As a business owner, you wear many hats in terms of the jobs you are responsible for. From sales, to hiring employees, to customer service and even cleaning the bathrooms! Possibly the most important task a business owner has is ensuring their finances are in order. This means setting financial goals and creating a plan to achieve those goals.
4 Tactics to Obtaining Your Financial Goals in Business
How is a business owner to set and achieve their financial goals with so many tasks to be responsible for? This is a task that may seem daunting when looking at it from a big picture, but once you lay it out in a few steps, it suddenly becomes very realistic and achievable. Here are 4 tactics to help you set and achieve your financial goals as a business owner.
1. Create a plan
Creating a plan doesn’t just mean setting some numbers your company needs to be at by the end of the month. It means looking short term, mid term and long term at where you want your business to be financially.
Next, you need to create an action plan to achieve your business financial goals. This means looking at current production, employee count, budgets and anything related to see where the biggest opportunities lie that will help you progress towards your goal.
2. Know your numbers
Knowing your numbers means keeping your goals and current production indicators top of mind day in and day out. This also includes keeping a close eye on your budgets, cash flows, and where you are forecasting at for the current time-frame (week, month, year, etc.). The easiest way to do this effectively is to hire out a trusted bookkeeping service that handles all the leg work for you.
After creating a plan to reach your financial goals as outlined in step one, break those production numbers down into months, weeks and even days. Then hold yourself accountable on achieving those numbers. Not knowing your numbers is like hoping to find the buried treasure without a treasure map!
3. Follow the process & update regularly
When planning out your action items to achieve your business financial goals, you should have a set process in place that you follow regularly. This means setting up regular weekly review meetings, monthly review meetings and consistently analyzing and updating your plans as you progress.
You might have a weekly financial review every Monday or Friday to make sure you’re keeping within your budget, progressing towards your production goals, forecasting next week’s plans and updating your plans as goals are met, exceeded or missed.
4. Hire a reliable bookkeeper
Once you’ve analyzed your plans, know your numbers and set a process in place to run your business finances, you can then outsource all the tedious leg work to a trusted professional. Combining technology into the mix, Binery provides bookkeeping that is accurate with a hands off experience at the fraction of the cost when compared to a traditional bookkeeper.