When was the last time you stopped to give your business finances a solid assessment?
If you’re running a small business, making sure you have a healthy financial situation becomes even more important, especially given the fact that smaller companies tend to have less of a rainy day fund available to them.
With that being the case, taking the time as 2016 nears its end to assess where you are financially is certainly a good idea.
In the event you find your financial outlook heading into 2017 is not as rosy as you would like it to be, there are some steps you can put in play that can help you (at least to some degree) to hopefully overcoming some of the shortfalls you may be looking at.
That said are you happy with where your business stands financially as the New Year draws closer and closer?
Meeting Your Financial Goals
In order for your business to meet its financial goals, remember a few pointers.
Among them:
- Being on top of finances – The most important factor in play is making sure you are on top of your financial outlook. Yes, running a business requires myriad of responsibilities, some of which can seem even a little overwhelming at times. When this occurs, it doesn’t take too much for you to lose sight of all that is going on in your financial world. You may end up discovering that your financial situation is teetering on the danger zone, something that no business owner wants to hear. Always do your best to regularly review your financial outlook, something that typically pays dividends over time. Simply put; being an organized business man or woman is the only way you will survive long-term in the rough and tumble business world;
- Know when to seek help – In the event you are struggling financially when it comes to meeting your business goals, don’t be afraid to seek assistance. There are a number of companies out there where you can turn to find cash advances for business. In doing so, you can get the funding you need to pay off some bills, perhaps even expand your business in hopes of ultimately bringing in more customers by having more offerings available to them. No matter what you need the funds for, your business can certainly benefit with a financial shot in the arm;
- Making sure clients pay in a timely manner – If you run a small business where clients have the option at times of paying you after you invoice them, keep your fingers crossed that most of them will in fact do just that. The problem becomes when some of them turn in late payments or even do not end up paying at all. It is crucial that you stay on top of your invoicing, even going after those clients that seemingly find a way to avoid paying in a timely manner or paying at all. If you have to resort to turning to collection agencies, give it serious consideration. Although it is certainly not your desired move, it will at least turn up the heat on those clients saying no to paying you for the products and/or services they agreed to purchase;
- Cut expenses when and where possible – Finally, always look to see if cutting any business expenses will help you reign in any burdensome costs. For example, you might be overdoing it with your marketing and/or advertising budgets, so keep a close eye on them. If you’re not already using social media to tout all your brand has to offer, keep in mind that social media is in essence a free medium to use for promotional purposes. Take advantage of this instead of spending tons of money on ads or promos elsewhere that not only cost notable money, but may in fact not be bringing you results in return.
Whether you have a rainy fund in place or you need to get one sooner rather than later, don’t pass off reviewing your financial picture as something that is either not worth it or you don’t have the time for it.
In order for you and your business to prosper for years to come, the cash has to keep flowing in.
That said what are you doing as a business owner to stay in the black?
