Trying to budget is a lot like exercising – while we all know that we should do it, avoiding it and being a slob seems a heck of a lot easier. And when we get round to it every once in a while, the strain really shows.
But if you’re running a business, you can’t afford to pull a financial muscle, lest you descend into a spiral of debt. Yet, according to Bloomberg, 8 out of 10 businesses fail within the first 18 months of opening their doors – and poor financing is largely to blame.
So, if you’re trying to make the most of your finances, what do you need to do to avoid pulling a monetary muscle?
Know Your Alternatives
While larger banks might not be willing to trust an ailing company, you could turn to the numerous alternative finance companies that focus on your niche sector.
Factoring companies, construction finance, crowdfunding, equity crowdfunding and many more are available to the business in need of cash – and they’re becoming more successful by the year, raising billions for SMEs.
The best of these businesses will cater to your specific market and, like a bellowing personal trainer, help get your finances in check.
Find a Finance Aficionado
If you find that financial jargon flies over your head like a soaring decimal point, then it’s time to get an accountant in on the act.
With an effective accountant, your finances will be in a much healthier state, leading to fewer errors that might pique the tax man’s interest. More than this, your accountant can act as a suitable sounding board to help you make the right choices for your business.