Tips To Improve your Financial Management For Business

Tips To Improve your Financial Management For Business Effective financial management is vital for business survival and growth. It involves planning, organizing, controlling and monitoring your financial resources in order to achieve your business objectives. Top 6 Tips Financial Management Have a Clear Business Plan A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. PLAN Monitor your Financial Position On a daily basis, you should know how much money you have in the bank, how many sales you're making and your stock levels. Make Payment run into major problems because of late customer Businesses ca Ensure Customers Pay You on Time payments. To reduce the risk of late or non- payment, you should make your credit terms and conditions obvious from the outset. VISA Master Card AMERICAN DISCOVER EXPRESS NETWOK Calendar Know Your Even the most profitable of companies can face difficulties if there isn't enough cash to cover day- to-day costs such SUNDAY MONDAY T WN Day-To-Day Costs 1 2 3 7 8 9 10 * 16 17 4 20 21 22 23 24 25 24 27 28 13 14 15 1o as rent and wages. These are unnecessary costs that can be avoided with some forward- planning. Keeping accurate records saves your business time and money and you can be confident that you're only paying the tax you Meet Tax Deadlines TA owe. Efficient stock control ensures you have the right amount of stock available at the right time so that your capital is not tied up unnecessarily. Control stock 6 www.wesrch.com iwe SRCH Y Tu %24 TIME