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Six Dos and Donts of Small Business Finance

Check out the presentation titled: Six Dou2019s and Donu2019ts of Small Business Finance. Brought to you by Moula - https://moula.com.au/finance/business-credit-card . Moula was founded to help hard-working business owners in Australia access the funding they need to grow. In the past, getting funding meant going through weeks of paperwork, hassle, and hurdles. We use data to assess your loan application, which means we can keep things painless and lightning-speedy. <br><br>With Moula, you can apply online with no paperwork and no hassle, and have the funds in your account the next day. For more info, check out: https://moula.com.au today.

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Six Dos and Donts of Small Business Finance

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  1. Six Do’s and Don’ts of Small Business Finance

  2. Running a Business • Running a business is a full-time job and often requires a business owner to fulfil multiple roles, including managing small business finance. • While monitoring finances aren’t one of the most exciting roles of business ownership, it’s one of the most crucial in determining the success or failure of any business. • Most new business owners and entrepreneurs learn the basics of funding, bookkeeping and finance as they go. 

  3. Here are Six Quick Do’s and Don’ts of Small Business Finance to Keep your Business’ Financial Hygiene in check:

  4. DON'T Mix Personal and Business Assets in Your Small Business Finance • It doesn’t matter how big or small you are, it’s important to keep these two separate and will save you a lot of headaches with small business finance down the line. If you’re just starting out, then you should have pretty clean finances so separating these out will be relatively easy. • Create a separate business account. This will give you a separate credit history specific to your business and will (probably) give you better borrowing power when looking for small business finance options.

  5. DO Invest in Technology • There are heaps of business apps and software that can automate a range of different processes, making small business finance easier and saving your business a fair chunk of cash. • Using a digital accounting platform is one of the best things you can do to improve and simplify your small business finance management. • If your business uses an electronic payment platform, then look for accounting software that it can integrate. This will make managing sales transactions seamless.

  6. DON'T Neglect the Tax Office • Tax time probably isn’t a small business owner’s favourite time of year; in fact, most business owners dread it.  • Keeping your tax obligations in the back of your mind throughout the year will make it much easier when the time comes to do all the small business finance paperwork. • If your business already has outstanding tax debt, it may make sense to take out a loan to help refinance the debt, to avoid ATO penalties and pay back incrementally without harming your business’s cash flow.

  7. DO Consistently Review Your Business Plan • Your business plan is like your roadmap, but you shouldn’t just set your plan once every year and only check it every few months. • This will help you get a clearer picture of your small business finance requirements. Your business plan should include things like:  A projected balance sheet with assets and liabilities, Sales forecast, Projected income analysis, Budget projections, Break-even calculations. • Having a business plan, even if it’s flexible and fluid, will help keep your business on track and end-of-financial-year consolidation much easier.

  8. DON'T Fall Behind on Payments • Seems pretty obvious but staying on top of your payments goes a long way to maintaining a healthy cash flow and ultimately keeping your business running. Falling behind on payments to other businesses, banks, and even the ATO, can cause you to accumulate debt, interest and even damage your credit score. • The only way to keep on top of payments is by staying organized and monitoring your cash flow. Make sure you’re managing your customer debt as well. If you customers owe you money, make sure you know how much and how far away the payments are. These steps will help you avoid small business finance surprises.

  9. DO Monitor and Measure Performance Regularly • As a business owner, it’s crucial that you monitor the movement of your money and know that you’re getting a return on your investment. • By looking at your business’ past financial statements, you can project future revenue, expenses and cash flow. This will give you a better view of your small business finance picture. • Running your business is a round-the-clock job. Keeping track of your finances should help you save you money, but more importantly, help you be more efficient with your time, too.

  10. Check These Out! • Moula was founded to help hard-working business owners in Australia access the funding they need to grow. In the past, getting funding meant going through weeks of paperwork, hassle, and hurdles. We use data to assess your loan application, which means we can keep things painless and lightning-speedy. • With Moula, you can apply online with no paperwork and no hassle, and have the funds in your account the next day. • For more info on business credit card Check out: https://moula.com.au

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