How an Effective To-do List can Make all the Difference in Business

In a small business, everyone has to perform more than one role. If you are a sole trader, you are responsible for everything. Whatever you are doing now, you're probably aware that you are neglecting something else. To allay anxieties about this, you need a strategy that makes you comfortable that you have all the important aspects covered.

The All-important To-do List

You have to be aware of what needs to be done by when, so it's important to have them in some kind of list. You need to find out the best way for you to do this. Some people like to have this on their computer or mobile phone, others just like to keep a handwritten list in a notebook they carry with them everywhere Don't keep more than one list unless you have a master that you update daily.

When you've got a list, you have to make sure you consult it every day. It may seem obvious, but you'd be surprised how many deadlines are missed, or birthday cards sent late, even though they were on the infamous to do list.

Using a Bring Forward File

Some people swear by a BF file. This could be a couple of concertina files, one for the months of the year, and one with three sections at the back for the later weeks of the month, with earlier sections for the days of the week. Items are filed according to when they need your attention and moved into appropriate sections as needed. Again this must be checked daily, or it won't work.

Prioritise and Get Help

When it's not possible to do everything in your list, you have to prioritise. Get on with the important strategic things that will have the most impact on your business. If other things can't wait, you need to get help. If necessary, book a temp. If you only need assistance every now and then, this is much more economical than having permanent staff.

Outsourcing your bookkeeping is an obvious answer. If you already do this, ask what other services they offer that might take another load off you. The answers could surprise you.

New Grant Scheme for Research & Development

The government's Technology Strategy Board (TSB) has just launched a new grant scheme for small businesses' research and development (R&D) projects. The scheme will pay up to £250K to enterprises developing new prototypes and products, or pursuing market research for their ideas. Businesses with fewer than 250 staff can apply, even those in London which were previously excluded. However, the sums of money available will not be as large as before, and there will be stiff competition for them.

Earlier Schemes

Previous schemes were administered by the regional development agencies (RDAs), now being phased out. Many companies have run into difficulties since a government directive to the RDAs to cease many payments on the schemes last summer, and not take on new applicants. So the new scheme is seen as a life saver for lots of development projects.

Gaining credibility

While the application process will be more straightforward, the selection process will be just as rigorous. Those selected for grants will have solid business plans that prove their innovative ideas have been well worked out. If you do receive an R&D grant, your integrity will be proven and your projects seen as credible, so you will have a much better chance of attracting other investors.

A Word of Warning

Arrangements are in hand to transfer currently running grants from the RDAs. The TSB procedures will need to be able to manage the volume of applicants without too many delays. Because of the embargo from last summer, there is bound to be a backlog of applicants to be dealt with.

Nevertheless this is good news. If you have an innovative project to fund, you could be one of the lucky ones. Why not discuss it with your outsourced bookkeepers, and see if they can assist?