Now we’re into 2013, the entire focus of the country is centred on how we can all be better off financially. From individuals, to businesses we’re all trying to rein in our expenses and get much more value from the money we do spend.
But as a small business, how do you make your money work for you, while still growing and expanding? Here we have a few business tips to help you on your way – the rest is up to you.
What do you get from your current business bank account? An OK rate of interest but really, it’s not that great? But ask yourself, can you access it online or do you get any other support from your business bank? Countless SMEs aren’t getting their money’s worth from their existing bank, but simply aren’t making the decision to move. If you want to get the most from your money it’s time to compare business bank accounts and make an informed decision.
One of the biggest problems for small businesses is cash flow. While you may have fulfilled many orders, this doesn’t always add up to capital as you wait for other businesses to pay you. You may have specified a time period in your terms and conditions of business, but that doesn’t mean they’re going to pay on time. You may think a business overdraft or bank loan is the solution however, this will require you to go taking on a debt. There are a number of solutions on the market currently, such as invoice finance which can help you in this exact situation and which don’t require you to go into debt – they’re well worth investigating.
When it comes to your business phone line and business broadband providers are you really get your money’s worth? Are you even using business broadband? Many SMEs which haven’t yet switched to business broadband and which are still using home broadband are losing money by the day. If you haven’t yet, you should make it a priority to install business broadband. If you already have a package for your business phones and internet – review it as you may get a better deal elsewhere.
When you come to renew your business insurance, the first thing you should do is shop around. Don’t just go for the first quote you are provided with as it pays to firstly understand the correct level of cover you need and then shop around for the best deal.