Financing a small business can be tricky, even if you’ve been at it for a while. Along with day-to-day cash flow management, there are short-term challenges and long-term goals that demand your attention. So as a busier-than-ever business boss, how can you stay on top of your everyday duties while also taking steps toward your future goals?
Here are three tips to help you stay on top of your financial game and get you where you want to go.
1. Shop for the right financial partner
With so much to manage as a small business owner, it’s tempting to stick with what you know. But it’s a good idea to check in with your financial service provider periodically to make sure you’re getting a fair shake. And once you do establish a good working relationship, maintain that connection with regular communication. Maybe a big expansion is on the horizon and you need a small business loan – is your lender able to support you? Can you get the kind of hands-on service you’ll need to make it happen? If you need a second opinion, you can always connect with one of our Business Development Officers to discuss your options.
2. Track your finances and adjust accordingly
Tracking your finances is key to moving your business forward. One step in your tracking process should be to regularly identify your biggest money makers as well as your most significant expenses. From there, you can find ways to cut costs, freeing up money to help finance your future.
Like individuals, businesses need to grow their savings, and not all savings accounts are created equal. You’ve worked so hard to build your business, so why would you leave money on the table with a subpar savings account? We can help you set up the right business savings account for your needs.
3. Plan for the future
It’s easy to get bogged down in the day-to-day of running your business, but it’s important not to lose sight of the road ahead. To keep yourself on pace, set financial goals for your business and keep them in a noticeable place so you’ll check in regularly. Ask yourself:
- With competition surging in just about every industry, how are you going to differentiate your business, attract new customers, keep current customers and make money this year?
- Where do you see your business going in the next five years? Or 10 years? How will you get there?
- What setbacks could you encounter along the way and how can you plan for them?
These are the kinds of questions you should consider as you work to maintain, grow and finance your business. It’s a tall task, but we know you’re more than up to the challenge.
With the right planning and management, we know you’ll be off and running. And if you need help along the way, you know where to find us.