Take a Business Fiscal Check-Up
Bleak, cold, and unwelcoming the January blues are with us. Never before have they been as unsettling as in this new year. Anxiety and uncertainty are on everyone’s lips. It is therefore essential that every business analyses its existing and future goals, taking into account the effects of the global pandemic that is hitting us. Here are our top five best tips going forward:
1. Budgeting in Business
Business budgeting is a simple way to control business spending and increase savings. Be realistic about making a budget. Many people are prone to create budgets that are too loose or too tight – financial budgets should be clear and realistic. If you want to have a good shot at hitting your financial goals, then it helps to break the bigger goals down into more manageable bite-sized objectives which you can gradually work through bit by bit, to create better financial habits. A bit like a diet, it is something that will best be achieved if the aim is to weave it into your life as an on-going concern. That way if you stick to a budget – or a diet – over time you will reap the benefits. It will become the norm and not appear as a budget – or diet – at all!
2. Realistic Financial Goals
The result may be large or small but a financial goal must be realistic. This is why 2021 is so tricky. Forecasting is all about looking into the future. It is dependent on a variety of factors, most of which we cannot foresee this year. But, like in every other year, it is a good useful way to gain an overview of where your money is going and where to cut down on any expenses.
3. Reassess your Existing Bills
Think about what your daily, weekly, and monthly business expenses are and re-evaluate whether these are necessities or desires. Once you start tracking your bills, it’s only a matter of time until you start to notice all your big money-wasters. So, whip out that money-saving detector, go through all your regular bills and expenses, and save some more money!
4. Change services (if you can!)
Research, research, research! You do not have to stay where you are situated now. You can find cheaper and better services if you take some time to sit down and look. Whether this is changing banks to one with better rates, locating services with lower fees, or even just cancelling unnecessary expenses, this will keep more money in your bank account.
If you are running a business outsourcing is one of the key areas where substantial savings can be made. Any service that offers a pay-as-you-go element or a non-fixed contract can ultimately be used as and when required. With lockdown providing uncertainty as to whether a business can even remain open, you must minimise your fixed costs, where possible.
5. Areas for Outsourcing
The year 2020 has emerged as one of the most challenging years in recent history. The whole world is looking to recover from the health and economic challenges posed by the Covid-19 pandemic. Through outsourcing, businesses can save funds with the elimination of expenses from non-core activities. Instant savings can be achieved by removing the fixed cost of an in-house accountant, reception and answering facilities, typing and editing functions. If worked into your budget you may find costs as high as 30% versus previous in-house fixed costs. In addition to the uncertainty of the current year, it is essential to be able to be flexible, to be able to meet both high and low demands without paying for static time during the period.
Don’t wait – start your financial check-up right now and as per the Scouts’ motto: Be Prepared.
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