Part 9: What Business Owners Can Do Better

Even with the best accountant, the success of your business comes down to the decisions you make day to day. The more you understand your numbers, the more control you have.

Here are practical steps every business owner can take to improve both cash flow and profit — no finance degree needed.

📈 1. Know Your Numbers

You don’t need to be an accountant, but you should know:

• What your bank balance is today

• What your biggest monthly costs are

• When your tax bills are due

• Your monthly break-even point

Tip: Review your cash position weekly and your profit monthly.

📥 2. Invoice Promptly & Follow Up

Late payments kill cash flow. Make sure you:

• Invoice as soon as work is complete

• Set 7–14 day terms where possible

• Use automated invoice reminders

• Consider early payment discounts or deposits

Stat: UK SMEs are owed an estimated £23 billion in late payments at any time (source: FSB).

📤 3. Cut Wasteful Spending

Ask yourself:

• Is this cost essential, helpful, or just a habit?

• Am I overpaying for subscriptions or services?

• Could I renegotiate supplier terms?

Cutting just 5–10% of overheads can make a big difference.

📦 4. Improve Your Margins

Sometimes it’s not about selling more — it’s about making more from each sale:

• Raise prices (especially if overdue)

• Upsell or bundle services

• Switch to more profitable offerings

• Review supplier costs regularly

📊 5. Use Tools That Save Time & Errors

Manual spreadsheets lead to mistakes. Instead:

• Use cloud accounting tools (Xero, QuickBooks, FreeAgent)

• Automate bank feeds and reconciliation

• Track expenses via mobile apps

• Schedule reports and alerts

📚 6. Invest in Financial Education

Take a short course or ask your accountant to walk you through reports. The more confident you are with the numbers, the better your decision-making becomes.