A recent article, Tips to Manage the Finances of Your Business by Steven Scheck says that whether you are a veteran entrepreneur or starting out with an exciting business venture, managing your finances is always a priority to stay afloat in unstable economic conditions.
Here are some finance management tips that you can implement in your business strategies.
- Create a realizable financial forecast.
Calculate the operating costs and project the sales you need to generate in order to thrive in the business. Ensure to adhere with your financial forecast, otherwise it could leave you short on working capital for opportunities or costly problem that may occur.
- Keep an eye on cash flow.
Monitor your sales cycle and have sufficient funds in the bank to make it through the tough times. Take a look on your company’s historical financial activities to help you in forecasting cash flow.
- Cut down your expenses.
Cutting down expenses helps your business stay afloat and thrive. For instance, to reduce business travel and meeting costs, you can book a meeting room that provides wireless high-speed internet access, teleconferencing and real-time videoconferencing capabilities so you can conduct seamless meetings and maintain vital links with all the people who help make your business grow.
- Outsource tasks
Automation and outsourcing not only saves time but also allows you to invest and focus your resources in othersignificant tasks. For instance, you can hire a virtual receptionist to answer calls “live” in your company’s name, voicemail, call transfer, mail and package handling, and other administrative tasks.
- Collect debts
Ensure to set due dates for payment — give discounts for early payments and impose penalty for late payments. A bad debt or uncollected receivable is one of the major causes of a negative cash flow.
Following these tips will help you manage your business finances efficiently. YourOffice is looking forward to help you manage your finances through providing various workspace solutions that will suit you best. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team office space and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.