Whether you’re a startup, a small business, or a Fortune 500 company, finances can be tricky.
You need to keep revenue rolling in consistently to pay for the expenses that keep your company going.
If you don’t, you could end up joining the ranks of the 80 percent of companies that fail, many in only 18 months.
Want to ensure a different fate for your company? We’ve got you covered. Here are four actionable business finance solutions to utilize.
1. Budget, Budget, Budget
It doesn’t matter the size of your company. It doesn’t matter how much money you have coming in: budgeting is key.
Each week or month, sit down with a few employees for an hour or so. Discuss the amount of revenue coming in. Is this your goal income or could you be doing better?
Next, draw up your budget. Make sure to account for surprise expenses which could crop up at the last second.
Revenue can fluctuate from week to week or month to month. For that reason, it’s important your budget is flexible. You might have to tighten your spending for a period and then loosen it once more revenue comes in.
2. Use Merchant Services (and Other Tools!)
Merchant services and other tools can make your life easier. After all, your job responsibilities likely involve more than planning finances from day to day.
Merchant Connect is one such service you can use for your business financial planning.
Their services include travel agency and medical claims processing, virtual merchants, terminals and card readers, point-of-sale (POS), accounting software, and so much more.
Tools can combine processes, digitally manage your finances, and do complicated math without human error. Consider one or several of these tools for your day-to-day work life.
3. Have a Plan
At the start of each quarter, you need to create a financial plan for the next several months.
With analytics and other financial software, you can review the past year and use it as a barometer for the year to come. By predicting trends both positive and negative, you can adequately prepare.
If revenue is less than expected, for instance, you’ll know what to do because you planned for it. You might have to reduce spending, roll out a new product, or change marketing tactics, for instance.
Even when revenue is better than expected, you still need to have a plan. This prevents you from overspending and having to pinch pennies later in the quarter.
4. Outsource If Need Be
Managing the company’s finances can be a lot of work, and it’s probably a job too massive for any one individual. This becomes truer the more employees your company has.
That’s why it may be best to outsource certain job responsibilities, such as bookkeeping and accounting.
Yes, hiring third parties does cost money. That said, you’ll recoup that money back over time. These finance professionals will prevent costly mistakes you yourself may have made.
For that reason alone, it’s worth considering hiring them.
Looking to manage your company’s business finance solutions? Want to use some of the handy tools we mentioned above? Check out Pligg.
This digital download marketplace is a great resource for finance professionals. You can download documents and eBooks sure to make managing your finances easier.