How to get control of your business finances

It is always a good idea to take time out from your day-to-day activities and look into your business more closely to see what you could be doing better.  A review of your finances, how they are being managed and what you are spending is a really great way to start. You have invested a lot of money, time and energy into your business so it’s important to make sure it’s working for you

Let me share with you my top tips for getting things under control and saving you money straight away:

• Review all your costs, take a deep dive into your expenses and list out all the key services.
• Review each one and assess if you still use it, many subscriptions get left running and underused. If it’s not adding anything to your business, get it cancelled
• Look at Insurance policies closely and check that you are not doubling up on cover that you may already have elsewhere
• Look at your utilities and search around for a better deal for Telecoms, Gas & Electric
• If you use a card machine, check you are you still on the best deal. Use a comparison site to get a few options of other providers who might be better value
• Take a look at your bank accounts and the charges. Are you on the best tariff? If you don’t handle cash and cheques then an online only tariff could save you money, give your bank a call and ask.
• Look at what you sell and if you have a range of services or products look at the numbers and check what makes the most profit for you. Do you spend a lot of money to generate some sales over others? You can use your accounting software to analyse your sales by type and asses the gross profit on each type of sale. You might be able to make more profit by simplifying what you sell.
• Check your payment methods, do you get paid on time or are you always chasing your debts. Think about how to make this run better, maybe offer card payment facilities, or ask for upfront payment or a deposit. Chase bad payers and use a professional to help you.  A lot of businesses will wait to be chased before they pay you but if they know you are on the ball, they tend to pay more timely
• One expensive area of any business are the staff costs. Good staff are hard to find so you can actually save money by looking after your staff and making them feel valued. Little things like social events, birthday treats and offering flexible working can really make your staff happier. Happy staff work better and stay loyal.

These are just a few quick and easy things you can do but if you want to know more, book a call with me now, and let’s get your business in better shape.

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