5 Ways For Small Business Owners to Get Their Finances in Order
The New Year is often full of health-based resolutions like getting physically fit and eating healthier, but have you considered setting some new goals for your business and its finances? Getting your finances in check is the best way to ensure you can weather any downturns, and you’ll reduce stress and run a better business in the process.
Even though we’re already several weeks into 2018, there’s no better time to get fiscally fit than right now. If you’d like to up the ante on your small business’s finances this year, these 5 tips and suggestions will get you there.
1. Assess your business finances
You can’t manage what you don’t know, so get a handle on the exact state of your finances. What is your cash flow? What are your expenditures and where can you reduce them?
Once you understand the current state of your finances, revise your budgets and financial projections as needed.
2. Streamline how you track financials
If you aren’t using a cloud-based tool to track income and expenses, the New Year is a great time to get started. Using an online tool ensures that you can access your business’s finances anytime, anywhere, as long as you have an Internet connection.
This ease of use will ensure you actually keep track of everything, too.
3. If you’ll need business loans in the New Year, understand your options
Cash flow can be a pain point for small businesses of all varieties, so doing your homework ahead of time will save you stress if you do end up needing more money.
For example, Small Business Administration Loans are a financing choice that many business owners don’t understand. There are also several alternative small business loans that entrepreneurs can utilize.
4. Get organized and go paperless
Time is money, and any time you spend battling paperwork is time that could be better spent growing your business. It’s easier than ever to go paperless — here’s a quick guide that will show you how to get it done.
If you don’t have enough time to scan documents, organize files, and set up the new technology, we have some good news: this is a great project to outsource.
5. Start delegating
If you’re working 80 hours a week, your business model isn’t sustainable. What would happen if you got sick and couldn’t work? You don’t want your business to rely 100% on you, because anything could happen. Let this be the year you finally start delegating certain tasks to other members on your team or to a virtual assistant.
With a virtual assistant, you can train them on the specifics of your business, so there’s no need to worry about whether these professionals can learn the ins and outs of your industry. They tend to be quick learners, freeing up even more time for you to get your business (and maybe even yourself) fiscally fit.