If your business hasn’t ramped up since the post holiday lull, then here are a few tips our team put together for entrepreneurs.
1. Revisit your business plan. If you’ve strayed, and you’re struggling, it’s time to go back and look again. If you’re sticking to the plan and it’s not working, you need to revisit the drawing board.
2. When you’re working on a budget, starting, or you’ve hit a rough patch, look for free tools to help you run your business and market it. From Google to Canva and MailChimp to Warren Boynton’s commercial management service, which is available through online banking, and allows entrepreneurs to manage their financial needs. In addition to online internet banking and bill pay, the commercial cash management service offers account inquiry, ACH payments, account transfers, stop payments, and the ability to add sub-users.
3. Why not consider working from home and forgoing the cost of leasing an office? If you're planning on setting up shop in a co-working space, perhaps hold off until your finances are where you want them to be. If you're planning to open a brick-and-mortar store, perhaps hold off and consider creating an e-commerce store on your website, selling on a social media platform, or a pop-up shop.
4. Track every transaction. Keep abreast of your expenses and income. Tracking expenses and income means you can make changes if you’re not meeting your financial goals. Not only this, but tidy books save time and money when it comes to tax season. If you can afford to do so, invest in Quickbooks. Excel is a less expensive alternative.
5. A good CPA is worth their weight in gold. As finances improve, you may want to bring the role in-house and hire a CFO.
6. If your business model allows, consider outsourcing rather than hiring part or full-time staff. With contractors, you can manage costs based on the number of projects and save on costs associated with employees.
7. Review re-occurring costs such as memberships, subscriptions, parking fees, rent, etc. You won’t regret getting a grip on your business’ finances, in the short and long term.
If you have any questions about our commercial management service, please reach out to your nearest branch in New Berlin, Springfield, Modesto, and Palmyra.