Subscribe to Updates

    Get the latest creative news from Businessjust about technology, digital marketing and health.

    What's Hot

    Maha Shivratri 2023: Story, Fast, Recipes

    January 30, 2023

    8 Tips to Help You Be a Better Human Now

    January 27, 2023

    Vasant Panchami 2023 | Saraswati Puja 2023

    January 25, 2023
    Facebook Twitter Instagram
    Trending
    • Maha Shivratri 2023: Story, Fast, Recipes
    • 8 Tips to Help You Be a Better Human Now
    • Vasant Panchami 2023 | Saraswati Puja 2023
    • ChatGPT-3 Advanced Guide- An In-Depth Look At How It Works
    • Norovirus Infection: 5 Symptoms and Treatment
    • Republic Day 2023: 74th Republic Day of India
    • Chest Exercises in Gym for Beginners
    • Best Chest Exercises in Gym
    Facebook Twitter Instagram YouTube
    Business Just Business Just
    • Home
    • Business & Finance
      • Worldwide News
    • Health & Fitness
    • Digital Marketing
      • Web Design & Web Development
      • SEO
    • Contact Us
    Business Just Business Just
    Home»Business & Finance»4 Financial Tips to Help You Grow Your Business
    Business & Finance

    4 Financial Tips to Help You Grow Your Business

    Arleen AtienzaBy Arleen AtienzaMay 16, 2022No Comments5 Mins Read
    Financial Tips
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Starting your own business, like anything that’s worth doing, will take a lot of time and effort. At the beginning of your journey as a business owner, you’ll be wearing lots of hats, and one of those is your Finance hat. It may be overwhelming at first, but getting a good handle on your finances is key to growing your business. To help you get started, here are some financial tips worth trying:

    1. Maintain good business credit

    Having good business credit can be beneficial for your business in a number of ways. The most basic one is that a good credit score will mean you can qualify for loans or other financing options with better terms that you can use to make upgrades or adjustments that you need to further grow your business. Additionally, having good business credit means that you are on top of your business’s finances and can be a sign for vendors to do business with you even without down payments or with extended payment terms. But one of the most important benefits of maintaining good business credit is building the habit of good financial management: from efficiently managing cash flows to paying vendors on time. It’s essential to continually practice this at the onset, so you can continue to apply this habit as your business grows.

    To start building your business credit, you should open up a business bank account. This way, your personal and business finances are kept separate. When your account is established enough to do so, it’s time to use your business credit card, but make sure to pay your credit bills in a timely manner. Your credit limit may start low, but it will increase when you start building your credit score. Another way to maintain good business credit is by making sure to pay your bills on time, or even better, early.

    2. Improve your billing and collection strategy

    Sure, your products may be flying off the shelves or you may have services scheduled for the whole month, but are clients paying you on time? A small business can be significantly affected even if only a fraction of your clients are consistently late with payments. Your daily cash flow can suffer if your unpaid invoices continue to add up. Here are some tips that can help you collect payments on time:

    • Give great customer service: This may not be the first thing one thinks of when it comes to billing and collection, but it’s important to remember that your clients are human beings. Maintaining a good working relationship with them can be key to speeding things up or taking care of your invoice first before their other vendors’.
    • Create written payment term agreements even before the sale or the start of the service: The payment terms and schedule should be agreed upon by both parties. This should include penalties for late payments.
    • Offer a small discount for early payments: On the other hand, it’s also important to reward clients who are diligent with payments. Try to explore offering a 2-3% discount for early payments on a trial basis or as a limited time offer. Make sure to monitor its effectiveness and how it will affect your cash flow and bottom line.
    •  Invoice on time: Your clients will only be able to pay you on time if they get their bill in a timely fashion. You can try to explore paperless billing; not only do clients get their invoices in real-time, but you also get to incorporate sustainability practices as well.
    • Explore alternative payment channels: There may be clients who prefer to pay by check, while some may prefer wire transfer. Make sure that there are different options for your clients, so they can make payments more conveniently.

    3. Monitor your financial books

    Even if you have a bookkeeper on your staff, you should be able to keep track of your finances as a business owner. Knowing the progress of your business (assets, daily revenues, inventory levels, etc.) is important when running a business. When you regularly monitor your financial position, you’ll be able to see trends or gaps that need to be filled in your business. For example, inventory or stocks that are non-moving may become a liability in the future, so you need to map out marketing or sales strategies to increase offtake of these products.

    4. Invest for future growth opportunities

    As a small business, you may be able to keep up with the numbers manually, but it can be beneficial to already integrate your accounting software with your other third-party tools like ecommerce platforms or payroll management. This way, you already have the foundation of how these tools work together and are well-prepared to handle even more transactions as your business grows. Plus, your reports will be automated instead of manually computed.

    In addition to app integration and automation that will allow you to speed up business workflow, make sure that part of your assets are reserved for other innovations that can help improve both your business operations and your workforce. Be on the lookout for new tech that’s relevant to your industry. Make sure to also invest in your most important asset: your employees. There may be seminars or training that can upgrade their skills, which can be beneficial not only for their personal growth but for the company’s success as well.

    Partnered with great project management, consistent and diligent financial management will help you improve your business’ financial standing, allowing it to reach greater heights. Growth for your new business is right around the corner if you just continue holding on to your Finance hat

    Financial Tips Grow Your Business
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Arleen Atienza
    Arleen Atienza

    I am a storyteller. Every business has a story to tell — and one of my greatest passions is to weave words to convey a brand’s ideas to its audience and create a significant impact.

    Related Posts

    5 Reasons Why Employers Should Offer Eye Care Benefits

    July 7, 2022

    5 Ways to Improve Your Financial Health

    June 30, 2022

    Human Resource (HR): How HR Helps in Organization Success

    April 7, 2022

    Leave A Reply Cancel Reply

    Maha Shivratri 2023: Story, Fast, Recipes

    January 30, 2023

    8 Tips to Help You Be a Better Human Now

    January 27, 2023

    Vasant Panchami 2023 | Saraswati Puja 2023

    January 25, 2023

    ChatGPT-3 Advanced Guide- An In-Depth Look At How It Works

    January 24, 2023
    Stay In Touch
    • Facebook
    • Instagram
    Don't Miss
    Festivals

    Maha Shivratri 2023: Story, Fast, Recipes

    By AdminJanuary 30, 20230

    The festival of Maha Shivratri 2023 is an important Hindu festival celebrated annually in honor…

    8 Tips to Help You Be a Better Human Now

    January 27, 2023

    Vasant Panchami 2023 | Saraswati Puja 2023

    January 25, 2023

    ChatGPT-3 Advanced Guide- An In-Depth Look At How It Works

    January 24, 2023

    Subscribe to Updates

    Get the latest creative news from Businessjust about Business & Technology.

    English Songs Lyrics
    About Us

    We bring the best information about business & technology, digital marketing & health-related news for readers.

    Feel free to contact us.

    Email Us: businessjustt@gmail.com

    Brilliantly

    SAFE!

    businessjust.us

    Content & Links

    Verified by Sur.ly

    2022
    © 2023 Businessjust Designed by DTPAX
    • Home
    • Terms and Conditions
    • Privacy Policy
    • Disclaimer
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT