small business accounting advice

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With so much else going on at present you may have forgotten (understandably) that the clocks go forward this weekend. This is good news as it will give us more daylight in the evenings.  We will seem to have more time as the extra evening hours of light makes the day seem significantly longer.  It may be that you are having to  self-isolate (at the time of writing) but you can still take advantage of there being more light. If you have a garden, of course you can spend time in that.

Of course the coronavirus is likely to impact on your business in some way, as well as have an impact on your personal life.  But it isn’t all doom and gloom – you can do something about it! You could make some use of this enforced downtime.

small business accounting advice

Hi, I’m Anna Goodwin – Author of five books, Director, Mentor, and Trainer for Anna Goodwin Accountancy.

Basically, I take the stress out of finances – both business and personal. From running my own business and helping others to run theirs, I know it’s important to use time wisely but also fit in breaks.

If you consider the situation we have at the moment, there is complete uncertainty and it is easy to go down the fearful route but it’s best not to.  If you possibly can, then stay in the now and just take one day at a time.

There will probably be additional time when you are at home; you may have to self-isolate because of where you have been and with whom or because of underlying health issues or age.

I’ve seen a groundswell of people who are considering using this period to plan or to learn new skills. Could you use this time to reflect on your life and business?  This self-reflection could result in ideas flowing.

Possible ways to utilise your time at home: 

  • Plan ahead
  • Catch up with tasks – I hate to say it – what about the bookkeeping you have been putting off?
  • Do you have filing that needs doing?
  • What about tackling that pile that you keep walking past and saving for a rainy day that never comes?
  • Consider ways in which you can bring your business online.

But also make sure you allow time to connect with others – just as you would in a normal working day, but you will probably have to do so by phone or videocalling.

Can you plan your day as if you were at  work so that you feel that you have control? Another way to take control is to plan for your future.

Think of things to look forward to once the coronavirus has gone:

  • Think of where you would like to go next on holiday – this doesn’t have to be this year.
  • If you have to go away in England because of travel restricitions, where would you like to go?
  • Are there projects that you have been putting off planning which you could start thinking about now? Maybe a new conservatory or landscaping your garden?

By having something to look forward to it will be easier to get through this crisis on a day to day basis.  Also this will give you more energy and would lessen any fear.

In my latest book, Your Business Your Numbers, the first chapter is all about Knowing yourself – who are you as a person?  I believe this is always important but even more now. For some, having to self-isolate and be away from people is not going to be easy. It’s good that we can Skype/Zoom/Facetime people so that we are still meeting up, even though not physically!

So, give some thought now to your own work and life – how is it best for you to get through this next period?  How can you juggle everything so you are still running a successful business but you are also feeling ok in yourself? You may have the added challenge of having children at home whilst trying to get work done. How will you manage? There are lots of online resources to help parents who are struggling with working out how to keep children occupied.

Take care of yourselves. This is a difficult time for all of us but we will get through this and find the spring in our step once more. 

Next week, I will concentrate on improving the efficiency of your business.

Do you want to stay in control of your finances? Why not join my online group? I also offer 121 Mentoring and Accountancy services. If you would like more information, get in touch.