TEN FINANCIAL RESOLUTIONS FOR SMALL BUSINESS
January 17th, 2017.



Running a small business can be challenging at times, particularly when it comes to finances. With the new year underway, here are ten financial resolutions that will help you keep your finances in good shape.

1. Create a realistic budget

If 2016 was your first trading year or you’ve only just started scaling up, you might not have a budget already in place. But once you’ve got an idea of what an average month looks like, it’s a good idea to create a pragmatic budget to set out a plan for the financial year ahead. If you’ve already got a budget but it needs constant adjustment, revise it for the new year, and resolve to stick to what it lays out.

2. Tackle bad cash flow

Negative cash flow can create serious problems for smaller businesses. Make it a new year priority to crack down on bad cash flow and late-paying customers, to keep things ticking over smoothly. This could include negotiating shorter payment terms with customers, considering invoice factoring, or looking into credit control automation.

3. Investigate accounting software
There’s a huge range of accounting and payments software available these days, which means it has never been easier to stay on top of your financials. Some of the products are focused on particular areas of the business like payroll, and..... 


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