Financial Spring Cleaning For Your Startup

rebeccaharper By rebeccaharper, 9th May 2017 | Follow this author | RSS Feed | Short URL http://nut.bz/1svvqwdy/
Posted in Wikinut>Business>IT & Ecommerce

It’s spring and it’s the season to get yourself organised. Not only is time to have a tidy up at home or in the office in preparation for the sunny months ahead, it is also the time of the year for business owners to get organised financially.

What Areas Should You Focus On?

From managing cash flow to reviewing company plans/progress and reviewing costs, every business can massively benefit from a self-review and refresh. To help you get the spring clean underway, we’ve listed some financial tips to help you get started on being more streamlined this season.

Review Your Business Plan

The business plan continuously serves as a guide throughout your entire business venture. An effective and detailed plan can be the difference between success and failure as it allows you to prioritise your time, money and targets. It allows you to review ongoing progress so you can constantly review what you need change or improve in order to avoid potential risks or failings.

When you started your business, you should have created a formal business plan to define a clear strategy and goals for your startup. If you don’t, then it is highly recommended that you get one as they work wonders in helping with your targets and business decisions. They can also be used to obtain financial backing from investors or loan companies.

If you have, you probably haven’t reviewed the document since you first produced it so it is worthwhile, analysing where you are at in terms of your projections and consider updating it to reflect your current needs and goals.

Analyse Your Business Expenses

As a small business owner, you are the majority of the time going to be in charge of filing your taxes on a quarterly basis. This spring it is efficient practice if you invest in a bank account that is dedicated solely to your taxes so you can use it to set aside monthly amounts towards your estimated taxes. It is at this point you can use an accountant or tax specialist to consult with if you’re unsure on any calculations or areas. It is worthwhile if you do this that you keep accurate records using accounting software to ensure that you keep a detailed log.

By keeping business checking and credit accounts away from your personal accounts it keeps you financially safe and helps you maintain your finances in relation to all of your business matters, meaning you can plan accordingly for when those tax payments are due. By reviewing your income and expenses, it will allow you to see areas where you could invest more or alternatively save money.

Update Your IT Security

It might not seem like a financial decision, but if your IT security still consists of an expired Norton security account, it might be time to start paying attention to this area of your business. Poor IT security can cost businesses money in the form of bad PR and even fines from governing bodies if you have been negligent with sensitive information. Don’t fancy dealing with this? No problem! There’s no shortage of companies out there who are ready and willing to give your IT security a complete overhaul. Look for a company specialising in managed IT services to ensure full coverage.

Parting Advice...

Giving your small business a good spring cleaning is a productive and strategic task. By following these steps and giving your setup the review it needs, you’ll find that your business is ready to head into the season more organised and better prepared for success!

Tags

Business, Business Plan, Financial, Investment, It Security, Money

Meet the author

author avatar rebeccaharper
Rebecca Harper is a freelance writer living in London. She specialises in law, politics and social issues including equal rights for women in the workplace and the social services.

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