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Why now is the right time to organise your business

Paystream News

Kerry Hull

Sunday 15th Feb, 2015

Although January has already been and gone, it's not too late to make a New Year's resolution for your business. We still have 11 months ahead of us, so making the most of the year to come is important.

And even though contractors can't predict what will occur in the coming year, it's always helpful to be organised.

Don't over-promise

For contractors who want to increase their workload, it could be a good idea to target a range of sectors, and so a rough plan of how you intend to market yourself and appeal to clients and businesses month by month will come in handy.

Bearing this in mind, a surge in the need for the specialist services contractors offer throughout the year, makes it easy for contractors to over-promise and create a workload which is unrealistic.

Being able to compromise is important, so if you are unable to produce the high standard of work expected, then turning down contracts is a compromise which you may have to take. Agreeing to a contract which you can't fully apply yourself to could be damaging to your reputation as a contractor and may affect potential contract opportunities in the future.

Organising finances

For many limited company contractors, organising finances and accounts is a headache that is always present, something that is stressful and hugely time-consuming.

But this doesn't have to be the case, contractors can make full use of accountancy service providers who present contractors with services which help them to manage their limited company accounts and paperwork so that they don't get in trouble with HMRC as well as helping them to work in the most tax efficient way.

Accountancy service providers like PayStream, will always give you peace of mind as they are there to help you with your limited company admin and advise you when needed.

Communication is key

Good communication in any business is crucial to its success, and this is no different for contractors. Companies should communicate expectations with contractors and contractors should be open with their clients.

Before starting a contract, sit down with your client and discuss what it is that you are going to be doing with any recommendations, and see if this aligns with their expectations, so that you are both on the same page. Communicating and being honest with each other will make your client more likely to trust you and perhaps more inclined you use your specialist services in the future.

When the contract ends, seek feedback so that you can better yourself. Review the activity with all parties and discuss what went well and what areas could have been improved.

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