Connect with us

FINANCE

How to manage finances in your business?

Published

on

Managing the daily finances of your business is an essential task for the maintenance of your company. The first rule to take into account is that you should not spend more resources than you can earn, except in specific situations where taking this risk can generate a higher level of benefit.

Budgeting is also very useful as it allows you to anticipate any contingencies that may arise. This aspect is key especially if you are starting the business, this implies that your income stream is still unstable and you have fixed monthly expenses such as electricity, telecommunications, personnel or rental expenses for the premises. Added to all this, it may be the case that your clients take time to generate payments and your suppliers (since they do not yet have a history of transactions with your company) demand cash payments.
It is recommended that you record income and expenses
in an orderly and strict mannerand manage the cash flow in a document or control sheet (you can even do it using an Excel template).

Once you have understood the importance of finances, proceed to the analysis and decision-making that will lead you to have better control over all the expenses you make, and thus be able to wisely manage the economic resources you have.

A few weeks ago in Impulsa Popular we conducted an interview with the renowned economic journalist Víctor Bautista , who explained this topic with several interesting recommendations.

When analyzing your financial control sheet, it is important that you always keep in view the previous months to know or discover trends and carry out a comparative analysis.

At Impulsa Popular we have an excellent tool for you to manage the cash flow of your business, you can try it and adapt it to your needs. Each entry or exit must have detailed information that allows you to identify it.  Some final recommendations.

In the event that you are starting your business, we recommend that you assign yourself a fixed salary that allows you to cover your basic needs and thus avoid mixing personal aspects with those of your company.

Put a price on your own work, if you don’t believe in the value of your work or the products you offer, neither will your clients. Sometimes the mistake is made of undervaluing the price of the services or products that are offered with the intention of taking market share, however, this practice can sometimes not be effective and what is generated is a decrease in your levels of utilities.

Analyze each case when extending a line of credit to your clients, especially if your cash flow is limited. Get ready for a “rainy day”, remember to have an emergency reserve or savings (around 1.5 months of expenses) to face any emergency that arises.

Request the professional services of an accountant and have them review your finances periodically . This will allow you to ensure that you are complying with the legal and tax parameters established within the country. Optimizing the use of financial resources and cash is perhaps the biggest challenge you have ahead of you if you want to grow your business, never neglect these aspects.

There are many ways to run your business but the most important thing is to stay focused on the business plan. Checking your financial control sheet daily is a good point to keep in mind.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

FINANCE

Conecta con expertos evaluados y talentos adecuados

Published

on

By

Lo siento, como modelo de lenguaje, no tengo la capacidad de conectar directamente con expertos evaluados y talentos adecuados. Sin embargo, hay varios recursos y plataformas en línea que pueden ayudarte a encontrar a las personas adecuadas para tus necesidades.

Algunas opciones pueden ser:

  1. LinkedIn: Es una plataforma en línea para conectar profesionales de diferentes campos. Puedes buscar personas según sus habilidades y experiencia y contactarlas directamente.
  2. Freelancer: Es una plataforma que conecta a empresas con profesionales independientes para proyectos de corto plazo. Los trabajadores pueden buscar proyectos que se ajusten a sus habilidades y experiencia y presentar ofertas.
  3. Upwork: Es una plataforma similar a Freelancer que permite a los empleadores publicar trabajos y los trabajadores presentar ofertas para proyectos.
  4. Clarity: Es una plataforma para conectar a los empresarios con expertos en diferentes campos para recibir asesoramiento y asistencia en el desarrollo de sus negocios.
  5. Fiverr: Es una plataforma que ofrece una variedad de servicios digitales, desde diseño gráfico hasta servicios de programación, escritura y marketing.

Espero que estos recursos te sean útiles para encontrar a las personas adecuadas para tus necesidades.

Continue Reading

FINANCE

RECOMMENDATIONS AND STRATEGIES to improve your personal finances

Published

on

By

Sure, here are some recommendations and strategies that can help improve your personal finances:

  1. Create a budget: Start by creating a monthly budget that includes your income and all your expenses. Make sure to account for fixed expenses such as rent, mortgage, utilities, and insurance, as well as variable expenses like groceries, entertainment, and shopping.
  2. Track your spending: Once you have created a budget, track your actual spending to see where your money is going. You can use budgeting apps or tools to help you track your spending and stay within your budget.
  3. Set financial goals: Set clear and specific financial goals for the short-term, medium-term, and long-term. Your goals should be achievable and realistic. For example, you could aim to save a certain amount of money for an emergency fund or to pay off your credit card debt.
  4. Reduce your expenses: Look for ways to reduce your expenses. You can start by cutting down on discretionary expenses such as eating out or buying unnecessary items. You can also negotiate with service providers such as cable and internet companies to get better rates.
  5. Increase your income: Look for ways to increase your income such as asking for a raise, taking on a side hustle, or starting a business.
  6. Pay off debt: If you have debt, make a plan to pay it off. Focus on paying off high-interest debt first, such as credit card debt.
  7. Save for retirement: Make sure to save for retirement by contributing to a retirement account such as a 401(k) or IRA.
  8. Invest wisely: Learn about investing and consider investing in stocks, bonds, or mutual funds. Make sure to diversify your investments to reduce risk.
  9. Review your finances regularly: Review your budget, spending, and savings regularly to make sure you are on track to meet your financial goals.

By implementing these strategies, you can improve your personal finances and achieve your financial goals.

Continue Reading

FINANCE

Finance Course for Entrepreneurs

Published

on

By

As an entrepreneur, having a strong understanding of finance is crucial to the success of your business. Here are some key topics to consider when looking for a finance course:

  1. Financial statement analysis: This course will teach you how to read and interpret financial statements, such as the balance sheet, income statement, and cash flow statement. This knowledge is essential for making informed decisions about your business’s financial health.
  2. Financial modeling: A financial modeling course will teach you how to create and use financial models to forecast future revenue, expenses, and cash flows. This skill is crucial when it comes to making important financial decisions such as fundraising or investment.
  3. Fundamentals of corporate finance: This course covers the basic concepts of finance, including time value of money, risk and return, and capital budgeting. These concepts are important for entrepreneurs when it comes to managing their finances and making investment decisions.
  4. Entrepreneurial finance: This course will teach you the specific finance challenges that entrepreneurs face, such as fundraising, valuation, and managing cash flow. It can also cover topics such as exit strategies and mergers and acquisitions.
  5. Investment and portfolio management: This course will cover the fundamentals of investing, including portfolio diversification, risk management, and asset allocation. As an entrepreneur, it’s important to have a basic understanding of investment principles in order to make informed decisions about your company’s financial future.

When looking for a finance course, consider your level of experience and expertise, as well as the specific challenges you face as an entrepreneur. You can also look for courses offered by reputable institutions or those taught by experienced finance professionals.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.