If there’s one area that’s integral to keeping a successful business running, it’s keeping your business finances in order. Despite this, it’s an area of business many entrepreneurs and small business owners find difficult to manage. With the end of the tax year having just passed and spring in full swing, there’s no better time to spring clean your business finances and assess your spending, so our experts have compiled their top tips concerning all things cash!
Tighten your bookkeeping processes – It sounds dull, but ensuring efficient management of all your invoices and outgoings is a crucial part of keeping a small business running. If this is something you do yourself alongside other duties, consider employing someone to do this for you or look in to trusted online systems that can support you with this. It can seem like an extra expense, but if you can streamline processes and save valuable work hours you may find in the long run, it’s more than worth the investment.
Assess your outgoings and operations – Naturally, this will be something most business owners are used to doing, but opening up to different options for various aspects of running your business could help you make changes you hadn’t thought about. For example, could you automate some processes to make them simpler? Is outsourcing some aspects of your day-to-day running costs effective? Could being located in a certain area help to grow your business? These are all questions to consider so you can ascertain where to make savings and where to spend.
Apply for a grant – One thing many entrepreneurs wish they could do is grow their business, but a lack of funding can put unnecessary obstacles in the way. Despite what many people believe about having limited access to business finances, grants are available in East Sussex to help fund business growth.
Get support and advice from a trustworthy source – The business advice team at Business East Sussex can offer support, mentoring and advice on all aspects of your business finances. Support sessions are available with advice on starting, growing and financing a business. You can find out how to get the right support for your business here.
Check out free resources – One of the great things about access to the internet is that there are many resources available free of charge and at the click of a button that can help you to keep your finances in check and manage business admin. Take a look at the Let’s Do Business Group advice section for useful free options.
Have a sound invoicing system – and stick to it! This will make business finances much less hassle. Be sure to send out invoices as soon as you can after work has been completed, and clearly outline your payment terms. If you often undertake high value jobs, be clear before any work is undertaken when you’ll need payment so people know how much is required and by when.
Don’t spend budget on training unnecessarily – It can seem like there’s a million and one things to learn when running a small business, particularly if you don’t yet have budget for many staff members. There’s marketing, GDPR, first aid, HR and more to keep track of, but there are a number of local free or low cost workshops and events available to help with this – these can also help you to save on precious business finances.
Remember time is money! – It’s tempting to think of business finances and money as only physical expenditure, but by spending unnecessary time on things, you’re also wasting resource and subsequently time that could be spent generating your business more revenue. Are you tied up in meetings most days without opportunity to actually get work done? Perhaps you find yourself replying to emails all evening without a break? Think about ways you can be more productive to save your valuable time – are those networking drinks really a must do? Do you need to travel for hours to a meeting or could it be done over Skype? Chances are there are small tweaks you can make to your diary to save time and money.
Do you want to find out how to manage your business finances? Simply contact us here or call one of our friendly business experts to arrange a support session on 0844 415 2260.