Being passionate about your small business is important, but balance is key. Placing too much emphasis on your business’s mission can take focus away from other pragmatic things … like financials. Putting finances on the back burner can mean missed opportunities (or worse). Fortunately, there are resources available to make sure that doesn’t happen, and to help you run your business—no matter what stage it’s in.
□ Starting Your Business
Million-dollar idea? Of course. Business bank account and startup funding? Check. But don’t forget solutions for getting and staying organized. To help get a new business off the ground, reliable financial software can automate record keeping and ensure your bookkeeping habits are sound right out of the gate.
□ Controlling Cash Flow
Cash flow is a key barometer of your company’s financial health, and a steady influx of funds allows you to invest in improvements like newer technology and additional inventory. Widespread payment acceptance provided through merchant services gives customers the convenience of debit and credit card purchase options and means more cash will hit your account faster.
□ Increasing Profitability
Sometimes, improving your bottom line can be as simple as identifying inefficiencies. An online cash management service provides a bird’s-eye view into historical account activity and transactions, allowing you to streamline processes, pay bills and manage payroll.
□ Growing Your Business
The old adage is true: sometimes you need to spend money to make money. Evaluate the different funding sources at your disposal, from personal and business savings to specialty financing options or loans.
□ Protecting Your Assets
More than ever before, today’s businesses have many considerations when it comes to keeping assets and proprietary information secure. In addition to staying current on all needed insurance, work with your CPA or advisor to evaluate the risk of fraudulent activity at your business, and set up online banking fraud protection for your business accounts.
□ Planning for Business Transition
All good things must come to an end, and that includes the day-to-day oversight of your business. Whether you opt to merge with another company, pass the reins to an existing employee or liquidate the assets to fund your retirement, a complete business valuation and business transition consulting should be part of the process.