What would you expect to find on an entrepreneur's wish list for 2022? Growth for their company? Innovation? Profitability? An end to the pandemic, once and for all?
We can't do much about that last one, but we've spend all of 2021 at Qonto helping to make sure the first three become a reality. Our aim has been to make day-to-day accounting as swift and serene as possible, so that entrepreneurs can focus on growing, innovating and boosting their bottom line.
To recap some of the information you've been asking of us, let's round up the most popular articles we've published over the last 12 months.
Wish n°1: get what I need to ramp up my growth
Particularly relevant to new and recent business founders, there is plenty of public and private aid out there that can jump-start young companies. They cover anything from tax breaks and social security grants to zero-interest loans and bonuses specific to certain sectors. We summarized them for you in this article about your right to access outside help for your business.
For more mature companies with established income streams, efficient cash flow management matters hugely. Do it well, and you might have a cash surplus to invest. You can make your money work hard and make more money by itself. In this article from June, we look at ways of making treasury management work for you rather than against you.
Wish n°2: stop spending my weekends doing accounting
To save time on bookkeeping, it helps to have a finance management plan. Should you find an in-house accountant or turn to an outside pair of eyes? You can automate it, but which software is most suitable? There's no one-fits-all solution but there are good practices that remain universal. We break them down for you in our guide to not spending your Saturdays doing the company accounting.
Accounting is just one element of business that can be automated. It's part of the push to digitalize. But how do you know if your business is truly digitalized? It's a word that can mean both anything and nothing so we wrote this piece examining what digitalization involves and the benefits modern solutions can bring.
Of these solutions, there's one we particularly recommend and that's an online business account. More in-tune with the modern needs of entrepreneurs than traditional banks, digital finance solutions such as Qonto give you an intuitive user experience, a highly-rated customer service that's at your disposal 7 days a week and an app that updates in real time. What's more, there are no nasty surprises in the form of hidden fees, a common complaint aimed towards legacy, high street banks.
Wish n°3: improve my SME's bottom line
For many business owners, the most important metric is the one right at the bottom of the balance sheet: net income. The question "Is my company making money?" is often followed by "How can it make more?" Clearly, there is no miracle formula for guaranteed profit (and if one does come along, you'll be sure to hear all about it) but there are proven tactics and strategies that can help.
Increasing profit can be a particular challenge for maturing companies; as they grow, they become less flexible as there are more moving parts to keep well oiled. An area in which we've found growing businesses need help is in managing team spend. One answer lies in better delegation; companies with smooth delegating processes make up to 33% more revenue than those where delegation is a problem.
So we've made it easier for SME owners to delegate. How? By making it easier for team managers to keep on top of their own teams' spending. This way, teams appreciate more autonomy, while everyday purchasing is approved faster and more efficiently. Freed of this burden, business owners have more time and focus to spend on strategy, attracting new customers and growing that all-important bottom line.
Learnings make earnings
We've all learned plenty in 2021. At Qonto we believe that sharing our experiences and understanding what works elsewhere is key to developing knowledge. It's why we speak constantly to business owners, to listen and collect their unique insights. During Global Entrepreneurship Week in November, we interviewed company creators from four European countries to learn about what they have learned themselves (also available as video).
We'll continue to learn in 2022 and what we find out, we'll be delighted to share with you.