5 Easy Ways That Your Small Business Can Be Financially Fit.

[Adebola]

A business owner with lots of prospects my be fully equipped with business plans both long term and short term plan. And also be smart enough to follow the economic trends

 

[DareIsrael]

I love this article. I agree with the points. One has to plan ahead and have a good record of bookkeeping. Your budget must be balance at all time.

 

[Oliver 20]

I think advertisment, getting your business out there, connecting with people will make a huge difference on your business, you can have a great product but if the marketing is bad the results will be futile.

 

[Erik4150]

I agree with every point you presented. Especially the last point which has to do with money management, it is a necessary financial tool for small business to succeed.

 

[Saqibraza]

Here are a few things you should do as a small business owner to stay on top of your finances. Pay yourself. Invest in growth. Don't be afraid of loans. Keep good business credit.

 

[Doradorwa]

Planning ahead plus keeping a very tight budget is very good to keep a small business moving plus going through reviews for potential business opportunities.

 

[Shigobad20201]

When you are a small business owner, any decision you make, right how you set your products' prices, to the cost of your services, has a big impact on your business. There are many things a small business needs to do to remain in business and make profits. Since the pandemic hit, there has been a great shift from brick and mortar business to online enterprises, but the requirements to be financially fit are the same.

A small business owner must be very careful and sensitive to small changes and signals in his business. The business is likely to be affected by a small shift in the general economy or prevailing conditions in the world.

It is important to be up to date with the latest trends and developments in your niche or business field. If you are not careful, things tend to snowball and may lead to a financial situation that may cost you the entire business. As a small business owner and an entrepreneur, you need to prepare for anything; you should be ready for any financial uncertainties.

The following are five ways that you can keep your small business financially fit and future proof:

1. Use an updated bookkeeping system –to keep your financials in check, you should have the latest and most sophisticated bookkeeping tool. A good example is QuickBooks. Such tools can be automated and easily tweaked to fit your business needs. Having the latest bookkeeping tools will help you track your inventory and manage your bills and customers better.

2. Plan ahead – The best way to future proof your small business is to plan for the future. Have properly developed long-term and short-term plans. The long-term plans will help you anticipate any changes in future economic trends. If you have long-term plans, no uncertain occurrence will knock you out of business because you will have already planned for it in advance.

3. Outsource what you are not good at – for your business to be financially sound, you should concentrate on what you can do best and outsource all the other operations. For example, you should not try to do your taxes. If it is not your strength, you are bound to make mistakes. Tax issues have a high propensity of making errors of omission or commission, which may cost you dearly.

4. Always check your books every day – As a small business owner who is just getting started, you should keep your financial records in check and look at them regularly. Never procrastinate; check your books. Ensure you look at your books every day without fail. It is only by carefully scrutinizing your books that you will be able to catch mistakes early enough before they become too big to handle.

5. Stick to your budget – This is a big mistake that many small business owners fall into. You should make your budget early enough at the business planning stage. Once you have all the plans and the budget set way in advance, you can now go ahead and ensure you align your operations to your budget. Small business owners should make sure they stick to their budget at all times. Going outside the budget is financially unhealthy and may cost your business in the long run.

the value of an updated book keeping system is to keep your account in check to know your total expenditure, and planning ahead also helps in making your small business grow bigger, and always stick to your budget and spending, don't because of one silly mistakes said you are going to borrow.

 

[Victor001]

Do not invest the amount that you cannot afford to lose. You should always have an exit plant in the worse situations and think what you will do if the business fails.

Seriously,anytime I say this that's when I will always default, you are not far from the truth I will have to learn discipline and also build mental prowess to act as I plan, else business will keep crashing.

 

[IamDozzy]

Nice article you have here. I particularly agree with your point 3, however, most organizations do not pay much attention to the welfare of workers performing outsourced jobs. This should be something worth looking into especially for those planning to establish a business in developing countries.

 

[Bookwormlux1]

Another tip is not siting your business in a place that has bigger competitors in a way that would make it difficult for you to get patronize thereby running into losses.

 

[MercySmith]

If you have plans to increase your small scale business in the future, you must learn to follow and keep to your budget. Endure they you cash flow is balance

 

[Senator]

A very sound knowledge of a good money management skill is very important when going or intending to go into any manner of business in life

 

[nimzy]

there are many ways to attained that but you must be a manager who has focus and then a set goal to achieve without distractions of any kind.

 

[Kane]

When you start a business, you should already have enough funds. Some businesses collapse when they do not have enough funds at the time they need most.

 

[Adebola]

One of the ways to keep your business financially fit is to check on your spending. I started a business one time like that and at the end of the day i notice that i spend more than my income which is bad

 

[Kingsley]

This is very insightful and educative infact all the skills highlighted above will really put a business on the right pedestal, if i may add I would also include been diligent and customer friendly and this can be achieved by allowing the customers to air their views.

 

[Adebola]

For a business to be financially fit like you said the owner must stick to budget. Over spending can be very degrading in a business when what you spend is higher than what you gain

 

[Ehizzy1]

Most times some small business owners get carried away when they start seeing little profit from their business without considering whether the business is still healthy or not. It is necessary to always access your activities so as to be able to detect any slight deviation. Also market trend is as important as what you are pushing into the market

The problem is that many small business owners still actually behave like that, and i don't really know why they behave like that any little profit they see ,they would like to spend it fast

 

[Setfragil]

For a business to be financially fit like you said the owner must stick to budget. Over spending can be very degrading in a business when what you spend is higher than what you gain

I totally agree with you for any business to remain financially stable, it must makes sure that it doesn't spend the business funds on things that they are not meant for. He should be discipline in his spending and budgeting for the business to be financially fit.

 

[Chibson]

Risk management is a major scale in the field of starting a business. I have seen a lot of people who started very little and managed the business to a very high level. Anyone who also wants to venture into any business should have proper knowledge about the business.