If there’s one thing that every business owner sets out to do, it’s to make profits from services or products that you’re offering. However, sometimes you can find yourself in a position financially where you’re spending more than originally planned. This can of course, bring down profits and sometimes even cut them out completely. Obviously this isn’t something that you wanted to happen, and there are clever ways in which you can avoid falling into this dilemma, or pull yourself out of it if you’re already in financial crisis. Take a look at these money smart tips that every business owner should know.
Don’t be afraid to take a step back
Sometimes the best way of sorting out your financial crisis is by taking a step backwards in your business to a place where you were doing well profit wise. Something since then has clearly gone wrong and you need to figure out what it is so that your business doesn’t fail. Don’t be afraid to take a step back and take necessary actions to save your business. Even if this involves letting a member of staff go, your business is your highest priority.
Seek help from professionals
There are millions of very successful business owners around the world who aren’t very financially savvy knowledge wise. So how do they succeed if they have no idea about how to handle their money and profits? Simple, they seek help from professionals like Stak who offer invoice finance for your business. They can help all kinds of industries, so take a look and see if they can help your financial situation so that you can get back on track as soon as possible.
Eliminate over time
One of the biggest reasons for profits dipping down is because of overtime that you or your staff have taken. Be financially smart and eliminate paid overtime so that you don’t find yourself being taken advantage of and also losing out on profits. Over time can still be worked, but your staff will simply be owed the hours rather than being paid for them. You will find that as soon as you eliminate over time, your profits will begin to rise again.
Shop around for the best deals on supplies
Like with any companies, suppliers of equipment, stationary, and even products that you sell want to make as much money as possible from you. If you’re not careful, you could end up paying extortionate amounts of money when in fact you don’t have to. Shop around for the best deals on supplies so that you know you’re getting the cheapest deal possible. Often, when supplier companies realise this, they lower your prices anyway!
Try these four tried and tested money smart tips so that you can prevent your business from becoming a sinking ship!
Want to learn more?
We’re here to help you to take action just like we’ve helped thousands of other entrepreneurs, business owers and creative professionals all around the globe.
Now is the time to let your passion SHINE.
Now is the time to Make Tomorrow Today!
To your success,
Vinh Van Lam & Stuart Horrex
Your Creative Coaches @ CoSydney & ArtSHINE industries