Apr 10, 2017

Just like you have to spring clean your house when the time comes, you also have to financially spring clean your business, especially if you are a small business owner. Sometimes business owners get into bad habits when dealing with finances, and in order to get back on track and break those bad financial habits, spring cleaning is a good way to start. Here are some simple tips for your small business on financial spring cleaning.

Become Organized

You don’t consider yourself a messy person, but at times you will find yourself in such a mess after months of paperwork and receipts that have been misplaced here and there. They wound up in places they aren’t supposed to be in, which means you have become disorganized and need to get back on track. 

Put all your paperwork and finances in order and keep everything in an organized manner. So if you ever need something at a time of an emergency, you know exactly where to find what you’re looking for. This will save you a lot of time.

You Need To Be More Efficient With Your Bills

Paying your bills on time is also another important thing you need to be in control of. You need to make sure that you’re paying all your vendors on time. If you find yourself caught in a mess where you are having cash flow issues which are stopping you from paying all your bills, this is when you will have to become more organized with all your work.

Your Checkbook Needs To Be Correct

You need to make sure that you balance your businesses checkbook on a regular basis. When you manage the checkbook, you get to keep your finances in an organized manner. Every day, you should sit with your business checkbook and organize it. You should make it a goal to keep it organized all year long.

You Should Make Financial Goals

Your business should always have financial goals. Did your business grow from the last year or from the last few months? Did you reach your target goal that you had planned for the first year or for the first 6 months? 

If you can’t answer any of these questions, then your organization is not proactive. Your business needs to work according to specific financial goals. That’s the only way your business will actually grow further. Start by setting short term goals (monthly, quarterly) and list down long term goals as well. Achieving your short term goals should help you get closer to the long term vision. 

Be In Charge Of Your Employee Expenses

When you don’t see any excessive expenses in your business, you don’t really pay attention to your employee’s expenses in general. Spend just a little bit of time each week or each month to get your employees to note down all their expenses. 

Then give all your employees a limit to the type expenses they are entitled to use. This will save you thousands of dollars that you probably didn’t even know you were losing in the long run.

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