Spring is in the air, so it could be time to give your home a thorough clean – so why not your finances?
The new financial year starts next week, so there’s no better time to take stock of all your business investments and cash flow for the upcoming year.
When spring cleaning your home, you should start at the top and work your way to the bottom, checking in places you don’t always go and throwing away things you don’t always need. The same rules work for spring cleaning your business finances.
We have collated five tips to improve your financial situation and cash flow.
1. Simplify your finances
Nobody likes complicated money matters, so make things easier for yourself with something as simple as automating your finances, whether this is investing in a new CRM or releasing some cash to purchase investment items.
We offer a great option to help simplify your finances, and it’s such an easy process. You can read all about that here.
We also offer a full financial review here at Alpha Asset. Could we help signpost areas that could be improved to help simplify and streamline your processes? You can book a free audit here.
2. Plan ahead
In the same way you need different shoes for different weather, think about what money you may need should stormy situations occur next year. It’s often the things you weren’t expecting that cause the most stress. If one of your machines fails, where does this leave you? What if a client doesn’t pay on time, so you can’t pay your staff? Get ahead of the game and have that contingency available to help if these situations arise.
3. Set financial goals for the year
Most businesses have financial goals and find them a valuable and essential part of the business plan, as they keep the business focus and objectives in order.
Once you complete and succeed in one goal, it is time to move toward the next financial goal, knowing that each one increases business growth. Need help with setting these goals? We can offer a full financial audit of your business to see where gaps are missed.
Remember . . . When setting goals, consider any tax changes that affect your cash flow. We have solutions that can help.
4. Get on top of your budget
First and foremost, creating a budget is a great way to address where your money comes from and where it seems to disappear every month! Once you’ve got a budget document set up, refer to it regularly and see where you are under or overspending.
You can create a budget for your business with everybody’s incomings and outgoings combined.
5. Assess your financial resilience
It’s impossible to predict what will happen in the future. We talked about financial buffers earlier in case the unexpected happens. Do these steps you’ve planned reflect your needs and balance your risks?
Looking at the steps you’ve taken, could releasing cash or financing an asset within your business help your growth and give you a more secure contingency pot?
We have many options that could help you here at Alpha Asset Finance. Whether it be invoice financing, refinance or asset finance. We accommodate your needs into a bespoke finance application and make sure that it suits your business needs.
Get in touch today. We can help you review your financial situation.