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The careful planning and management of your financial resources will ensure that your business has the strongest of foundations to build on

By- Laura

One of the key pillars of any business is financial management. They can sometimes seem daunting – particularly when you're a small business. Your area of expertise might be in product design or ideation, and financial management can seem alien. But the careful planning and management of your financial resources will ensure that your business has the strongest of foundations to build on. Below we explore ways of improving the financial management of your business.

Evaluate your financial position

Any given week you should be well aware of the current cashflow situation in your business. You can stay in the loop by checking your bank balance daily, monitoring your sales totals and review both these figures against the numbers in your business plan.

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Hire an accountant

Sometimes you'll need to make the decision that you simply don't have the time or expertise to manage your finances effectively every week. In this situation – if you can afford it – you should look to hire an accountant. By diligently going through a hiring process you can appoint someone who'll be the right fit for your business. If your accountant proves to be incompetent, you do still have options though. If professional negligence results in a financial loss for you, then you have the option of raising a claim against the accountant.

Accounting helps with business investments Image source: wikimedia commons

Stock control

Keeping track of your stock is key. Too much stock and your business' capital will be tied up in fixed assets that you're not currently shifting. But too little stock and you won't be making enough sales to maintain strong cashflow. Put systems in place to control your stock. This can be achieved by re-ordering stock when you reach minimum levels, carrying out regular reviews of your inventory and performing quick deliveries to ensure it doesn't build up.

Also read: Cut Business Losses with Accounting

Meet tax deadlines

Paying your taxes inefficiently can result in unnecessary fines and wasted time. Pay punctually and make sure that you set up records to ensure that you're paying the right amount that you owe.

Invest in growth

By growing your business you should be able to increase revenue and improve your cashflow. With excess profit, you should look to invest in ways to grow the company. This could be by increasing levels of service, attracting new talent or attempting to innovate and improve products. Whichever path you go down, by growing the business you'll become more reputable.

Financial management can sometimes feel overwhelming – particularly if it's not your niche. But by being organised you can move towards efficient financial management. You can monitor your financial position closely, grow the business, meet tax deadlines or even hire an account to achieve this.

Disclaimer: (This article is sponsored and include some commercial links)



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