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Regardless of your business sector, managing your company's finances effectively is a crucial skill. The busine...
Regardless of your business sector, managing your company’s finances effectively is a crucial skill.
The business world has a tendency to throw curveballs in the form of late payments and unexpected expenses. As David Brinkley said, “a successful man is one who can lay a firm foundation with the bricks others have thrown at him.”
Getting a handle on your business budget is a key part of this success. Here are five tips to help you:
Late customer payments can throw your finances into disarray. Imagine being owed thousands of dollars, yet still being unable to pay small bills.
This can happen if you’re not strict with your clients and consistent in chasing up unpaid invoices.
Cash flow is such that you will inevitably go through lean times. Try to arrange a small credit facility to carry you through the peaks and troughs.
It’s essential to know how well your business is performing, both against your targets and against previous years. Tracking your ongoing revenue is something you should do as a matter of course.
Saving money has just as much impact on your bottom line as earning it, so make a point of regularly examining monthly outgoings and trying to reduce them. Consider reducing expenses such as cellphone bills and cancelling subscriptions to services you no longer use.
Make sure you take full advantage of your accountant and ask plenty of questions. They may be able to provide a broad perspective that will help you improve your business. Make them work for their money!
Following these simple tips should leave you feeling far more in control of your business costs.