7 Things you need to sort out to get your business finances in order.
(Download a free cashflow tracker too!)
Starting your own business, going self-employed or deciding on a freelance career can be daunting for so many reasons. Fear of the unknown, that lack of security, lack of corporate benefits – it can be really overwhelming! All of the scary bits aside though, starting your own business or going it alone as a woman can be the most empowering and liberating experiences. I’ve had my own business for 9 years now, and I love to be able to help my clients with creating the wealth that they both want and deserve. More and more of my clients are business owners, and it’s amazing to be able to be part of their journey as they established really successful brands across a whole variety of industries.
As part of my experience as both an IFA specialist in helping women with wealth creation and as a female business owner myself I’ve been able to compile this list of priorities that you need to focus on to ensure your business finances are in the best shape, not only to be compliant, but also to help facilitate any growth plans.
1, Have a robust business plan. This is an oldie but a goodie, and it is so important to have a business plan that includes all of your finances, clear goals, milestones and actions that give your business it’s overall direction. Until you get a good business plan, you won’t be able to scale your business whilst staying in control.
2. Get clear on your terms and conditions. This may come as a surprise but there are so many business owners that don’t have adequate terms and conditions that are relevant and tailored to their business, and it leaves them financially exposed. Legally you need to have terms and conditions if you sell anything, but don’t be tempted to use basic templates or free versions. Your terms and conditions are your businesses rule book and boundaries. It can save unnecessary refunds; time wasted and support you in having good control of your business.
3. Analyse ALL of your costs. Sitting down and going through every bit of expenditure in your business will give you a clear understanding of your business needs and it will help to support decision making with pricing as well as bigger investment decisions.
4. Set up regular review points for your business. Whether you make it weekly, monthly or quarterly, establishing a decent review structure for your business will increase your level of control, and it will force you to scrutinise your own performance, which will help you to improve and grow!
5. Research what support is available. There are tonnes of free resources as well as funding streams which can help you, but you have to be prepared to go and look for it. A great place to start is www.gov.uk who can then signpost you to various other places.
6. Get a mentor or coach. This one is rarely included in top lists for resources to get your business finances sorted, but it can be a game changer for your business. A good coach or mentor will challenge your thinking, help you to unlock those ideas and help to give you the confidence to pursue those growth plans. In the last couple of years I’ve joined mentor groups and an entrepreneurs mastermind which has unlocked whole new revenue streams for me. Coaches and mentors vary massively in price, so do your research carefully so you find someone that you really connect with as well as can afford.
7. Plan out the key dates for your business expenses. We’ve all been there – in one day it can feel like all of your “big” expenses come out at the same time and it can have a massive impact on your finances. Take a look at what the big expenses are as part of your cost analysis and then you can make a plan to build up a buffer for them, or look to spread them out to smooth those spikes. Tax, Subscriptions, Professional fees and memberships are buckets which you should definitely be concentrating on.
Having the passion to run your own business is always admirable, but you do need to get savvy with your finances and business planning if you want to thrive rather than just survive to help you I’ve created this useful cashflow tracker which you can download and utilise in your business.
Sign up to get access today and good luck with your entrepreneurial journey.