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Improving the Financial Health of Your Small Business

Male bike shop owner making repairs on a bikeAn essential part of your business plan should be to improve the financial health of your business. Here are 8 simple small business strategies that you should execute to help you do exactly that:

  1. Make a budget—A budget is a business necessity. Without having a solid budget in place you will not know which expenses to expect. Create a budget that will show you your expected revenues and expenses.
  2. Accept additional payment options—Credit and debit card acceptance is essential to doing business today... If you don't already accept credit and debit cards, look into a service like CB&S Bank's Merchant Services to help you boost your sales and improve your bottom line.
  3. Examine your insurance policies—Be sure to examine your insurance policies... Sometimes you will find that your business' situations have changed and your insurance policies may need to reflect this.
  4. Look for other financing options—If you find your business in need of additional financing, look into various business borrowing options. It may even prove to be helpful to call your bank to help you better understand the different business borrowing options that they have available.
  5. Keep an eye on your cash flow—Cash flow is by far one of the most important aspects of owning your own business, therefore it is important to always keep an eye on your cash flow. Know where your incoming and outgoing cash items are going. If you find yourself in a place where you need to maximize your business' cash flow, CB&S Bank has some great tips that can help! Utilize our Cash Flow Calculator to help determine cash flow generated by your business.
  6. Lessen your expenditures—Examine all your various expenditures and see if there are ways to lessen or trim down on some of them. Reducing your expenses is one simple way to help improve the financial health of your small business.
  7. Reconcile your bank statements monthly—Be sure to reconcile your bank statements each month. This will help you to notice any mistakes and correct them as soon as possible. If you're looking for a real-time online solution to help you manage your company's finances, try looking into CB&S Bank's Treasury Management Internet Banking.
  8. Use new marketing methods—Try to focus on different marketing methods and find out what exactly it is that drives your sales to enhance profitability. Sometimes the right marketing tactic will create a repeat customer.

 

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