Articles Archives | Greatweek

4Aug2024

How to do a Business Health Check

Introduction: In the dynamic landscape of business, understanding the vitality of your company is paramount for sustained success. Much like individuals undergo regular health check-ups, businesses benefit from periodic evaluations to ensure they are thriving and meeting their objectives. In this article, we delve into the concept of a business health check, exploring its components and why it is crucial for the sustained well-being of your enterprise, with a special focus on profitability and the strategic use of business apps.

What is a Business Health Check? Described by the global business advisory firm RBNC, a business health check involves a comprehensive review of your entire business operations. The goal is to identify areas for growth, cost savings, increased productivity, and enhanced profitability. Think of it as a diagnostic tool that helps you assess the overall health of your business.

What Does a Business Health Check Cover? The scope of a business health check may initially seem overwhelming, but various online resources, such as those provided by consulting firms like Appleby Consulting & Coaching, offer tailored assistance. The check typically encompasses key areas such as business strategy and planning, sales and marketing, customer relations, financial management, overall happiness within the business, profitability, and the strategic use of business apps.

Business Strategy and Planning: Forbes draws a parallel between a business and the human brain, emphasizing the need for interconnected networks that facilitate the free flow of information, ideas, and operations. Three critical questions to consider include the alignment of your business strategy with your vision, the time required to realize your plans, and a clear projection of your business in the next 3-5 years.
Sales and Marketing: Former CEO of Cartier International, Alain Dominique Perrin, likens sales and marketing to the air that sustains life. Questions to ponder include the growth of sales revenue and profitability over the past three years, the clarity of your unique selling proposition, the distinctiveness of your marketing strategies compared to competitors, and the strategic use of business apps to streamline sales and marketing processes.
Customers: Valuable feedback from customers can act as a compass guiding your business in the right direction. Consider questions about identifying your ideal customers, understanding their needs, recognizing the most profitable clients, and evaluating the effectiveness of customer acquisition strategies through business apps.
Financial Management: As Medium points out, finance is the lifeblood of any business. To ensure financial health, assess adherence to a defined budget, the regularity of cash flow issues, the timeliness of invoice payments, and the use of financial management apps to streamline processes.
Business Happiness: Not Just Numbers emphasizes that quality leadership, engagement, and culture form the heart of an organization. Reflect on whether your business fosters personal satisfaction and happiness, provides the necessary resources and training for your team, encourages open communication of ideas and suggestions, and leverages employee engagement apps for a positive work environment.

Profitability: An integral aspect of business health is profitability. Evaluate whether your business has experienced growth in sales revenue and profitability over the past few years, ensuring that the strategic use of business apps contributes to the overall profitability of your operations.

Strategic Use of Business Apps: In the digital age, leveraging technology is crucial. Assess whether your business utilizes apps effectively to streamline operations, enhance productivity, and improve overall efficiency. From financial management apps to CRM tools, strategic integration can significantly impact the success of your business.

Conclusion: Just as individuals invest in their health, businesses too must prioritize regular health checks. At Greatweek, we understand the importance of a healthy business for sole-traders and offer tools like free invoicing software to facilitate smooth operations. Whether you’re a sole trader or a larger enterprise, our guide encourages you to explore the many free online business health checks available, ensuring the sustained vitality, profitability, and efficient app usage of your business. For inquiries about Greatweek, online invoicing, or strategic app integration, feel free to reach out – we’re here to help you navigate the journey of entrepreneurship.

28Mar2024

Top 3 Financial Apps For Small Business Owners

Small business owners are always looking for ways to save time and money. One of the best ways to do this is by using financial apps. These are programs that allow you to manage your finances from your phone or computer, so you don’t have to go into the office every day.

There are hundreds of different financial apps available, but here are three that we think are worth checking out:

1) PocketGuard (free): This app helps you track your spending and income automatically. It also lets you set budgets and alerts so that you don’t spend too much money on something like lunch or gas.

2) Mint (free): This app is great if your business has multiple bank accounts because it will help you keep track of all of them in one place. It also makes it easy for clients to pay their bills online through their credit card or bank account information—which saves time on both sides!

3) QuickBooks Self-Employed ($9/month): If your small business has more than one employee (or even just one), then this app will be perfect for tracking all of your expenses and income tax payments—as well as helping employees with their own taxes!

4) Great Week (Free): This is a new entrant, that takes a different approach from the existing accounting software. Great Week is an all in one platform that allows you to have everything in one place, including Banking, Payments, CRM, and accounting.

Why keep track of income and expenses as a small business owner

As a small business owner, you probably don’t want to spend your time on accounting. You have plenty of other things to do! But if you want to be successful and grow your business, it’s important to keep track of the numbers.

In this post we’ll look at why keeping track of income and expenses is so important for small businesses. We’ll also show you how you can use [product name] to do this quickly, easily, and painlessly.

Track your cash flow.

When you’re running a small business, it’s important to keep track of your cash flow. You can’t grow if you don’t know where your money is going!

Fortunately, this is something we can help with. We can provide accounting services that will help you track your finances and make sure that you have all the information you need to make decisions about how best to use your money.

We can also provide bookkeeping services that will make it easier for you to manage all of the different accounts associated with running your business.

4Mar2024

Why Every Business Owner Needs a Digital Financial Assistant

Why Every Business Owner Needs a Digital Financial Assistant In the ever-evolving landscape of the modern business world, the role of a digital financial assistant has become not just beneficial, but essential for success. Business owners, often caught in a relentless cycle of operational demands, face significant challenges in managing their finances efficiently. The complexities of bookkeeping, financial reporting, and tax preparation can be overwhelming, leading to missed opportunities and potential financial pitfalls.

Enter Greatweek, the digital financial assistant that stands out as the ultimate solution, empowering business owners to navigate the financial maze with ease and precision. The Financial Management Maze Imagine navigating a labyrinth where every turn introduces a new financial challenge: invoices that need issuing, expenses that must be categorized, and financial reports that require meticulous preparation. This maze is a daily reality for business owners, where a single misstep can have far-reaching consequences on the business’s financial health.

Well-dressed handsome businessman sitting on a couch and having a video call with colleagues. Man is waving and saying goodbye. Telecommunications, technologies, online zoom call meeting

The Challenge of Time Time is a scarce commodity for business owners, and financial management is notorious for its time-consuming nature. Traditional methods of bookkeeping and financial reporting are not just tedious but prone to errors, demanding constant attention and revision. The Tax Preparation Conundrum Tax season can be particularly daunting, with its complex regulations and the pressure to maximize returns while staying compliant. The stakes are high, and the room for error is minimal, making this period one of the most stressful for any business owner. Greatweek: Your Ultimate Digital Financial Assistant Greatweek emerges as the beacon of hope in this complex landscape, offering a comprehensive suite of features designed to streamline financial management processes.

Here’s how Greatweek addresses these challenges head-on: Automated Bookkeeping Greatweek’s automated bookkeeping feature is a game-changer, transforming a traditionally time-consuming task into a seamless, efficient process. By automatically categorizing expenses and reconciling accounts, Greatweek ensures that your financial records are always up-to-date and accurate, freeing up valuable time for business owners to focus on growth. Comprehensive Financial Reporting Understanding your business’s financial health at a glance is no longer a pipe dream with Greatweek.

Its financial reporting tools provide detailed insights into your financial status, offering customizable reports that help you make informed decisions. This level of clarity and detail empowers business owners to identify trends, manage cash flow effectively, and plan for the future with confidence. Tax Preparation Support When tax season rolls around, Greatweek stands ready to ease the burden. With features designed to support tax preparation, Greatweek helps ensure that you’re taking advantage of all applicable deductions and credits, minimizing liabilities while maximizing returns. The platform can also integrate with tax software, making the process smoother and less prone to errors. The Power of Real-Time Insights In the world of business, information is power. Greatweek offers real-time financial insights, allowing business owners to react promptly to financial challenges and opportunities. Whether it’s adjusting budgets or making strategic investments, having access to up-to-date financial data is invaluable. Conclusion The digital age has brought about a revolution in how businesses manage their finances, and a digital financial assistant like Greatweek is at the forefront of this transformation.

By automating bookkeeping, simplifying financial reporting, and supporting tax preparation, Greatweek not only addresses the challenges of financial management but also unlocks new opportunities for business growth. For business owners navigating the complex world of finance, Greatweek is not just a tool but a vital partner in achieving success.