6 Easy Ways To Take Control Of Your Finances

6 Easy Ways To Take Control Of Your Finances

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Most people know that taking control of their personal finances can be tricky. And, for those who are running a business, it can get even more complicated. Keeping track of your expenses and forecasting your future finances is vital to any company’s survival. But before you go out and hire the best and most expensive accountant you can find, there are a few steps you can take to help you start better tracking your current financial state.

1The bigger picture

The financial health of your business isn’t solely dependent on how good your books look. Understanding your industry’s history and market trends will help you make smarter investments in the future. Reaching out to an experienced equity research analyst, especially if your business is growing, is an excellent way to carve out an accurate financial forecast. For businesses that are in debt, an equity research professional can help you develop a strategy that will pull you out of a poor financial state, while helping you make smarter financial decisions in the future.

Related: What Makes a Good Financial Management System?

2Cut back, but not too much

cutbacks

Businesses can do a lot of things to cut costs, but if you are going to do some snipping, make sure it’s just a trim. With so many tools created for the purpose of streamlining everyday tasks in the office, many of them free of charge, you can start making small cutbacks, replacing them with low-cost options.

Investing your resources into building a strong team, rather than too many bells and whistles is key. So, before you even start considering cutting back staff, sit down and consider what you really don’t need, like expensive software.

3Invest in your reputation

Taking time to invest in your customer is an excellent way to cut costs while also setting yourself up for a bright future. In the early stages, many businesses don’t think about customer relations.

They might be thinking too much about fine-tuning their product or applying for funding, but it’s well worth their time to invest in customer relations. Rather than spending a too much money on advertisements, focus on building a loyal consumer base. This can be done by offering promotions, or free trials of your product if possible. And don’t forget to follow up with your customers through email and social media. This is a savings tactic that cannot be done overnight, but if effective if done right.

Related: The Money School Weighs In On What’s Really Stopping You From Financial Freedom

4Build a network

Building a network is beneficial for many reasons in the business world. For small businesses, it’s essential to getting a leg up. Making the effort to extend yourself, by attending a meet and greet every once in awhile, can help you cut costs by making room for new knowledge and best practices.

Increasing your network can also result in potentially fruitful collaborations. With the rise of the freelance economy, there has been subsequent growth in the development of the shared workspaces, most of which offer various events for networking, professionally and personally.

Consider taking the whole team out for a training session, or a networking evening at your local co-working space.

5Embrace remote work

Depending on the size of your team and at what stage of development your business is in, you may want to consider letting your employees work remotely. As telecommuting has become increasingly popular, businesses have been seeing real benefits, including happier employees and less overhead costs.

Rather than renting out an office space five days a week, look into taking out a flexible lease, bringing the whole team together 2 or 3 days a week. In addition to lowering your business expenses, allowing your company to work remotely can decrease commuting costs and extras that can add up, like going out for lunch every day.

Whether you are hiring a professional financial expert to help you disentangle mismanaged finances, or looking to to simply tighten your budget, taking the time to invest in your story and professional network is step in the right direction.

Focusing of things like building brand awareness and allowing employees to work remotely are just some of the ways you can increase your network, which can lead to more opportunities and financial growth in the future.

Josh Althuser
Josh Althuser is a tech entrepreneur and open source advocate specializing in providing mentorship for startups. You may connect with him on Twitter.