The role of business owner is a demanding job that requires a varied skill set. You need to ensure that your service or product has a viable market, a high enough volume of customers, be able to employ and manage staff, plus think about marketing and image, as well as managing and maintaining accounts and finances. Cash flow is perhaps the most important part of a business as without this, the company could not cover the costs or investments associated in these areas, and will struggle to function as a result.
Thus, here are some basic tips and money management skills that are essential to every business.
With the current economic climate, companies are becoming even more competitive, so you need to provide a variety of payment options. Gone are the days of cash and cheques, so allow customers to pay with debit and credit cards.
The world largely subsists online so your business should, too. Set up a website, create an online presence with social media, and accept online transactions. Online electronic payment services are quick and easy to use. PayPal, for example, have over 40 million customers globally, so this greatly opens your potential business opportunities. They also enable payment while on the move with downloadable apps for android and iPhone.
Establish your Terms
Payment terms clearly set out how and when a client will pay you, including any credit scheme that may be offered and required deposit amounts. Include this policy on any written documentation and correspondence with customers, such as contracts or invoices. This protection is incredibly important, especially if you own a start-up or small business.
This service will cost a fee, but in return the company will provide a percentage of the total invoice value, injecting capital and eliminating the payment wait period. Use a trusted financial firm such as www.TouchFinancial.co.uk, who offer a quote and consultation free of charge. Even with terms and a multitude of payment options in place, there will come a time where payment is late or not received. Recovering the sum via invoice financing will stop these occurrences from damaging your cash flow and therefore, your business.
Balance the Books
Maintain paperwork and keep a clear record of capital, expenditure, and any pending payments. This will prevent any surprises and allow you to plan ahead. If you are a small business owner, it can be beneficial to do your own bookkeeping and then pay for the services of an accountant at the end of the tax year.
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