Effective day-to-day finance tips for small businesses

What happens in monthly financial tallies is the result of day-to-day financial management. There are a lot of consequences business owners could face if they don’t properly manage their daily financial activities. Their business can slowly bleed, resources could be misallocated, and revenues would not be as big as they expected. According to financial expert Michael Giuffrida, business owners, especially of small enterprises, should know the importance of effective daily financial monitoring. Here are some day-to-day finance tips for small businesses.

Image source: foundersgrid.com
Hire a trustworthy bookkeeper


Not everyone who goes into business has a knack for accounting and finance. This is why business owners should consider hiring a bookkeeper to help give them a transparent look at their finances. Not only can a bookkeeper have the business’ finances on track, but they can also make suggestions on assets that can be improved upon.


Actively evaluate employee roles


According to Michael Giuffrida, duplicate roles which yield little to no benefits, are costs that can weigh a company down. If multiple employees end up doing the same work with less than stellar output, consider training them for other roles that can add value to the business.

Image source: bizfluent.com

Watch out for small cost drivers


Whether it’s the company’s regular lunch meetings to an expensive coffee charged to the firm every once in a while, business owners should be aware of these small expenses as they add up over time. Cheaper alternatives are always available. Keep in mind that knowing negative spending habits is the first step in addressing them.


Before he became a managing partner at Titan Strategic Partners Michael Giuffrida worked with companies such as Aetna Life & Casualty, Connecticut Surety Group, Foresite Technologies, IGX Global Infrastructure Services, IGX Global, and Kelser Corporation. He has been operating businesses since 1997. For more reads on business finance, visit this blog.

Comments

Post a Comment

Popular posts from this blog

Embracing A Hire Slow, Fire Fast Team-Building Mindset

Image
Your staff is everything in your business; these people are often the ones who directly interact with clients and represent you in the community. They likewise reflect the culture you’ve cultivated in the workplace. It’s, therefore, crucial that you have the right people comprising your team. But finding the right people is not easy, as there’s no assurance that they will be the perfect fit even after a few interviews. It is advisable that, before formally hiring, to require potential staffers to complete a personality profile. A highly recommended profile tool is the ProfileXT, which looks at a person’s intelligence and work traits and matches them with your needs. This will allow you to better interact with them during the hiring process. Keep in mind that your goal is to hire the right person, not just get somebody to fill in the void “right now.” Sadly, sometimes even if you’ve spent much time and used the best tools, you’d still encounter bad hires over time. “Bad” ...
Read more

Why IT training is a must for today’s businesses

Image
In this day and age, Michael Giuffrida believes that IT training shouldn’t just be an option, but rather a requirement for employees in many companies. He reminds everyone, especially owners of businesses that rely on computers and servers and websites, that through IT training, not only is the company more efficient, but it is also a lot more secure. Image source: analyticsinmotion.com   While technology and the internet have allowed companies to expand and grow like never before, they have also opened the doors for many unsavory individuals who look to get their hands on whatever information they can. Hackers and cybercriminals are in abundance today, and businesses are never truly foolproof. This is why employees need to undergo IT training to secure a business and the sensitive information it holds. IT training involves everything from simple computer program operations to safety protocols of every electronic device connected to the office network. Knowledge gain...
Read more
For business owners who are putting their companies on the market, how important is it to resolve all the little problems before entertaining potential buyers?   The short answer is – very.   In many ways, big issues are easier to fix since they stand out and people have a sense of urgency to get them straight.   It’s the little ones that need more attention. Before settling on a price and buying a business, prospective buyers will hire teams of experts and professionals to look closely at what they’ll be acquiring.   This process, often referred to as due diligence, is only standard since businesses don’t come cheap.     Potential buyers will go through all the financial papers, interview employees and clients, and try to look for holes to either not buy the business or pull down its price way below what it was being sold for. Prices of businesses are usually held back and may change if potential buyers find things that were not disclosed by...
Read more