The Corporate Couch – 11 Tips to Better Manage Your FinancesKaty Cook
Whether you’re a business owner or a manager, staying on top of tangible items is vital to success. These tips can help you keep track.
1. Set up a realistic budget. While it’s good to be optimistic, don’t plan for more spending than you know you can afford. Make sure you plan for emergencies and contingencies as well.
2. Save costs where they matter the most. Don’t just pinch pennies for the present. Make sure your savings will pay off in the long run. Compromising on quality might cost you later on in repairs and replacements.
3. Spend only when it’s necessary. Don’t spend if you don’t need to. Every bit you save goes toward your profit.
4. Find alternative sources of finance. Sometimes even successful businesses need a little help. Business loans and investors can help you through leaner times.
5. Stay true to your contracts. Not only will you gain the respect of your clients, you’ll also avoid legal battles that can be a serious financial drain.
6. Make sure employees are well compensated. Employees deserve to be rewarded for hard work. Make sure yours are well compensated for their time and they’ll be more productive and happier to come to work.
7. Learn to do more with less. Quality is much more important than quantity, so make what you have count.
8. Assign equipment wisely. While it might be nice for every employee to have a tablet, budgets often don’t allow for such conveniences. Make sure the employees that need tools the most have access to them.
9. Invest in solid technology. This doesn’t always mean the latest technology, but what your office needs to do work effectively.
10. Update when necessary. Using obsolete equipment and programs can really slow you down. Update when it makes sense so you won’t get left behind by competitors.
11. Don’t be wasteful. Every sheet of paper, paper clip and pen is a cost on your budget. Use materials wisely and don’t waste them out of haste or carelessness.
Dr. Mimi Hull is a licensed psychologist, she has a master’s in counseling and personnel services and a doctorate in psychology with specialization in business management from the University of Florida.