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Stay in control of your finances
When setting up your new business it's easy to let your finances get a little out
of hand, and it seems like there is no end to the money you have to shell out for
various things, but keeping a close eye on your cash flow will help in the long
The last thing you need is to discover you are making a loss because you have let
your spending run away with you.
Keep accurate, up-to-date financial information
Keeping your paperwork accurate is the key to controlling your finances as having
a close eye on forecasts and accounts can help you prepare for shortfalls.
Accurate information is particularly important if you are looking to expand your
company as you need to know how much profit you are making to see if growth is sustainable
and if you will need to boost your staffing measures or buy new equipment.
Making salary, sales and stock level decisions
Up-to-date financial information can also help you make decisions on a number of
important matters such as staff salaries, the amount of stock you need to buy and
your current level of sales.
This is particularly important when you are looking to move your business from a
successful start-up to an established player in the industry you have chosen to
get involved in.
When a business is still small, decisions can be made on gut instinct, as generally
the money involved will not prove catastrophic if it turns out the decision was
Planning for the future
Staying in control of short term finances will also help you plan for the future,
set targets of where you need to be at certain times and monitor progress.
Taking the time once to compare your financial predictions with reality and see
how they are matching up will also help, as well as looking at other companies in
your sector to see how you are comparing.