Sunday, February 8, 2009

FINANCIAL TIPS DURING THIS ECONOMIC TIME

Many people are panicking and have many concerns with today economic status and how it has affected them. The news broadcasts how it affects corporate giants, but what about entrepreneurs and small business owners. Some are having difficulties generating new business and securing finances.

Here are a few financial survival tips Bookkeeping & More Services would like to share with you to assist with easing the stress of your business’s future.

Financial Tips During this Economic Time

  • Create a “Plan B” - things may be at a positive state at this time but you’d want to have a “plan B” just incase something unexpected happens.
  • Gain Control of Your Cash – Cash management is the most important part of a business, many businesses fail without it.Learn the best approach in cash flow management.
  • Get Organized – Make sure your financial records are up to date and accurate.
  • Cut Costs – Evaluate your cash flow and determine where you can save money.
  • Control Spending – Check your inventory regularly and only purchase necessities. Start creating a budget for business expenses.
  • Negotiate Terms with Your Suppliers –Try to negotiate term with long term vendors.
  • Delinquent Accounts – Contact customers once they exceeded your terms.
  • Employees – Review employee’s status and determine if it would be suitable to reduce hours and/or increase productivity with your valuable employees.
  • Outsourcing Save Money – Find an experienced contractor who can assist you with back office duties. Outsourcing consultants will reduce the costs of employee taxes, benefits, bonuses and office space.

Businesses most likely to survive in the economic recession are the one’s willing to make change and adapt to the times.

Bookkeeping & More Services offers a variety of office solutions to assist businesses in maintain control of their finances and administrative task to running a business.
www.bookkeepingnmore.com

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