Each year we visit the doctor to ensure our health is in order, and it gives us peace of mind when all is as it should be. Shouldn’t the same apply to our financial health? Continually going through your budget and making sound financial decisions keeps you on tract for a successful financial future. If you are a business owner, it makes sense to have an accountant or Business Banker provide a financial check-up, and we all can evaluate our own expenses with a little time, and a few helpful tips!
- Put Your Expenses on a Diet. Yes, you can exercise those expenses and bump your income, but it’s easier said than done. Reducing the money going out is going to be your best bet. How do you control the money leaving your bank account? You can either work with your vendors on lowering costs or find ways to cut overall supplies and eliminate items that are not a necessity.
- Keep Your Ship in Shape. Paying your invoices on time seems like a no brainer, but chaotic invoicing habits can lead to higher cost, lost profit, and tense relationships with vendors. The same applies to your customers. Make sure that your invoices are clear with a breakdown of services or goods rendered, detailed due dates, and indicated late fees to prompt your customers to pay on time. If your bottom line allows, you can also offer a price break for pre-payment.
- Protect Yourself from “Health Scares.” Life is full of surprises and only so much is in our control. We have health insurance to protect us and protecting your business should be a priority. Accidents happen, so it’s best to protect your business with the right insurance and coverage for your industry and assets.
- Keep Financial Records. Although you can’t control YOUR growth, you can control the growth of your business. Keep all of your financial records so you are able to analyze and compare year after year. It’s extremely helpful to organize these records for easy access, and to seek advice from an experienced Business Banker to ensure you’ll be in tip-top shape.
- Seek Financing. Even the most efficient plans get derailed, or maybe an opportunity arises that require an immediate decision. Seeking alternative financing can help your business grow or keep your business afloat during tough times.
Our health is important, and so is the health of your business. Sit down with one of our Business Bankers to review the financial health of your business.
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