5 Ideas To Boost The Financial Health Of Your Company

Written By Alla Levin
November 12, 2020

Boost The Financial Health Of Your Company

When you’re running a company, financial planning is one of the most important tasks you’re up against. To improve your company’s financial health, there are plenty of different areas that you can focus on. From forecasting to funding and financial protection, let’s take a look at some key ideas.

Forecasting & Budgeting

Running a business means you’ll need to pay close attention to forecasting and budgeting. To make life easier, there are several financial software tools on the market that can help you out.

  • Scoro: Scoro is a top financial tool for small businesses and freelancers. You can access forecasting and budget planning features, a KPI dashboard, reports, financial analysis, and invoicing features. The tool also offers project management and CRM so that you can merge your financial data across these areas.
  • Prophix: Using Prophix, your business can benefit from forecasting, budgeting, and planning. You can plan your cash flow and access profitability modeling features. With Prophix, you can also take advantage of personnel planning features, optimization, and management reporting.

Secure Extra Funding

To become more financially healthy, you’ll need to secure enough capital to meet your needs and enable growth. As a startup, it’s not always easy to do this to help apply for extra funding. Many organizations offer grants for small businesses, including:

  • National Association For The Self Employed: The NASE offers $4,000 to small and developing companies. All grants are flexible, so you’re free to use the money for whatever you please.
  • Small Business Innovation Research Program: The program is offered for small companies looking to research federal operations. To be eligible, your business must be working towards a high tech product or innovation.

With a little bit of extra funding behind you, it’s easier to expand your business and reach your goals.

Improve Your Collections Processes

Collections processes can be time-consuming, and there’s nothing worse than having cash tied up. To improve your collections processes, it’s advisable to work with an established collection agency. When you work with a collections agency, you can take the stress out of your collections processes and recover your debts faster. With the right team of debt recovery experts behind you, your company can achieve the peace of mind you’re after.

Reduce Your ExpensesReduce Your Expenses

Keeping things simple; reducing your expenses is an easy way to improve your financial health. There are plenty of ways that you can look to reduce your expenses, whether it’s securing cheaper suppliers, free marketing, outsourcing, or operating remotely.

Invest Wisely

Investment opportunities can improve your business’s financial health, as long as you invest your money wisely. There are plenty of investment apps that are perfect for small companies, including Interactive Brokers, TD Ameritrade, or Tradestation. It can be useful to talk over your investment plans with a trained financial adviser to get wealth management advice. A professional service can support you in making the right financial decisions.

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