Some businesses struggle with organising their finances because there are so many areas that need to be covered. Running your own business can be challenging at the best of times, so if you’re struggling to manage the cashflow, it can feel like you have a mountain to climb.
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The mere mention of finances to any small business owner will see them visibly flinch. In fact, they do so with good cause, as this is the number one reason why small businesses fail. A massive 82% of failed small business owners have cited this as the reason for closing down.
Balancing your budget
It can be a fine balancing act between funding your business to support its growth, while being thrifty enough with your spending to keep money in the kitty for unexpected needs. Focus on a “lean and mean” startup budget to help you get through the tough times.
Remain frugal during the boom times, when you can perhaps manage to save a little, because this will be important to keep you ticking over during hard times. However, to a newcomer in the business world, it can be challenging knowing where to start when it comes to the budget.
Letting the professionals take over your finances could help save your business. Using an accountant will take the uncertainty out of how much you should spend, save and keep in the kitty. Getting yourself a great accountant is the key to managing your finances efficiently – and predicting if stormy times are ahead.
Businesses’ cash flow problems rarely come out of the blue. Usually, they accumulate over a period of time, in one shape or form – often when the business owner is tied up with other responsibilities and projects. Having a dedicated accountant to keep a close eye on your finances all the time can be very beneficial.
A smart, proactive, financial professional will look at your company’s finances with insight, analysing whether you’re about to encounter stormy waters and putting measures in place to stave off cash flow problems if rough sailing is forecast.
Almost 50% of all small business owners feel their own approach is “more reactive than proactive”.
Professional accounting services
When you approach DL Accounts to help with your business’s finances, you can be sure of a personal service, tailored to your own needs. As a family-run firm of accountants, based in Cornwall, we aim to remove the stress from your accounting.
We can help your business grow by understanding its value – because even if you’re not planning to sell, you need this knowledge to successfully plan for the future.
We can identify tax savings, provide cashflow forecasting and help you to get into good financial habits. We can identify any potential financial issues; help obtain additional funding for your business where possible; and offer strategic guidance.
When you’re considering restructuring your company into a more efficient model, including improving tax efficiency, we can handle this, setting goals to provide the most profitable options.
If expansions and mergers are in the pipeline, we can help you to assess whether your plans are viable and manage the change process to help it go smoothly, should you decide to go ahead.