Top Tips Not To Make Financial Mistakes While Running Business
I’m always on the hunt for relevant info and I loved this - one of the best articles I’ve seen on this topic for a while. Here are a few paragraphs as a taster...
Financial mistakes should be avoided at any cost during the journey of doing business as little errors can lead to cash flow problems. It is also suggested to brush up the financial IQ for those who are not savvy in accounting. However, below are some basics to take care before it turns up to be a great mistake.
Late Payments
It is usual practice to put off the bills until the last minute. This applies to business owners too in both the cases – payables as well as receivables. It is good to give extended window to your clients while billing. They will appreciate such flexibility, but seriously it will cripple your cash flow. It is suggested not to give more than two weeks time to pay the invoice. For those who provide high quality services or goods, this won’t be a problem.
Similarly, while paying your own bills it is important to pay early as waiting for the last minute may sometime miss the date and land you paying with fines. Missed payment may also harm your credit score.
No High Spending On Non-Cash-Generating Activities
This is true. No need to spend too much of time and money on non-cash-generating activities. This will ruin your core business. Everyone has 24 hours and it is you who need to decide whether to work smart or invest more time with less output. Identify what will bring tangible value to your business. This will help you to succeed in your business.
Pretty valuable stuff, I’m sure you’ll agree! Why not check out the whole article here and share your thoughts with me afterwards: call (0406)029-050 or email me at [email protected]
Thanks,
Reuben