Managing money effectively is a learned skill. Here are practical tips that business owners can implement to have better control over their money:
Stay on top of deadlines – Keep track of when bills are due. Missing deadlines can lead to expensive late fees and potentially damage your credit score.
Regularly review expenses – Understand how much spending occurs in a week or month. Track withdrawals from your various accounts whether they are checking, savings, equity line, or debit cards.
Don’t be a victim of fraud – Checking bank balances regularly is a quick way to spot irregular expenses. Contact your bank or credit card provider immediately to question expenses you do not recognize.
Separate your business and personal funds – Maintain separate business and personal accounts. This separation simplifies accounting and ensures more accurate financials records.
Plan for major expenses – Plan for large expenses. Save money by considering discounts when paying for equipment in full. Avoid using credit for large expenses.
Create a budget – Write down or use an app that helps you outline expenses and income. Regularly review your budget. This helps to avoid overspending.
Cut costs and increase revenue – Look for areas where you can reduce expenses without compromising the quality of your service.
Plan for taxes – Seek help from a qualified accountant or bookkeeper. This ensures you do not fall behind on tax obligations and avoid fines and penalties.
Use apps to help you better manage staff – Use timekeeping apps to track employee performance and better ensure customers are receiving the services as promised.
A well-established franchise company such as Executive Image Building Services helps franchise owners better manage their money within the commercial cleaning industry.
