Divine Write Copywriting Forum

Hello Glenn and others,


How have you found establishing the operational/financial side of your business? For me this is a clear weakness. I feel that my client relations, consultancy, networking and copywriting skills are good, but that when it comes to documentation, budgeting, invoicing, filing etc I fall down.

Have you found anyone who has been a real help in this department? I have been trying to work out exactly who I need to see for help in this department – accountants and business coaches are close to what I need, but not exactly what I’m after. I don’t need goal setting and motivation so much as fairly practical advice on day to day creation and implementation of business processes, cash flow etc. I have a ‘mentor’ that I see very occasionally – but his interest is really in sales and marketing rather than operations.

Any ideas greatly appreciated!



David.

Hi David,

You're certainly not alone in experiencing these troubles. I think these woes are pretty common in all businesses.

Unfortunately, I have no idea who specialises in these things. All I can offer is my own experience:

Documentation - Spend a couple of days writing down everything that you do and how you do it. And try to structure it logically, with a proper table of contents, and everything. When you think you've got it, leave it and come back to it as you think of things you missed. This document should be thought of as your work practices. Once you have the basic document in place, you have to be very diligent about updating it whenever you, say, change ISPs or web hosts, or when you add a computer to your network, etc.

Budgeting & Invoicing - Not real sure of the budgeting side of things. I've never really been into detailed budgets 'cos my outlays are pretty minimal. But as far as invoicing goes, you should definitely get yourself an accounts package. If you're a sole trader, you'll be fine with MYOB Business Basics (should cost no more than $150-$200). If you're a company, I'd recommend a more comprehensvie version of MYOB, such as MYOB Accounting Plus V15 or onwards (costs around $800, I think). MYOB is invaluable as it allows you to easily track orders and invoices, and it makes BAS time a breeze.

Filing - I suspect you're talking about electronic and hard copy filing. If so, I recommend maintaining the same folder structure for each. Use the same names for the same stuff. Eg. For electronic storage, have a D:\Your Business Name\ root folder, and within that, have folders like Accounting, Company, Contacts, Jobs, Leads, Marketing, etc. Then within each of these folders, use folders to drill down in specificity til you get to things like specific jobs, specific accounting periods, etc. It's these low level folders that you should replicate in your hard copy filing. Do ya know what I mean? Also, get your accountant to advise you on how best to file receipts and bank statements. Oh, and always back up your business folders. Buy Norton Ghost (I got it bundled with Norton Internet Security) and a USB external hard drive bigger than 100 gig.

Business processes - This is one of the trickier ones 'cos no one knows your business like you do. Talk it out with your mentor, but you'll probably find they're more a sounding board than anything. I've found the best solutions come from thinking about it all the time. Doesn't make you very popular at home on weekends, though!

Cashflow - Try to charge an up-front payment for all work. Clearly state your invoicing terms on all quotes. Then give clients incentive to pay on time. Think about instituting an early payment reward or late payment penalty. Also think about setting up a credit card payment option. Chase late invoices religiously (they're less likely to hold out on you if you're on their back). In fact, many accounts departments routinely pay the noisy accounts first, and leave the quiet ones 'til they absolutely have to pay them. And don't be afraid to be assertive; over the years you'll encounter many clients who'll take full advantage of a meek accounting nature. Business is business. When you call to chase an invoice, be friendly but to the point. Don't beat around the bush.

Not sure if any of this helps. These are just the first things that came to mind when I read your question. I could go on for days about this stuff. I won't though. Perhaps someone else will have some helpful advice???

Cheers.