If you’ve been trying to convince your business partner you need a whole new set of tools, this blog may just be your new best friend…
There is a lot of money to be saved (or wasted) when talking about out-of-date tools. This extends far beyond just the tools you use on-site. After all, there are many aspects to consider in running a business. What about the tools that manage your administration and finances?
We’ve looked at all the ways your tools and resources may be letting you down and why an upgrade may be just what the doctor (or in this case, accountant) ordered.
Hours spent swearing because your ‘bleeping tools don’t bleeping work anymore’ are hours you could have been earning money.
When tools and equipment truly are on their last legs, it can be more of a money waster than a money saver to hold off upgrading. If your purchase will save you time and therefore money, you should view the bill as an investment, rather than an expense.
Even how your tools are organised could be costing you. If you’ve got loose electrical cords or random elbow joints through your van or ute, it’s time to upgrade your organisational skills (need help in this? Keep an eye out for next week’s blog…).
If your vehicle isn’t organised, research says you’ll spend up to half an hour a day searching for the tool you need. Doesn’t sound like much? For a tradie earning $60/hr, that equates to $7,200 a year in lost time. Suddenly, that’s a big expense!
While we don’t advocate for needing a top-of-the-range Hilux to get the job done, you could be wasting time in your day if your vehicle is unreliable.
Needing roadside assistance can cost you hours and car repairs on an older vehicle can begin to cost more than the car is worth.
We talk a lot about how much time you can waste stuck in your financial books when you should be out on the tools. The reason we cover this topic a lot is that we see many business owners reclaim hours every week when they outsource their bookkeeping and accounting.
If you’re determined to take care of your own administration, think about the programs you use and the systems you have in place. A 2002 version of Quickbooks may not be the most time-efficient solution anymore…
We’ve discussed previously how modern accounting technology and receipt management apps can save you hours and bring you into the modern world of finance management.
Remember, as your business grows and expands, so too does the extent of your administration and financial tasks. Your responsibilities as an employer change when you go from 2 staff to 20, and financial reporting requirements change dependant on your annual revenue. Keep up rather than catch up – a financial professional will take care of all of that for you while protecting your business growth (and your sanity).
There are many cool toys on the horizon for the trades industry which are going to shape how we do business in this new decade. Get ahead of your competitors by being on top of your tech! Check out just some of the innovative things on the way.
The biggest tool of all – you!
Calm down, we didn’t mean it like that.
We’re talking about that great thing between your ears – your very own brain.
Expand your knowledge – learn a new skill, gain a new qualification or broaden your understanding of business management. Up skilling yourself and your staff is always a good investment move.
The Tradies Accountant team provide services in bookkeeping, accounting, taxation and business building . They are a great tool in staying on top of your business administration, and the best part? They update automatically.