Finance

How can you ensure your business finances are under control?

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Balancing the budget, monitoring expenses, managing finances – business owners have multiple responsibilities, and they all point towards money-driven goals as well as their own set of personal and corporate values. It can be challenging and resource-draining to constantly maintain financial stability, especially given the sometimes unpredictable nature of the economy.

Planning ahead

Whether getting a business off the ground or keeping ahead of major expenses in an established company, preparing for the future is a major factor in ensuring that financial situations are under control. One challenge is maintaining cash flow to ensure that a company can cover its expenses if investing its funds in a particular project or product before other payment arrives. Another is accounting for unforeseen expenses: this can involve minor incidents which peel away at the company’s finances – and as many businesses run close to the margin, these costs can be difficult to adequately recover from its cumulative effect. Loss of an executive, drastic supply shortage, a catastrophic event and economic downfall can also be a key factor in setting a business off course.

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Finding ways to counter these challenges are essential by anticipating potential risks and devising an action plan, as well as keeping a business on track during smooth periods, or helping it into a consistent period of growth during stagnate times. Here is where a business consultant can be an ideal solution: hiring someone with a vast array of expertise from a diverse selection of industries and sectors, who can take a truly objective approach to the business from an outside view, and who can also save company resources by directly taking on a focused role which ties everything together. Entrepreneur and consultant Scott Gelbard, whose clients include leading companies worldwide, primarily in Europe and Hong Kong, strongly believes in the fresh-minded approach and problem-solving attitude that a consultant can bring to a business in all climates. Gelbard, who co-founded Beckham Walker Equity Partners in 2008, emphasizes that the strength in a business lies in its long-term and short-term planning, and that a successful business consultant will be able to help guide this plan with an innovative outlook, while reflecting the respective company’s values and ethos.

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Harnessing the power of tech

While drawing on the expertise of business consultants, companies also have an entire wealth of knowledge and powerful marketing and monitoring tools via the web. Now that technology enables immediate information access on the go, more businesses are using smart devices to keep track of various aspects of their company management, including finances. These cater to a varied assortment of businesses including their respective sizes – SurePayRoll is geared towards a 1-10 person small business, for instance – and are handy ways to empower employees whose work takes them away from the office, as well as individuals who may work from home. While these aren’t the be-all-or-end-all of solutions, but they can be integrated into a comprehensive, long-term plan which allows a business to keep track of its direction, especially its financial one.

Taking on the financial aspect of any business is a big responsibility. But with critical thinking, fresh minds, and experience, any business stands a chance of success and can sustain itself through difficult periods. Sometimes, that means taking on new ideas, hiring a consultant, and restructuring the way that the business is laid out without leaving its values behind. It is these steps, which may be the key to surviving hard times and flourishing in good ones.

 

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Derek

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