June 21 Newsletter

How to build your business (not your workload)

To build your business, you need to take control of your time and use it wisely. Here’s how.

1.      Invest in the right software/apps

There are bound to be inefficiencies in your existing processes, so identify them. Where are the bottlenecks in your processes? Can you automate any manual tasks?

One of the best ways to start working slicker is to invest in the technology. It can make customer service, collaboration, tracking progress, and daily operations so much more efficient.

2.      Prioritise high-value work

To stop spending so much time on unnecessary tasks, start prioritising effectively. Use the Urgent Important Matrix to do this.

Group your tasks into 4 quadrants:

·       Q1: Urgent and important – these are emergencies that arise (e.g. customer complaints, technical failures, pressing problems etc).

·       Q2: Important but not urgent – these are the tasks you need to do to grow your business (e.g. goal setting, growth planning, networking, self-development, business development etc).

·       Q3: Urgent but not important – these tend to be interruptions that take up the majority of your time (e.g. phones, texts, emails, unproductive meetings and reports etc).

·       Q4: Not urgent and not important – these are distractions that cause you to procrastinate and have no value to your business (e.g. personal phone calls, social media, excessive or irrelevant emails etc).

Once you’ve grouped your tasks, you will know what you need to focus on and what you need to avoid.

3.      Delegate low-value work

Now you have identified tasks that need to be done, delegate the low-value work to your team so that you can focus on the ones that require your level of skill.

If you delegate effectively (i.e. delegating authority as well as tasks), you can be reassured that the day-to-running is ticking along while you’re focusing on the tasks that will grow the firm.

4.      Schedule time in the diary for business development activities

You need to invest more time in quadrant 2, doing the planning and budgeting and development activities that will grow your firm. You know this, but if you don’t schedule it into your diary, it won’t get done.

If you prioritise these tasks and delegate the rest, you will have time to sit down and focus on them. You just need to find the best days and times where you can work productively and without any interruptions.

Build your business

It really is as simple as that. To build your business, not your workload, you need to follow these 4 steps. When you do these consistently, you’ll find that each day follows a much calmer formula:

1.   DO – those important tasks that need to be done today.

2.   SCHEDULE – the important but not so urgent tasks, so that they will get done.

3.   DELEGATE – the urgent but not so important tasks.



4.   AVOID – the non-urgent, non-important tasks.

VAT deferral scheme - deadline approaching!

There’s just a couple of weeks to go before the closure of HMRC’s VAT deferral new payment scheme.  That means that businesses that deferred VAT payments last year have until 21 June 2021 to join in order to pay in eight monthly instalments.  The online portal will be closed from this date.

Scheme basics

Any businesses that previously deferred VAT payments between 20 March and 30 June 2020 are allowed to pay VAT in smaller, more manageable amounts (eight monthly instalments), interest-free.

If you are eligible and have been unable to sign up to the online service by the 21 June cut-off date, ring the HMRC coronavirus helpline on 0800 024 1222 to join the scheme by telephone.  In these circumstances, businesses have until 30 June 2021 - but this is an absolute cut-off date. 

Warning

You could be charged a 5% penalty (plus interest) if you do not either:

• Join the scheme online by 21 June, or
• Pay in full by 30 June.

Advice



Our advice would be to factor these additional payments into a cash flow forecast, please also remember to include other loans such as Bounce Back loan repayments.  If you think you are likely to be unable to pay the VAT on time then contact HMRC asap to see if you can come to some kind of payment arrangement.

Mobile update:

Split transactions - you can now split spend and receive money transactions across accounts and tax rates during reconciliation

Part pay multiple transactions - make part payments across as many transactions as you like when reconciling

Xero Expenses - Share receipts - open a receipt on your mobile from an emails, photo or folder, then tap share and select the Xero Expenses app to automatically create an expense claim with the information from the receipt

Xero Verify - this is a new authenticator app used to log in to Xero using multi-factor authentication

Xero update:

New invoicing - apply overpayments and prepayments - when you create an invoice, if there’s credit available for the contact, Xero prompts you how much credit is available and asks if you’d like to apply it to the invoice

HSBC Kinetic - this is a new bank feed connection

What’s coming soon?

Print packing slips - in invoicing you’ll be able to print a packing slip as a PDF.

Handelsbanken bank fee - this will soon be added as another API bank feed.



Team News

We are really enjoying being back in the office and getting to know our new team member, Ben.  Ben is already proving to be invaluable and helping us to streamline our processes using a Stream Deck.  You are always welcome to visit us for a coffee and a chat or via video call/telephone call if you prefer. 

In the meantime, fingers crossed that the sunny weather will stay for a while :)

Keep safe and well,


Katherine, David and Ben