these are ‘social’ sites. For your overall approach to work, you will still need to access your social platforms regularly to respond, like and interact with followers. The schedule is about focusing your time and targeting your messages, it’s not about taking yourself ‘out of the room’ and holding a one sided conversation.

Remember – every new channel is an opportunity to access new customers and stay in touch with existing ones. It’s vital to share well thought out valuable content, allowing your customers and prospects to validate you and give your brand credibility by being visible.

Would you follow your business?

If you have some ideas and want to chat them through, we’re always happy to help, give us a call 01903 688789 or send an email makeithappen@mbsmih.com.

You Need A PA – Here’s Why

MOMENTUM Business Support PA
A calendar notebook layed out on a table

A Personal Assistant, or Virtual Assistant (the same thing – just not taking up extra space in your office!) is an invaluable resource for exponentially increasing your productivity.

A bold statement I know, but let me explain.

Let’s take last Monday as an example.

Prelude: The previous week was a fantastic week for business, everyone was back into the swing of things, there were a ton of enquiries and existing customers were focusing on the big plans for 2016. Friday came round crazy fast and before you could say 6 o’clock it was time to head off to get ready to travel to Wales for the weekend – family wedding! The packing was done (well… mostly!), but the Hotel wasn’t confirmed and nor was the suit hire. The car needed refueling and there were no plans for dinner. An absolute stressful nightmare – but it all got resolved with some last minute organising and a slight delay in arriving at the Church on Saturday! The rest of the weekend was brilliant, catching up with family and lots of celebrating. Back home late Sunday night, (check a few emails) and thoughts turn to everything that needs to be done on Monday…

So, last Monday. First things first – create a ‘to do’ list.

# Vet appointment for Archie
# Meet Dave re Website enhancements (+lunch) 10 – 1pm
# Get time booked in with Rachel this week – Thurs?
# Send Quotes – Forum Ltd / Harry D / Exom / Mark / Sarah H
# Chase flyer prints
# Organise team meeting for tomorrow – minutes from previous / actions!! / lunch??
# Dinner out this evening!!!
# Send Invs – Sam / Grover PH
# Emails!!
# Airport parking

By the time the ‘to do’ list was created, there’d been a couple of urgent emails and two phone calls. It’s already 9.15am and time to start thinking about travelling to the meeting with Dave. No real prep done for the meeting – there hasn’t been time! And need to call Dave to see where the meeting is.

10 – 1pm     Meeting and lunch finished with lots of actions to take away regarding content gathering for Website enhancements. Now it’s time to get back to the office and take action on the rest of the ‘to do’ tasks.

1.30pm         First things first, review emails and respond to urgent ones.

2.00pm        Create and send quotes – can’t send Mark’s or Forum’s as need additional information, emails sent to request info.

2.50pm        Call several venues looking for a suitable meeting room for tomorrow, lunch booked (a little more expensive than preferred). Actions from the previous meeting reviewed, several actions require others’ input – have not heard from them so it’s likely they have not been done either. Will select the most urgent and discuss / defer the rest for the following meeting.

(Several calls received in between)

4.30pm        Booked restaurant for this evening, only early tables available as such short notice! Action several urgent emails. Finally make Vet appointment for Archie – this Thursday.

5.10pm        Type up minutes and actions from previous team meeting, ready for tomorrow.

6.00pm        Get ready and head out to dinner.

9.45pm        Finish and send minutes and actions for team meeting tomorrow. Review and reply to a handful of non-urgent emails.

So, by the end of the day the ‘to do’ list looks a little like this ..

# Get time booked in with Rachel this week – Thurs?
# Send Quotes – Forum Ltd / Harry D / Exom / Mark / Sarah H
# Chase flyer prints
# Send Invs – Sam / Grover PH
# Emails!!
# Airport parking

.. with plenty more to add into the mix from today’s activities.

Does this sound familiar? Even a little bit? Long days no-where near as productive as you had hoped. It’s not a bad thing though, busy means business is going well right?

Unfortunately, no – we can all be extremely busy being ‘busy’. There’s a perpetual cycle here, with each day feeding the next with more disorganisation and personal disappointment at the tasks that have not been done. Having a Personal Assistant to delegate your key (but not necessarily highly skilled or bottom line increasing) tasks is a fundamental requirement for any business owner looking to grow their company.

If we go right back to the weekend away, even before the Monday ‘to do’ list was created, there’s a significant number of small daily tasks a PA can support you with, ensuring your personal as well as business plans run smoothly:
# Confirm the Hotel
# Confirm the suit hire
# Book a table for dinner
# Organise meeting venue with Dave
# Action and research majority of content gathering / requirements for website enhancements
# Respond to email enquiries and obtain additional information as required
# Organise venue, lunch and participants for team meeting
# Type up meeting minutes and actions straight after meetings – ensuring they are sent with plenty of time to for everyone to complete the actions
# Book restaurant for evening meal
# Book Vet appointment
# Reply to non-urgent emails and simple enquiries on your behalf

Not to mention the additional tasks on your ‘to do’ list that would have also been completed:

# Get time booked in with Rachel this week – Thurs?
# Chase flyer prints
# Send Invs – Sam / Grover PH
# Airport parking

When it comes to your business, nothing is more valuable than your time. A Personal (Virtual) Assistant will help ensure you stay focussed and on track by taking care of the day to day tasks that take you away from running your business.

If this is you and you’d like to find out more about how a Virtual PA can help you, then please get in touch – we’d love to hear from you. Our Virtual Assistant services are extremely flexible. You can have daily support or make ad-hoc requests as and when the need arises.