Managing business finances can be a bit tricky, or for lack of better terms—absolutely confusing! The main objective is to have more money coming in than you have going out, but of course there’s so much more to it than that.
Here’s the best money advice to make sure your business thrives presented by Intuit.
4 Ways to Make Sure Your Business Thrives
Know your numbers
The first step to ensuring your business thrives is to know your numbers inside and out. Start by collecting all of your expenses – insurance, inventory, supplies, etc., and all of your expected payments from customers, clients and partners.
Be prepared for the unexpected
Now start thinking through everything that could crop up: good, like a company doubling their monthly order, or bad, like an unexpected tax bill or the loss of your best employee. You don’t need a contingency plan for every single one, but you should have it on your radar so you’re prepared to hit the ground running when the unexpected arises.
Don’t put limitations on your dreams
This is a BIG one! You might feel good about the success of your business today, but you should identify a goal that will bring your business to the next level and refer back to that goal when making future business decisions.
Find a partner you trust
Whether it’s a business banker, an accountant or another advisor, find someone you can trust who can help you set your business up for financial success. Knowing your numbers is crucial, but you don’t have to go it alone!
Running a business is hard, but don’t let fear prevent you from mastering your finances to ensure your business thrives.
