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Are you doing these essential things?

We've compiled a list of things that, no matter what, you should remember to do for your small business at least once a month.

1. Reflect

No, we don't mean get on top of your desk, cross your legs and meditate, although that certainly sounds like fun. We're actually referring to your progress.

All businesses should be keeping in-depth progress reports, but this is especially true for small businesses. Pick a few points that define the success and growth of your businesses, and note your progress in these areas monthly. It is also useful to track what you have changed in those areas month to month to see whether any improvements you're making are helping you achieve your goals.

We recommend outlining where you are, where you want to be and what you want to track at the beginning of the year and checking in monthly. This will help you stay on track and identify where you can change/ improve aspects of your company.

2. Wallet Check

Analyzing your finances should be a part of your reflection, but we think it's so important we're going to dedicate an entire bullet point to it!

Of course, profit is one of the ways to track you're doing well, but it is part of a much larger picture. First and foremost, you want to make your payments. That includes your bills to your suppliers, employees, freelances, HMRC and of course, yourself. Making sure that your payments are on time will make your business relationships healthy and oil the cogs in your business machine!

After you've made sure that you've made your payments, then you want to make sure that people's bills to you are also paid. Invoices should be sent ahead of their payment date to give your clients/customers time to pay them. You should clarify when they will receive their invoice and how long they have to pay it.

Sift through your expenses. Are you spending too much on things that don't seem to be helping you? Is there a way to minimize your expenses? Just because the overall balance works out well doesn't mean that it can't be better!

3. Plan Ahead

Reflecting is important; looking to the future is even more important. It is a good idea to plan ahead and make sure that you're not over-working yourself or your team.

Look out for deadlines that are too close together, whether they're internal or external. Make sure that you're giving yourself wiggle room-things rarely go perfectly, so you want to have the time to adjust if you come across a bump in the road.

If your month is looking busy, perhaps you can shift things slightly. Tasks that are flexible can be done this month or the one after. Or, perhaps you can delegate them amongst your team. If one department is looking particularly busy, you can ask another department to assist where possible.

4. Re-Connect

Don't forget who is supporting your business! It's a good idea to check into your company network once a month. Whether that's your clients and customers, your business partners and connections, or your suppliers and service providers.

It is important to stay front of mind with your customers and remind them that, outside of a business relationship, you have a personal one, it is also good to keep on friendly terms with the people you work with. Healthy business relationships will make the people you work with happier to oblige you and work to make your business better.

Checking in monthly also lets your customers know how things are with them, what they would like to see from you, and where you can support them further. This is a good opportunity to show them how trustworthy you are and get them to recommend you to their own network.

5. Routine

You can have a flexible schedule and set your own hours, but it is also your responsibility to structure your day. It is helpful to have a routine to stay organized. It could be as simple as waking up at the same time every morning, meditating in the afternoon, or exercising in the evening.

6. Knowing your strengths and weakness

Knowing your strengths and weaknesses allows you to celebrate them. It's easy to come up with ideas and to create things. The same can't be said for business forms and taxes. Look for platforms that have tax experts who can answer all of your tax questions, guide you through the process, or even do your taxes for you. Regardless of your unique situation - no matter how complex or difficult it may be - they will help you get every deduction you are due.

7. Stop comparing

The unconscious mind always sorts and labels the information it takes in, so it's impossible to avoid comparing. As we watch the highlight reel of other people's lives and are bombarded with stories about successful entrepreneurs and "boss babes," we may feel more inadequate. Each of us has a unique life, starts out from a different place, and is at a different point in our journey. Keep doing what you can, and don't compare your pre-success story with someone's post-success story. The best tip for small business owners (and for life in general) is to stop comparing yourself to others.

8. Do your best to keep things separate

This was a big lightbulb moment. In a time where we are told to "be our brand", it's actually really important to separate our self worth from that, particularly at the times when we may be in a rut. There is a natural ebb and a creativity flow, and it means nothing about you as a person if you don't have as many creative ideas today as you did yesterday or last week.

9. Keep dreaming

You ought to motivate individuals to DREAM BIG. Envisioning the 10,000 foot view and the end-product is so energizing! The way to progress, be that as it may, is putting forth little reachable objectives. Separate every objective into the minuscule advances expected to meet it. Get truly granular with it. Life is for the most part included many little advances instead of gigantic enormous jumps.

Happy Monthly Reflecting/Planning/Connecting!

Information in this publication is provided for general information only, and it does not purport to include every aspect of the topics with which it deals. You should not take it as advice. Prior to taking, or refraining from taking, any action based on the content of this publication, you should seek professional or specialist advice. Kixy LTD or its affiliates are not rendering legal, tax or other advice through the content of this publication. A similar outcome is not guaranteed. The content in the publication does not represent, warrant or guarantee, either expressly or impliedly, that it is current, accurate, complete, or up-to-date.

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Kixy LTD is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services (reference number: 814005). Kixy LTD is registered with the Financial Conduct Authority as an EMD Agent of PayrNet Limited, an Electronic Money Institution authorised by the Financial Conduct Authority (reference number: 900594). Kixy LTD's registered address: 40 Gracechurch Street, London, England, EC3V 0BT. Kixy is not a bank, the Kixy account is an e-money account. For Canadian customers, Kixy Services Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M21855906.