Your sign making business is unique, and nobody knows it the way you do.
So you need a system in place that you can work with, day by day. And in today’s sign business management, finance means more than just dollars and cents.
Managing your finances properly will do more for your sign making business than just increase your gross profit, it will help you build great personal trade lines for the future.
Here are are 6 tips that will enable you to let your finances work even harder for your business:
- Attract investors. When your finances are in order your business is more appealing to investors, which is particularly important if you are trying to grow or expand your business.
- Steady cash flow. To better predict what your cash flow will be, offer your customers incentives to get them to pay on time. Having a clearer idea of what is coming in when will help you keep your finances more organized as a whole, and enable you to make smarter choices with the money you have coming in.
- Buddy up with your accountant. No one has a closer eye on your finances than your accountant, but your eyes should be a close second. Accountants will be the first to spot potential problems and offer effective solutions, but only if you communicate regularly and openly regarding your small business’s finances.
- Reduce risks. Insuring expensive and important items is a key step to financial security. Don’t underestimate the importance of having insurance for your small business.
- Get educated. Learn basic accounting. This will help you to spot potential problems, work hand-in-hand with your accountant, and keep your finances more organized.
- Take a look at Signtracker, an online, cloud based system to help you track your estimates, profits, costs and expenses.
Share your ideas for better managing finances in the comments section below.