Looking for a financial guide to put you on the right path this year? This Financial Guide infographic is sure to set you in the right direction.
Sales, revenue, expenses, gross profit, variable operating expenses, analysis of cost behaviors, operating expenses. . .Do you know what your P&L will look like a year from now?
Putting your business on the right track financially is a task that takes time, commitment and the right resources. Here at Enterprise Bank & Trust we help our businesses take the stress & confusion out of financial planning. With careful planning and goal setting you stand a chance to grow exponentially this year. Let us help!
Financial planning can be stressful, that’s why we put together this helpful Infographic to illustrate the important aspects of creating a successful year for your business. Check out our infographic and learn a bit more about these important principles:
- Set your goals, review and adjust quarterly
- Maintain your budgets and update monthly
- Manage accounts receivable and report weekly
- Review cash positon and check daily
Managing your business finances quarterly, monthly, weekly and even daily will lead to a more productive year. By practicing the maintenance tips below, you’ll be able to spend more time thinking about the future of your business instead of wasting time catching up.
Grow your business in the right direction of setting long-term goals accompanied by short-term objectives.
Long Term Goals
- Lasts 3-5 years
- Articulate mission statement
- Categorized in four main areas: service, social, profit or growth
Short Term Objectives
- Provide specific actions for achievement
- Require narrow timeline for completion
- Assigned to specific people for accountability
Maintain Your Budgets
Identify cash flow gaps and understand when outflows are greater than inflows. Plan and project for probable future costs you anticipate in the coming year. Reevaluate for savings to find better deals on costly expenses. Keep budget updated for banks and lenders to review when in need of loans.
Manage Accounts Receivable
It’s important to reduce invoicing errors, maintain knowledge of cash available and manage documentation for taxes. By reporting weekly you’re able to stay on top of account receivable items more closely.
Review Cash Position
Reduce surprises, stresses and slip-ups by having a good understanding of loans, budgets and taxes. By checking daily you’re able to keep the most important financial information top of mind.
Still seeking guidance to help your business’s finances rebound this year? Let Enterprise Bank & Trust help solve your business’s hardest financial problems, contact us about our Business Banking services today!