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Small businesses always have new things that become challenges for them, and must be tackled to survive. It's not uncommon for small businesses to experience accounting challenges, and some small business owners fear that their businesses will have to bear the same burden as accounting challenges in corporations. While accounting challenges might be frightening for many startups, we will discuss what are the possible accounting problems faced by entrepreneurs in the early days of opening their business. Hope this article will help you to tackle the accounting problems and give you an idea of what you might be facing. How does accounting impact small businesses? Accounting is an extremely beneficial thing for business, it helps owners, investors, managers, and stakeholders to keep track of the financial performance and track assets, liabilities, cash flow, and income. When business owners understand how their financial condition is, it enables them to make the next accounting decisions. Businesses that do not track their financial condition will result in unnecessary expenses, greater expenses than income, or even bankruptcy. To avoid these things, we need to know some of the accounting challenges that are often faced by small businesses. 10 accounting challenges entrepreneurs must deal with Managing cash flow It's a big challenge for small businesses in managing cash flow. The percentage of businesses that fail because cash flow is higher than other problems. Small businesses find it challenging to keep the cash flow steady, because they find it challenging to cover recurring costs and try to stay on business. An easy way to stay on top of cash flow, is to analyze bills carefully. Pay attention to the monthly expenses, and try to cut costs where you think they can be reduced. If there is inventory that is rarely used, you can sell it to generate cash. Unexpected expenses Some examples of unexpected expenses are employee health insurance costs when they fall or slip while working, one-time government taxes, essential office inventory that is suddenly damaged, etc. If a small business earns more than usual and might be in good shape, set aside some for emergencies or unexpected expenses. Don't forget to always record how much you save, and how much you spend on an expense. If you have a lot of records about unexpected expenses, you can estimate how much it costs to be prepared each month for unexpected things. Using accounting software Although small businesses need good records for bookkeeping, using accounting software is sometimes unnecessary. In order to run accounting software, you need to have a basic understanding of accounting, and you will need to do a lot of installation. You need to learn about financial health to utilize accounting software properly. If you are satisfied with manual recording and can be checked periodically, then using accounting software can be postponed until you need it. Some software requires an annual rental fee or purchase of a license, and is a significant problem for small businesses. Reporting finances Every business in Hong Kong must prepare financial statements by submitting their profit tax return and the adjacent reports. The annual filing needs to be studied, or company owners are advised to seek professional services to ensure that the company complies with the regulations. Professionals will help you with various legal services, including tax compliance for individuals and companies. Errors and miscalculations If the recording is only done once and does not use accounting software, there is a possibility of miscalculations or transactions that are forgotten to be recorded. This is common in small businesses where they often postpone income or expenses because they feel that the amount is small. No matter how small your income and expenses are, you must record it as soon as you can prevent unrecorded financial data. How to Reduce Common Accounting Errors in Small Business Lots of errors and miscalculations will create an unmatched balance sheet, and can be a big disaster. Never let anything go unchecked, and record every single detail of a transaction as soon as it happens. Regulating payroll Managing payroll is important in small businesses, because each employee must be classified properly. Each employee has a different salary amount, and it affects taxes. Ensuring employees are paid according to the agreement, and properly tracking when employees have holidays. Now there are many accounting software that can make it easier for payroll, but you must have good and thorough records. Analyzing finances Reconciling or analyzing your finances may be annoying, but it's a must. You have to check if there is an error that leads to incorrect data. If you do not use accounting software, you must verify all of your transactions on a monthly basis. Don't forget to run through the accounting books every end of the day to ensure no transactions are forgotten. Financial decisions can exist because you are analyzing and advising. Securing data Secure your financial data whether it's online or offline. If your financial data is put online, there are many possibilities for your data getting targeted by hackers. You can use cybersecurity for online data. If the data is online, you can only entrust financial data to a few important people. Not all employees are allowed to know, because this is a company secret. Besides you writing in a journal, you can put financial data in excel or accounting software. Bank accounts A common mistake small businesses make is combining bank accounts. The owners cannot distinguish between office income and their personal income. It's impossible to track all of the finances. Personal and business expenses may not be combined into one bank account. If it continues, then it's a major accounting problem that can lead to bankruptcy or fraud. Business financial health Bookkeeping perfectly, maintaining and operating the business's accounting is not enough. You need to analyze, assign a specific budget that derives to the next steps, and do careful analysis. You can ask an accountant or conduct an audit with a professional to determine the next financial step. The business's financial health can be seen from how you process and also continue to develop the business. How do you fix accounting problems? Fixing accounting problems can be done in several ways. First, you can hire someone qualified for detailed bookkeeping of all financial company data. Next, you can use accounting software if there are a lot of transactions, income and expenses. Don't forget to do an audit and hire a professional accountant for your next step. If you're looking for a reliable auditor and accountant for small and medium-sized businesses, look no further than smebrother.com. We offer a wide range of guides and services to help entrepreneurs grow their businesses and overcome challenges. Whether you're just starting out or looking to take your business to the next level, our team of experts is here to support you every step of the way. Check out smebrother.com today and see how we can help your business thrive.

Starting a business has many challenges as well as achievements for entrepreneurs, but maintaining the business is the bigger challenge. Every business will face common, small or large challenges. If entrepreneurs are unable to persist in solving business challenges, they will fail faster, and not a few small businesses fail in their first year. Learning strategies about surviving the many common business problems is a must for progressing your business from small business to the next level. But how can we strategize if we don't know what to expect? Let's learn what makes small business struggle. What are the challenges of small business? Opening a business from scratch is a challenge in itself for small business owners. But after going through this milestone, other challenges will come, such as lack of funds, cash flow problems, lack of business plan, lack of time, hard to get good employees, having trouble introducing oneself to the market, even losing passion for the business. All of this can happen due to many factors, such as lack of preparation, not having learned about the target market, or running a business without a clear vision and mission. Small businesses can have a great opportunity to develop quickly if they have a good marketing strategy and do experiments before investing. For example, before you sell a product, you need to create and share your product with family, acquaintances, co-workers or neighbors. Look for feedback on your product, until you find their honest opinion about what needs to be improved, and what is the added value of your product. Even though this first step will cost money, it is better if you know what we are selling and how people respond to our products than gambling to sell products directly without experimenting and getting to know people around. But the problems that small businesses can experience are not only that. Let's look at 7 business challenges that must be faced by small business owners. 7 business challenges that small small business struggle with Finding customers Although this problem is not only for small businesses, it is still one of the problems that cause small businesses to struggle. Every marketer working hard everyday to find new customers. If even large companies are still looking for new customers every day in different ways and strategies, then the challenge for small businesses is more significant. Small businesses have to introduce their brand first before they can get customers. There are many other things besides brand recognition that every small business must prepare, so it is difficult to determine which ones should be prioritized. Money management Having enough cash to cover expenses and bills is a must for every business. Small business owners often experience difficulties in financial accounting, and it is not uncommon for them to combine personal income with business or vice versa. Not all business owners can handle business accounting and taxes, most of them need professional help and the costs are not cheap. Knowing The Importance of Accounting Services for Your Business What many small businesses do is bookkeeping manually or by using an accounting application, although there are still many things that must be learned starting from the basics of bookkeeping. Labor quality Every company needs a team that can work together to understand business goals and achieve them. Hiring a qualified staff is the biggest challenge for small businesses, because not all business owners want to pay a premium for their new employees because there are still many costs to think about. While getting low-quality labor, it takes quite a long time for them to adjust to understand what the business owner wants, and it takes a long time to teach knowledge according to their field until they get used to it. Balancing quality and growth Businesses must always be monitored for developments and the quality of the products or services offered to buyers. Never feel satisfied with what is produced, because there is always room to grow. Small business owners often focus on sales figures rather than quality. Sometimes business owners also don't want to listen to good opinions from employees or customers about the shortcomings of the products or services offered. Focusing too much on one's own opinion can be detrimental to brand development. Look for a middle ground between obsession with quality balance, because business owners must be willing to listen to the opinions of others for the betterment of their own business. Business owners can still navigate the process for a middle ground that allows for change and growth without destroying the brand. Managing workflow After hiring qualified employees, the next challenge is managing workflow. You have to balance your team's performance with any tools and processes to gain efficiency. Business owners cannot be on all fronts at one time, but they must remain focused to ensure everyone is working in the right path. Small businesses that cannot manage the employee's workflow will find it difficult to direct their employees towards the intended goal. Business owners who have almost no time to hold meetings or listen to what employees say are also a big problem. Employee's workflow can be maintained with employee satisfaction surveys, periodic meetings, and one-on-one meetings with direct reports. Fatigue Many business owners are stuck working longer hours than employees. Many think that their business will stall in their absence, and set aside time to rest and recharge. Many small business owners want totality in developing their business by sacrificing their rest time even though this is not so urgent. Fatigue can cause mistakes in making decisions such as decisions that are too hasty, or decisions that are not thought through carefully. This can make a fatal mistake in business, because a lack of focus can make business owners overlook small things that can have a big effect one day. Marketing Even large businesses will still have a marketing strategy to win the market and expand their reach. But many small businesses feel secure about their accomplishments and feel they don't have to rush into brand awareness or take the next marketing step. Many think that marketing steps require a lot of money and are not very productive, or don't even try to enlarge the reach of their brand. As a result, the small business will remain small because it cannot go any further, because business owners limit themselves to introducing their products or services. How can small businesses overcome challenges? Small businesses can survive every challenge if they are surrounded by talented people and support each other for the progress of the business together. If it's still difficult for small business owners to find qualified employees according to their needs, then you should still take steps to hire someone professional to keep the business running. The problem of financial arrangements and how to develop a strategy to keep the business running is a must. If you're looking for a reliable source of information and resources for small and medium-sized businesses, look no further than smebrother.com.   Our website offers a wide range of articles, guides, and services to help entrepreneurs grow their businesses and overcome challenges. Whether you're just starting out or looking to take your business to the next level, our team of experts is here to support you every step of the way. Check out smebrother.com today and see how we can help your business thrive.

Every business needs to adapt and continue to grow in order to stay survive and get bigger. One of the biggest challenges every organization faces is how to improve employee productivity. With the development of technology, the hybrid work model and company tech that need to develop to keep up with the times made it hard for business owners to manage employees to be more productive during the pandemic until now. However, even during any situations, an organization must be able to measure the productivity of employees at the company down to the individual level to boost overall workplace efficiency. Let's take a look at how to increase employee productivity. Why productivity is important in business? A company can easily achieve it goals with the help of high productive employees. Even though there are many other factors that can make a company achieve goals, productivity has an important role in business progress. Productivity creates a company culture of excellence, boosts morale and a positive workplace environment. When the company is highly productive and is headed for success, you can motivate employees by advancing their careers, giving bonuses, medical insurance, incentives, etc. Every company needs to monitor productivity as an essential aspect and plan for improvement to enjoy success. What are the key factors affecting productivity? There are many key factors that can affect productivity in the workplace. We summarized some of the most common factors that affect productivity. Work Environment No one can enjoy working in a toxic or negative environment. Ensure you as a business owner or top management to create a positive workplace atmosphere based on the company's values where the employees feel valued, safe and supported. Give access to employees to influence the work environment when they can compete, cooperate, and emphasize with co-workers and superiors. The positive environment helps employees develop healthy work habits and contributes to boost productivity. Establishing Processes With processes, you can provide your employees with positive experiences. Even though the process takes a lot of time and requires trial and error, once you get the pattern, your company can be more organized and efficient and can be practiced to the rest of the team. Each employee has a different process and development. If you focus on them one by one, they feel cared for and always seen. This will have a positive effect on workers who want to be in the spotlight and reward their loyalty by increasing productivity. Employee Wellness The physical and mental health of employees is determined by employee wellness. As an employer, you must provide the best resources and tools for employees whenever they experience problems and show how you care and prevent any serious problems they experience. The wellness program can be carried out in various ways, such as preparing healthy food in the office cafeteria, qualified office equipment, special comfortable rest areas and stress free. Put their welfare first to create a happy and healthy employee. Several key factors have been explained, now its time to get the top ways to improve employee productivity. 8 Ways To Improve Employee Productivity Take feedback When employees can provide feedback to the company, it will create an employee-friendly environment because they can share something they know for the betterment of the company. There's nothing wrong with employees suggesting a new policy, setting up a workplace layout, or making suggestions regarding company progress. When employees feel they are taking part in company decisions, they will further increase productivity and try their best. Don’t do micromanaging There are many misconceptions from leaders regarding micromanaging. They think it can play a major role in increasing productivity, in fact controlling things that make employees feel burdened and decrease their productivity. Employee empowerment can only work when the business trusts employees to give them the freedom to control their daily activities and complete their tasks. Employees can grow well with their flexibility and independence. You still have to monitor how employees are performing and direct them to stay on the same goal tracks. Corporation gift Each company for brand awareness will have several products for marketing such as t-shirts, mugs, Tumblr, or other useful materials with the company logo. Give some corporation gifts to employees as appreciation when they work to the best of their abilities. You will receive many benefits if employees use that gift in public places or in their homes. It will bring more opportunities to introduce your brand to potential new customers, as well as being a useful item for your employee's needs. Accomplishments list The team will be satisfied with their work if you distribute an email with their accomplishments list. When they have an important project or small job that they can complete and the company can give a bonus, it will improve their productivity. It's important to make employees feel good and inspire them to do better at the next project or job. Employee training Involve employees in seminars, training, or courses to boost their knowledge and work. The training will help employees to broaden their horizons, get to grips with the resources, become familiar with technological developments, and understand the companies' internal tools. Reduce distractions Distractions can exist in many ways. Music, lights, or cell phones can keep people away from their work. You can provide specific rules regarding the use of mobile phones while working, or how employees can listen to music. If there are a lot of impactful interruptions, you can't ignore that problem. We must respect each other with fellow workers by not disrupting them, and agree with a mutual agreement for a calm and conducive environment. Transparency Companies cannot only be transparent when they are in a difficult position. When a company is at a successful level, employees have the right to know and it's vital for leaders to be transparent about it. It will gain employee's trust and make them aware of the companies' expectations and measure success together. Plants in the office Sometimes the office environment seems boring if there is no good and unique arrangement. You can add plants in the office, and let employees take part in caring for the plants for a fresh office atmosphere and increase employee efficiency. The more oxygen in the air, it will help the office to get a more natural environment. Conclusion You can get ambitious workers by means of companies that have to start to improve employee productivity. Gratifying and watching what your employees do individually can foster a sense of trust and their personal happiness. It's good for office efficiency and achieving goals together. If you're looking for a reliable source of information and resources for small and medium-sized businesses, look no further than smebrother.com. Our website offers a wide range of articles, guides, and tools to help entrepreneurs grow their businesses and overcome challenges. Whether you're just starting out or looking to take your business to the next level, our team of experts is here to support you every step of the way. Check out smebrother.com today and see how we can help your business thrive.

The past few years have probably been the most difficult years for your new and young business. The effects of a pandemic, economic changes, the credit squeeze and recession can become a big problem and make it difficult for businesses to progress. But as business owners, we cannot give up on circumstances and must keep our business alive. We need to learn how to survive in difficult economic conditions and continue to develop accordingly. Splitting the two focuses between how to survive and how to grow is a challenging task but it’s still possible to do. That's why we need to know about business survival tips in 2023. What is survival and growth in business? The survival of business is when your revenue barely covers expenses. You will still be in survival mode if your growing rate of inflation is 2-3% per annum. If a business continues to be in survival mode for a long time, then they will go out of business. While growth is the long-term survival of a business by means of fund investments, drives profit and business performance, attracts new talent, brand awareness, and any efforts to make the business grow. Growth is necessary for every business, because it allows you to employ more staff, expand products or services, attract more customers, and take advantage of new opportunities. If you are out of survival mode, you can respond to market demand, capitalize on your brand, and increase your market share. Growth does not run by itself. You need to have a business survival strategy, business plan, and run it in a sustainable manner. What is most important for survival of business? Shifting from survival mode to growth mode takes a fair amount of time and effort. Every entrepreneur must find their position and know some of the important factors that make them survive. Know where you stand Survival mode means tightening profit margins, saving cash, cutting costs, and sometimes you need to lay off employees. Unlike the growth mode which expands their operations, adds employees, and reinvests profits. But growth mode also requires brainstorms with long-term payoffs. You need to know the current position of your business whether it is at a safe level or is it worrying. If you feel that too many resources are wasted, then you must immediately find the problem point and minimize resource wastage. There are several checklists that can be used as a reference whether your company is still in survival mode or not. Is the company's cash flow break-even? does the company have credit lines or existing cash that can be used for growth? Are there always new discussions for business development with existing staff? If you can answer all these questions, then you are in a good spot and ready to start developing. Focus on staff development Every staff must have a collective mindset to continue to grow and not be stuck in the same position. If your business is shifting to growth mode, then staff need to change their performance by adopting a proactive attitude, not stopping learning new things, and taking part in providing suggestions during meetings. You cannot force some of these things on every staff, but you can give them training or courage by giving them a positive attitude. Know why you need to survive Business survival must have a strong reason. Even though the recession is a pretty good reason, it can't be the main reference for why you have to keep moving and growing your business. Brainstorm with staff to assess your company's strengths and weaknesses, let staff provide their educated opinions for the common good. One of the biggest mistakes is business owners who are rigid and don't want to hear staff's opinion about what steps should be taken for the company in long-term measures. Each staff has their own input for what can be improved in the company, and this can become a shared spirit to build the company and stay alive. Top 10 business survival tips Here are some tips for those of you who are in survival mode and are struggling with the staff to ensure your business is running well to grow. Have a business plan A business plan must always be in every business and constantly reviewed. A business plan is like a route map to help business owners go in the direction they want. A good plan must have targets and a track record of whether your business stays on track. With a business plan, business owners will always be forced to think about the next step and what makes the business different from other similar businesses. Measure every numbers Every business owner must understand the key numbers in their business. Not only about finances, but also quantitative measures, such as numbers of inquiries, conversion rates, website traffic, capital for advertisements, etc. Great measuring numbers can be good records and understand critical key performance indicators when you want to grow your business. Good time management There are many time management tools that you can use to find out which tasks are urgent and which are non-urgent, try to get all of your staff to use the same tools so that the direction of the plan can be in accordance with what you want. Good time managers can become great routines and be followed by all staff. Don't let you or stagg do many things at the same time, and complete tasks one by one without being overwhelmed. Differentiate yourself Every business always has something in common with other businesses. Make your business unique by differentiating in the services, products, or after sales section. It's not an easy process, but you can start by asking for feedback from customers to improve service and product quality, and brainstorm with staff what marketing steps you want to take to differentiate between your business and competitors. Look for references from successful business men Looking for good people around you, like someone who is already successful in their field, can be your step for business survival. You need to hear their stories about how to deal with problems, how to survive, and how to thrive in tough competition with competitors. Don't hesitate to take part in seminars or add relationships for your additional knowledge in doing business. Audit your business Even though everything is going according to plan, you must still have a neutral outsider to see whether your business is developing positively or negatively. You can hire a professional auditor like Smebrother who can give you the best advice on how you can survive and move forward on the track you plan. Go online Technological developments require us to do business online. Make an online presence such as a website or social media, because every customer will see whether or not the company is trusted based on their social media and websites. There are many platforms that you can use for free to introduce your products and services, paid or free. Manage the cash Cash is crucial in business. Conserving your cash is necessary if you feel that the money is tight and it seems that the business is not running as it should. Keep an eye on expenses and watch for possible unnecessary costs. Work as a team Running a business doesn't have to only come from your own mind. You can brainstorm with staff, find out their suggestions and criticisms so you can have many perspectives on how you run your business. Take a mutual agreement to achieve success, and research together possible problems that arise and immediately deal with them carefully. Maintaining communication between the owner and staff can trigger higher morale. Always improve Every great business leader will never stop learning and improvising. Set aside some time to learn new things that suit your products and services, invite some of your staff to upgrade their skills. You don't need to do it every day, but you have to do it at least once a month. By learning new things, you can prepare long-term plans and invest in self-improvement.

Having a business is hard work and full of thought. For many owners, the cost of living crisis and pandemic impact probably adds up to the problem, and is the reason why small businesses must survive despite the many challenging economic circumstances. Many small business owners have priorities for balancing the books for every month and achieving growth too. By carrying ambition and positivity, every business owner must understand how they are going to survive and take their business to the next level. Do small businesses need to level up? Every businessman will pursue their dream to bring their business to success. No business owner wants to be stuck in a condition and not develop their business. Leveling up their business is necessary to reach a wider market and aligned with more income. If there is a business that does not have a goal and does not understand what goals they are going to achieve next, then the business being run also cannot be understood whether it is profitable or losing. Even though running a small business is not an easy job because you have to think about ways to survive and brand awareness, business owners must still maximize opportunities and try to bring their brand to the wider public. That's why small businesses need to level up. What does it mean to take business to the next level? Taking small business to the next level implies that you need to bring high quality products and services, constantly refining and improving every aspect of what you provide and how you do it. Companies that continue to strive to provide the best and always have new steps to improve something that is lacking in their business show that they are ready to step into a better position. Knowing the results of taking the business to the next level can be seen from how many people are interested in our products or services, how much positive feedback we get from consumers, as well as evaluations from management to improve the quality of our products or services on a regular basis. We cannot judge for ourselves whether the small business we are running is already at a higher level or not, because there must be an outsider who evaluates it neutrally. If you need someone who can assess what is lacking in the business you are running, you can hire a professional auditor to conduct an overall audit. Smebrother is your answer for conducting audits and preparing your business to the top. There are many things that you can prepare to take your business forward and start to earn more. Let's take a look at some ways to take our business to the next level. Ways to take small business to the next level Doing many ways can ensure how we can do the best for the growth of our business. If you feel that in some way it will open up many new opportunities, then you can do several things at once and evaluate afterwards, until you feel the results. Stay current with technology Technology will continue to develop, and our efforts must be on the regular track of the technologies. Staying updated with technologies can open doors for enhancement and development. Knowing which side of technology can be utilized for our business will help a lot to save money, time, and other resources. We can assess whether our business can be aligned with the latest technology, or we have to find a way, so that our business is not left behind. Innovation by keep moving forward Many business owners still question why small businesses need new innovations. Innovation is the lifeblood of every business, because every business must keep moving forward and unlocking better ways to deliver what the customer wants. Providing services or products without new innovations will not make consumers happy with your services or products. If you are always thinking about targeting a new market, trialing a fresh way of working, testing a new product, offering new services or products with a new look, you will never lose sight and add new customer possibilities. Remember, whatever changes you make must be in line with your goals, and evaluate whether they are in accordance with business growth. Ensure every employee understands the direction you are headed to achieve the same business mission. Boost productivity Do not get the wrong idea that productivity will increase along with the number of working hours. Having to work every day of every week doesn't always make your business run well, in fact, this hustle culture will burn you out. You have to understand how many hours of employee time will spend their best thought and energy, without having to waste time on things that have nothing to do with work. Do not force your employees, or yourself to work more than 6 hours, because scientifically humans will only be able to fully focus on working for a maximum of 6 working hours. Instead of making long to-do lists without timings, you can change them with quick ticks lists and flexible working hours. Give rules such as not allowing employees to use cellphones for purposes other than work, and giving time alone for employees to take a small break. Don't forget to organize additional hours or certain days for relaxation such as game time, time to chat with co-workers, and discuss something fun. Commit to continous learning Learning new things and continuing to upgrade knowledge is one of the keys to bringing your business forward. You need to commit to doing regular learning to build prospects for new ideas. No matter how much a person has achieved and gained, there's always room to grow. You can learn from other people who are more experienced, read books, attend seminars, or brainstorm with employees. Continuous learning must not only be carried out by business owners, but also employees. You can involve employees to take part in online training, mentoring, self-paced programs, or integrated opportunities. You can implement what you learn into a business strategy until you can go in the right direction and help your business in the long run. Change of marketing activities Along with the development of technology, many entrepreneurs have carried out online marketing for their business expansion proceedings. Online marketing techniques can move your business forward faster than using a traditional approach. You need to learn some social media, and online methods to market your products and services. Opening online platforms is now much easier, and you can get knowledge for free on YouTube or online documents. If you can use social media well, you can create a website to gain customer's trust and flourish the business professionally. If you feel overwhelmed to carry out one of the marketing methods, you can do both traditional and online methods, and do more methods that you think will generate more opportunities for new customers.   Maintaining a business and bringing it to a better direction is the goal of every business owner. You can start from how you learn new things yourself, and continue to innovate so that your business is not stuck in just one position. You can involve employees for business development and align your business goals with them and reach the top together.