5 Secrets of financially healthy SMEs

5 Secrets of financially healthy SMEs

Financially healthy SMEs from Colour Accounting from Holst

Financial Literacy leads to financial stability in business. Don’t let your success be something of a lottery. Learn these five secrets from financially healthy businesses.

1. Keep a close eye on cash flow As we all know, cash is king, and without enough of it there are big problems. You need to pay suppliers, staff and utility bills regardless of how many sales you make each month. Keep an eye on cash flow by preparing forecasts on a regular basis. 2. Firm credit control This means chasing payments without exception, operating a formal policy that credit checks all customers and establishes clear payment terms upfront. 3. Use the best accounting software Choose a cloud-based system to provide up-to-date figures and keep you in touch with vital financial information. It will let your accountant troubleshoot problems in real time and keep you on track. 4. Don’t grow too quickly The dangers of overtrading have been well documented, with an inability to fulfil new orders seen as the beginning of the end. Financially stable SMEs grow at a sustainable pace. 5. Know your numbers Financial education is an investment in your future. It helps you understand when immediate action is necessary, if the business is in danger, and whether you should be thinking about growth. Financial literacy training is the key to a stable business. Colour Accounting™ is interactive and fun, so let us show you how to control your business finances.  [traininglist slug=”colour-accounting-normal”]]]>

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