Every single company, whether it’s a big or small one, is concerned about finances. Money may make the world go around, but it also makes or breaks a company. Managing money is probably the most crucial thing for surviving a volatile financial environment. A business, especially a small one, should always be as cautious as possible when making financial decisions. It’s a given that the correct financial advice should be taken where possible, and they will tell you that a sound financial structure is necessary for the future profit of a company.

Handling finances may be difficult, but it doesn’t mean it cannot be done. You can choose to either manage your company finances yourself, or you can hire in some help in the form of an accountant. Managing your small business finances can be done in six easy steps, which we’ve listed for you here:

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Your business start-up could have been something you have been dreaming about for some time now. Planning meticulously over every little detail of your brand and logo, spending time considering how you will take your product or service to market. It’s a passion, your ambition, and one you most undoubtedly will love being involved with from the moment you start. However, so many entrepreneurs can get a little sidetracked in the finer details and forget some of the all-important aspects of starting up the business and running it successfully. Which is why I thought it would be worth covering some of these things in the hope it may inspire you to rectify a few things yourself.



The business plan


Having an idea for a business is all well and good, but if you don’t plan on how you get that idea from your brain and into the open market, then you don’t have much of a chance of turning it into a success. This is essentially sitting down and creating a business plan which will cover the start of the business, your plan for the next few months and years of growth, and how you plan on getting there and achieving it. It should be covering your progression, the future plans and a timeline for which you want to hit certain business milestones.

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If you’re like most small business owners, you’ll be working with a relatively small budget. Whether you’ve bootstrapped your whole operation or you’re still paying off loans you used for your start-up costs, it’s in your best interests to conserve your funds wherever possible. If you want to keep your business out of the red, you’ll need to take a careful and proactive approach to your budget. Here are some of the best tips for smart budgeting we can offer…

Get Familiar with Your Risks

Every business in the world has a certain level of risk, usually spread out over a number of different factors. Any one of those risks has the potential to put a major dent in your cash flow, and it’s up to you to get familiar with them in order to formulate solid financial plans for your business’s future. Think about how changes in healthcare requirements or the minimum wage can affect the way you manage your workforce. Do you operate in an area with a lot of natural disasters? Maybe you should get better insurance. Is your company heavily dependent on its tech infrastructure? Maybe it’s time to outsource your IT Support. Once you’re intimately familiar with all the threats facing your company, you’ll find it much easier to plan for emergencies and prevent them from happening.

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When you run your own business, you’re always going to be better at some things than others. Whether you flourish when it comes to number, or are better with words, you’ll always find areas of your business that you’re going to need a little help with. But that’s okay, it’s better to be great at a few things than attempt to do everything half-heartedly. If you’re struggling to get your head around taxes, these tips should set you straight and keep you on track.


Keep Receipts


The first thing you want to do is keep all of your business purchase receipts. Whether that’s fuel for the van or stationery for the office, whatever you buy for your business, you need to keep proof. Then, you can compile all of your expenditure when it comes time to declare your income. It will be difficult to do if you have to remember what you’ve spent in previous months. But by keeping your receipts and organising them by month, you’ll find it so much easier.

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Be careful with money when you’re running a business because it could bring you a lot of trouble. We can start by thinking about large costs.


If your business costs are too high you won’t be able to compete on the market. Instead, you will be forced out by another business that is able to sell a similar product at a cheaper price. Cutting costs also will ensure that your business is operating efficiently. Due to this, you will be able to deliver an excellent service to customers. Here are a couple other money issues you need to think about.


Legal Lows


You want to avoid a lawsuit in your business for as long as possible. Lawsuits are almost an accepted part of running a company but they can be incredibly expensive. A lawsuit against your company could cost you anything up to five hundred thousand in damages. That’s enough to knock a small company out of the market for good.


Unexpected Costs


Watch out for the bills that you don’t see coming and while that might seem like a paradox, it’s not really. You can watch out for them by ensuring that you always have an emergency fund in your accounts to deal with them. This will guarantee that are you never blindsided by an expensive business cost such as maintaining your property.

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