Understanding the struggles of small business owners

26th Apr 2021
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bokio
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Micro clients like small businesses and sole traders have a specific set of needs. When you understand issues that affect their business, you can offer support and help them grow to success.

Late payments

Unpaid invoices have a huge impact on small business owners. While there’s little you can do to help them get paid on time, helping them to manage their cash flow can help to mitigate the effects. 

By keeping an eye on their business with reporting, you can offer your clients a realistic picture of their finances and help them plan their budget so that any late payments can be managed.

Hiring employees

As a small business grows, they will need to hire employees. The hiring process can be stressful enough for a new business owner, let alone getting to grips with pensions and payroll regulations for the first time.

By taking on responsibilities for payroll, you can take the pressure off your client. Plus, you’ll ensure everything is done correctly so the process can run smoothly.

Understanding their finances

While small business owners understand that accounts need to be done to fulfil HMRC requirements, it’s important that they know the full benefits of having an accountant. New business owners may not know how to turn financial information into insights, and put them into practice.

Helping your clients understand their finances, and offering advice on how they can be used to help grow their business sustainably can be a really valuable service to offer. 

From where they can cut costs to offering advice on managing assets, there’s a lot of areas where you can help guide your clients. Small business owners often need to be strategic with their budgets, so your input can help them develop a winning strategy.

Communicate with your clients

While you can do research to have an idea of what issues your clients are facing, the best way to find out is to ask them!

Regular communication will help you understand the changing needs of your clients business as it grows. Developing a relationship with your client will help to build trust so you can offer any advisory services they need.

About Bokio

Bokio cloud accounting software offers bookkeeping, invoicing and expenses management. It’s a great solution for collaborating with micro clients, like small businesses, sole traders and freelancers. With automated reporting and automatically generated VAT Returns for Making Tax Digital, Bokio helps you save time on day-to-day tasks so you can focus on offering high value advisory services.