Smart Money Moves for Your Company This Year in 2019
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A new year, a new way to approach your company's finances…this is not to say of course that you haven't done a good job of keeping on top of your economic picture. However, there are always things you can do to help save money, boost cash flow and improve the firm's overall portfolio.
At First Union, we've worked with numerous companies across multiple industries, and what we've seen is that many of our clients aren't capitalizing on opportunities the way that they should. Additionally, they are neglecting smaller things and/or practices that if implemented could potentially equate to a very smart money move on their part. Below are four things that you can start doing right now to help strengthen your financial outlook in 2019.
Plan for the offseason. You'd be surprised at how many small business owners forget this critical step. There will likely be a time when business slows down. You want to be able to weather that particular storm. Have money set aside, or if this isn't possible, consider putting a line of credit in place.
Create a budget and stick to it. Seems pretty simple, but many company owners in the face of the unexpected or some minor crisis tend to throw the budget out the window. Yes, sometimes things do arise, but the more you try and adhere to that budget, the better off you'll be.
Monitor your credit score—both business and personal. A good credit score will help you in terms of getting loans, more favorable rates, and procuring better terms with suppliers. Don't lose track of those scores. Frequently check them and actively strive to improve them.
Start networking more. Now, this may not sound like a financial strategy, but when you network you create connections, valuable connections, and as such you may be able to generate leads, find vital partners for future projects, even learn how other businesses go about saving money.
At First Union, we are always here to help you with any aspect of your company's financial needs. Our flexible loan programs ranging from 5k to 1 million have helped a number of businesses in terms of expansion, adding personnel or simply weathering a tougher period. Call us today to see what we might be able to do for you!