We’ve all given our homes a good spring cleaning: washing the windows, shampooing the carpets, purging our closets – the list goes on. But what about dusting off your business finances? It’s time to organize your business financially to better prepare you for the rest of the year. Here are five tips to give your business finances a fresh, new look this spring:
1. Price out your competitors. Pricing is one of the hardest parts to get right when owning and/or operating a business. Secret shop your competitors to see what they are doing. Market conditions are also changing, so it’s imperative that your pricing is neither too high, nor too low. Assess your offerings and see how they compare to your competition. Maybe a price change is in your business future.
2. Set your year’s goals. Spring is the best time to forecast how your business will play out financially for the rest of the year. Look back at your expenses, profits and losses from January-March to restructure your business plan and action items if necessary.
3. Re-invest in technology. Research new accounting software or apps that will save you time and money in the long run. By learning these programs, you can in turn learn more about your business and give yourself the competitive edge you need.
4. Go on a coffee date with your business finances. Set aside 15-30 minutes every week to review and organize your finances. This way you will be ahead of the game and have a better idea of what is coming in and what is going out. Make the time!
5. Keep your business and personal finances separate. Make sure you have separate business credit cards and bank accounts. It may be more convenient to charge everything to one credit card, but when it’s time to fill out that expense report, you will waste more time sorting through that statement. Time is money, so don’t waste it.
Telhio Credit Union is here to help your small business succeed. Contact us today at 614-221-3233, extension 8211 to learn more about our business services and products to help you manage and grow your business.
— Telhio is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. This credit union is federally insured by the National Credit Union Administration. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company. Copyright 2003-2017 Telhio Credit Union, 96 N Fourth St., Columbus, OH 43215. All Rights Reserved. Deposit accounts at different divisions are part of Telhio Credit Union. Deposits held at each office are not separately insured. NMLS #251831. —