- Keep business and personal finances separate – One of the biggest mistakes of small business owners make is keeping all of their finances in one place. Instead, open a business account and get a company credit card. Be strict about using this for business purchases – don’t blur the lines. This will ensure that you are in full control and that you can track your outlays with ease.
- Don’t be afraid to ask for discounts – Some companies will be more than willing to give businesses discounts. And, you know what they say – if you don’t ask, you don’t get. You’d be more than surprised by how often you will get discounts or free stuff just by asking.
- Monitor and measure performance – A lot of people wonder how to grow a business, and it all really begins with knowing how you are performing right now. If you do not keep tabs on your company’s financial performance, you will never know how your financial health is at present, nor will you be able to plot how to improve your finances in the future.
- Use cloud computing solutions – One piece of small business advice UK wide you should follow is to embrace cloud computing. Cloud finance management solutions are becoming more and more popular due to the fact that there are low barriers to entry and the majority of options are free or low-cost.
- Don’t procrastinate – Don’t put off your bookkeeping needs. You may think there are other tasks that are more important when it comes to how to grow a small business. However, you will end up with a big mess on your hands if you put bookkeeping off.
There are many different techniques for those who are wondering how to grow a small business, however, for most owners it starts with their finances. After all, if you do not manage your finances efficiently, you are going to struggle to process. With that being said, below we are going to take a look at some top finance management tips for small businesses.