When blues singers crooned about runaway trains, there’s every chance they were discussing their finances. After all, we couldn’t think of a more apt metaphor for money than a railway carriage careering away from us.
At times it feels like keeping hold of the fiver in your back pocket can be a nightmare, let alone your savings account.
And what about business finances? If you’re the owner of an SME, chances are you’ll wake up in a cold sweat at thought of your fiscal health. You’ll look at your bank account through the gaps in your fingers and discussions with your financial advisor will be about as pleasant as an episode of The Handmaid’s Tale.
While your personal finances can afford to be haphazard from time to time, the same isn’t true for your business enterprise. With cash flow issues comes a poorer quality of service and, in turn, a decline in your entrepreneurial fortunes.
To help you keep on top of your business cash, try a few of these top tips.
You’re a business professional, but that doesn’t mean you can do everything. A big part of owning your own company lies in realising your limitations – and that means, when you can’t do something, call in the professionals.
In this case, the professionals are financial advisors, those people who know the intricacies of tax, budgeting, and financial law.
And for our money, you shouldn’t look further than Chancellor Financial.
This is a company which has expertise in financial planning and advice in accordance with UK law. You’ll be able to conduct meetings with this company from their offices or ad-hoc via Skype. It’s up to you.
The internet is a fountain of useful information when it comes to finances, but how do you separate the wheat from the chaff?
For one thing, we’d recommend finding a tax calculator you can trust and bookmarking it so it’s always at your fingertips.
There are thousands of tax calculators out there, but our favourite comes from UK Tax Calculators and is eminently useful.
Similarly, we’d recommend Pegasus’s Personal Finance Calculator if you’re calculating loans you may want to take out in the future.
You’ve got a company credit card burning a hole in your pocket and big dreams of shelling out for a luxury lunch on the expense account.
We’ve all faced these temptations. Maybe it’s a company car or a snazzy new phone that’s caught your eye. After all, you’re the owner – why shouldn’t you enjoy the fruits of your labour?
The reason is obvious – too many treats will drain your finances like air from a burst balloon.
Before every purchase, weigh up its pros and cons, or count to 10 before adding dessert to your latest opulent meal.
With added mindfulness, your finances will be in a more secure place.
That’s our list! Can you think of any other effective business finance tips? Then let us know in the comments below!