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The time you spend on the budget will be time and money saved. Planning is essential for business success, and one of the crucial elements of a business plan is an annual budget. However, preparing a yearly budget takes time. And, when you have plenty of other things on your plate, spending hours crunching numbers…
A quick guide to the benefits and costs of invoice factoring Invoice factoring is not a suitable financial solution for every business. Suppose your business raises only a few invoices and customers settle their accounts within 15 days, for example. In that case, the benefits you would gain from factoring invoices would be minimal. And,…
It’s likely you’re making at least one of these invoicing mistakes, but it’s not too late to put good practices in place. If your business sends out sales invoices, it’s a good idea to have your customers on a set billing cycle. This keeps money flowing into your company on a regular basis. Steady cash…
Inflation is roaring back. These tips will help you mitigate its impact on your organization. You’re no doubt feeling the effects of inflation at the gas pump, grocery store, and in supplies for your business. Economists are predicting that rising prices are likely to be a feature of the economic landscape for some time to…
4 Routines to Follow for Sustained Growth As a business owner, it can be valuable to get a hold of your finances effectively. The tools you have available with today’s technology can help you manage your finances more efficiently saving you time and money. In order to best sustain your business momentum, there are several…
Avoid Blunders That Can Disrupt Your Growth Plans Many businesses are built not only on good performers and talent, but also with good management of finances. This is a key point in business growth, which makes it important to avoid mistakes that may derail your plans in the long term. With these notes considered, here…
Knowing Working Capital Requirements is Crucial for Growth Many businesses fail because they lack sufficient working capital. Quite simply, companies that lack the means to fund their ongoing operations run out of cash. However, working capital is not only required for day-to-day operations. A business also needs funds to develop new products or services as…
Overcome Shortages with Adequate Forecasting and Financing When the sales graph shows an upward trend, you would expect the bank balance to be on a similar trajectory. However, expanding businesses often experience cash flow problems. A shortage of cash during a period of expansion can impede growth and, in some cases, even cause the company’s…
How to Keep a Tight Rein on Business Expenses A business owner has much on their plate, so managing the finances of a small business can be challenging. Consequently, it can be easy to spend more than anticipated and not discover the overspend until the cash flow gets tight. However, implementing the following processes will…
Monitoring the financial health of a business is crucial for success. When you have a thorough understanding of your company’s financial position, you will be able to make better-informed decisions. However, which of the many financial figures are most critical? Here are the top ten metrics and key performance indicators (KPIs) that every small business…