How would you report your small business to be doing these days?
If you say improvement is in order, especially when it comes to finances, any plan to achieve it?
One thing you never want to do as an owner is leave your company in a precarious financial position.
So, take the time to review your money situation and don’t be afraid to take action if you need help in any shape or form.
What Warning Signs Should You Be Concerned About?
In making sure you are doing all you can when it comes to finances, be on the lookout for these concerns:
- Being on top of your books – How good of a job do you do in knowing your financial books and what they say about you. While some small biz owners are quite hands-on in this area, others are out in left field at times. Do your best to make sure you have a good sense of your company’s money trail. If not paying attention because you trusted the books to one to watch, you could be opening a door to trouble. It is always good to have more than one set of eyes trained on the books to begin with.
- Know when you need a boost – There is nothing wrong with admitting your small biz needs a financial boost. With that in mind, how might you go about getting it? One option to think over would be seeking a business line of credit. If approved for it, that line of credit can give you the boost you need. One of the good things about a line is you can be approved for a set limit. That is without continual approvals to access the funds. Now, could there be anything easier than this? If seeking a line of credit, be sure all your documents are in order. You do not want to slow down getting the funds if approved because paperwork is missing or incorrect. Once approved, make sure you have a sense of where you want to allocate the funds to. From new equipment you need to more marketing and other options, you have a decision or decisions to make. Another option is a SBA loan, which is a versatile small business loan that can be used for almost any business purpose.
- Debt is hampering you from growing – Have you thought about any notable debt you may be dealing with? Typical debt can come from having had to take out a loan to get your office space. It can also be because you’ve been running up a business credit card or two. The bottom line is that money needs to be paid back at some point and time. As such, do your best to limit such debt, especially when it comes to credit cards. Unless you are paying the credit card off each month, you will be hit with interest fees more times than not. Over time, those fees are in essence like tossing money out the window.
As you keep an eye out for any small biz financial concerns, the hope is you see them before they see you.
So, what financial moves must you make sooner than later?