Month: August 2022

Improve Your File Management Efficiency

MOMENTUM Business Support Administration, Business Support
A person typing on a laptop with a document icon next to them

As a business, file management can be a tedious and sometimes overwhelming task. Between your computer, the cloud, and mobile devices, remembering where all of your documents are stored can be quite the challenge. But fear not – there is always something to be done! To make finding everything that little bit easier, here are our top tips to help you improve your file management efficiency.

Avoid saving unnecessary documents

Saving unnecessary documents will clutter your folders and take up precious storage on your device. Too many files will make it more time-consuming to navigate and find what you’re looking for, so avoid saving documents unless necessary. Take a look through your existing documents and only keep the ones that are relevant to your current work. Declutter regularly!

Name your files and folders consistently

Naming files and folders in a consistent way makes your documents much easier to find. Using abbreviations like “CLI” for clients makes it easy to identify sought after files and folders relating to your customers. Including the date of creation in the file name can also be useful for sorting, while ‘colour coding’ softwares are an effective, tried and tested way to differentiate your content through the help of a third party.

Store related documents together

Store all documents relating to a single project or theme in the same folder. Avoid grouping unrelated documents together just because they have the same file type. For example;  putting all presentations in the same place, all spreadsheets in the same place etc. You can always use the ‘sort’ function in a folder and sort by file type instead if you’re looking for something specific.

Separate ongoing work and completed work

If you store your ongoing and completed work in the same place, things can get really confusing and it can make finding the right files a nightmare. Avoid getting mixed up by moving all your completed work into a different folder every couple of weeks. This will go a long way in improving your general organisation as well as providing a clearer picture of your current tasks and duties.

Don’t overfill folders

Try splitting a busy folder into smaller groups (subfolders). You could try dividing the folder by different categories, for example; clients. Then within those folders by different projects or contracts. This will allow you to navigate through your documents quicker and ensure that you always know where everything is. If you can’t divide the files any further and are having trouble finding what you need – try sorting by date modified, file type, or name.

Make digital copies of paper documents

Making digital copies of business documents is highly recommended. It can be helpful if physical documents are taking up too much space, if you like to have everything in one place, or if you’re on the go and frequently need to take your ‘office’ with you. You can do this by scanning documents and organising them accordingly in relevant folders. Carefully consider if it is appropriate to make copies of sensitive documents and always adhere to the latest GDPR standards.

We know that file management can be a struggle, and so we hope you’ve found our tips insightful! Should you ever find yourself needing help with your admin or any additional business support, please don’t hesitate to reach out to our team – we’re always more than happy to help! Get in touch:

T: 01903 688789 E: makeithappen@mbsmih.com

Bookkeeping Tips for SMEs

MOMENTUM Business Support Administration, Business Support, Finance
Business individual carrying out administrative duties on a white table with a laptop, diary and tablet

No matter how much you try to avoid it, bookkeeping will always be an integral part of your business’s daily operations. Helping to improve your budgeting, target visualisation, and compliance with Government regulations, bookkeeping is the backbone of any well organised business. Failing to designate the necessary time and focus it needs, can quickly result in stunted business growth and progress delay. And while we can’t make it disappear, we can offer a helping hand and some of our favourite tips to help you boost your SME’s bookkeeping efficiency.

Separate business and personal finances

One of the most common mistakes among business owners is the mixing up of business expenses and personal income and spending. While it may seem a small overlook at the time, it is a sure way of overcomplicating your future bookkeeping duties and can actually lead to some larger issues down the line. Get a business bank account and a separate credit card before you begin any business operations. This will help to keep your finances organised and helps your business build its own credit rating.

Learn to automate

Automation can go a long way in helping you to carry out your accounts and bookkeeping operations – it’s a great time saving solution! Streamline your duties with smart accounts and payroll softwares and take time to pick the right one for you. Bookkeeping tasks you can automate include: payroll, categorizing transactions, expense management, bank reconciliation, cashflow forecasting and reporting.

Keep track of business expenses

Predicting and budgeting future business expenses is a tough job, which is why it’s imperative to track any current outgoings and keep organised records. It helps to create a clearer forecast and thus allows more room for any unexpected spendings. These records should include things such as: inventory, supplies, insurance, utilities etc. Not only will this give you a better idea of what to expect it will also make it easier to claim any business expenses when it comes to doing your taxes. Remember to always keep receipts!

Review regularly

Undoubtedly one of the most important things when it comes to measuring your business progress and making sure you’re staying on track are regular reviews. Looking back at past records and reviewing financial affairs gives a more in-depth perspective into any trends, and therefore allows you to better strategize your future plans. It also helps to establish stronger targets, boosts proactiveness, and improve responsiveness to any presented challenges.

Utilise time tracking software

Time tracking software can be a great addition to daily business operations, allowing your team to clock in and out of work using their electronic devices. It also promotes better time management and allows you and your employees to see how your time is distributed throughout the day. This will help you to gain a better understanding of your workloads as well as automatically tracking and monitoring wages and any additional overtime. Do your research and pick a tracking solution that works well with your other business software.

Stay on top of tax deadlines

Don’t back yourself into a corner when it comes to your tax deadlines. Anticipate and avoid running short by leaving finances aside for all established tax bills. Be sure to be timely and on schedule with your payments to avoid any fines and note all important deadlines in your calendar. To improve your efficiency set reminders on your chosen device, alerting you of the approaching deadlines ahead of time. When you can, try and leave room for any unforeseen mistakes and don’t leave your taxes until the last moment.

We know bookkeeping duties aren’t smooth sailing for everyone – which is why at MOMENTUM we offer various outsourcing services to help you and your business thrive. We hope you’ve found this blog insightful and encourage you to reach out should you ever find yourself needing any business support. If you’d like to find out more or have any additional queries, get in touch:

E: makeithappen@mbsmih.com   T: 01903 688789

Make Your Team Meetings More Productive

MOMENTUM Business Support Business Support
Desktop computer on a wooden desk with an active business video call on the screen

Whether you’re an SME or an industry giant, team meetings are an essential part of every business. Invaluable to any workforce, they help to strengthen strategies, as well as the relationship with your team. However, there’s no need to hold them excessively! More thought through and productive meetings produce more benefits while helping to decrease the total meetings volume, ultimately making them less strenuous to attend by your team and even…enjoyable!

So, to help you plan your future team meetings, we’ve compiled a list of our favourite tips to elevate their productivity.

Give adequate notice

No one likes to feel unprepared or make last minute changes to their daily schedule, especially during busier times. Make sure to always give generous notice when scheduling a meeting, allowing your team adequate time to plan and prepare. This goes both ways! If for some reason you know you won’t be able to attend, try your best to let everyone know in advance.

Invite the right people

Keep it small. We’ve all experienced a zoom call with unnecessary numbers of participants, it rarely goes smoothly. Larger groups can make it difficult for everyone to feel involved and when online, are often accompanied by various technical issues. Unless you’re giving a quick group announcement or plan to be the only speaker during the session, try to stick to between 5 and 8 attendees. This applies to in person meetings as well!

Make sure it’s necessary

Before scheduling another meeting, ask yourself “can it be covered in an email?” Of course, this can’t be applied to every scenario, but the likelihood is that there’s a more efficient way of getting the message across. Eliminating time consuming meetings as well as their organising process, your team will be quicker to take action and produce results, as well as appreciating the additional time to do so.

Take notes and log changes

Get into the habit of making notes and writing down any important information, alternatively encourage your team members to do this. Afterall, the chances of remembering every detail are small! Not only is it useful to look back on and review – it also means that you can easily update any missing team members. Transcribing meetings into the written format is a great way of building up strategies and finalising targets, while creating a visual aid for your team.

Keep it short or take breaks

According to various studies, most adult individuals have a maximum attention span of around 20 minutes, after which focus begins to lapse. When compared to the average time of a meeting (50.6 minutes), the figures suggest a decrease in productivity for over half the meeting’s duration. The best option is to keep meetings short, and to the point, keeping them under 30 minutes where possible. In the event of a necessary longer meeting, regular breaks can help to refresh focus, producing better outcomes while maximising time efficiency.

Set a clear meeting goal and agenda

Almost every successful meeting has a pre-established goal and a general agenda. After all, it’s the best way of staying on track and defining clear targets. Doing so ensures that the entire team stays on the same page and thus has a better understanding of what needs to be done. This ultimately creates a better environment for the entire team, allowing for a stronger synergy and higher productivity.

Respect people’s time and individual needs

We’ve all experienced busier periods at work – times when every minute felt invaluable, and any last-minute changes turned the whole week upside down. While meetings are undoubtedly an important aspect of work life, understanding the individual needs of your workforce and acting accordingly should always be the primary focus. Respect the time of your team and allow room for adjustments – not only will this strengthen the bond with your peers, but it will also create an honest and positive environment for your business to grow. Skipping the occasional meeting during busy periods, or rescheduling for more convenient times, will help to promote higher quality results as well as reinforcing a better work ethic.

If you’d like to find out more about improving the productivity of your team meetings, or require any additional business support, get in touch! E: makeithappen@mbsmih.com   T: 01903 688789