Every CEO and entrepreneur lies awake at night thinking about the company finances. Those numbers are often etched into your mind, especially if you’re in the red! Worrying about money will take its toll on your productivity, and indeed your health. Stress and even blood pressure problems are often associated with money troubles. Never is this more overwhelming than when you’re running a business.
So, we understand the problem. We’ve run small companies ourselves, and we’ve felt the pressure. The only way to relieve this pressure is by taking hold of your finances, and making a big change. It will free your mind to think about more productive and creative aspects. Without further ado, let’s reign in your money problems, and give you some freedom back.
1. Hire an Accountant
A lot of small businesses are still managing their finances on a homemade Excel spreadsheet. This okay for a while, but soon you’re going to have to take things to the next level. Hiring a professional accountant is actually much more affordable than you might think. You generally pay minute-by-minute for the time they spend on your accounts. They’ll keep track of your day-to-day books, and prepare your accounts for tax at the end of the year. It will take the stress out of your hands, and help you see things clearly.
2. Schedule in Time with the Accounts
Taking control of your money means actively scheduling time to look at it. When we are struggling with money problems, we often tend to ignore the accounts. We let debts and invoices pile up. It’s often difficult, but you’ve got to actively take charge and sort things out. Schedule 15 minutes every week to dive into the accounts, and see what’s going on. Face up to debts, and make a plan based on the current state of affairs.
3. Consider Your Office Costs
Now that you’ve harnessed your accounts, it’s time to reign in the spending. It’s the best way to give your business some breathing room. You can start with your office overheads. Start by renegotiating everything from your lease agreement to your energy bills. Look at cutting down your energy costs in general by going green. Next, negotiate with your suppliers for a more efficient deal. Everything from HP printer cartridges to staples can be bargained for.
4. Future Investment
So, we’ve reigned in some spending, and taking control of the accounts. Now it’s time to take a more proactive and efficient approach with what’s left. Businesses only grow when they take the initiative to invest in themselves. You need to start setting aside a certain budget for reinvestment. That means new employees, better equipment, bigger marketing budgets. Your finances will only grow when you actively push them forward. Make your money work harder by being smarter.
Don’t let money troubles grind you down. It will destroy morale and productivity. It quickly comes to consume you, and that’s the last thing you want. Take action by seizing control of the accounts, shaving off costs, and reinvesting wisely.