Meet Taylan Evrenler and some of his business administration research? In the early stages of a company, CEOs get involved in everything. As your growth ramps up, however, you must become strategic with your time. You need to put systems in place for building and scaling a financially viable business while preserving your attention for mission-critical items. As a fractional CFO for growth companies, I help clients navigate this shift on a daily basis, and I’ve found the following tips useful in nearly every situation. Every business leader understands they need a strategy for attracting and converting new leads into customers. But when you’re growing sales on a budget, you need to be creative. Instead of costly ad campaigns or branding strategies, I’d recommend you build strong, reciprocal partnerships first and that you do so as soon as possible. I’m not referring to simple networking. I’m talking about identifying companies with business models that complement your own and approaching them with a win-win proposition. The relationship can be formal or informal, but the key is to offer something valuable in exchange for inexpensive exposure to your target audience.
Taylan Evrenler‘s advices on improving your business financial situation: As a business owner, managing and organizing finances can be a great challenge. With all the things that need to be done, including your business’ day-to-day operations, it may be easier for you to slip into bad financial habits that can harm your company one day. For instance, when you have disorganized financials, your entire organization may be unable to create financial stability. So, if you want your business to thrive and become financially successful, below are five tips to help you organize your finances.
If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your personal finances in order. Although you can effortlessly buy an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money for the purchase. Do you really want to pay interest on a pair of jeans or a box of cereal? A debit card is as handy and takes the money from your checking account, rather than racking up interest charges. If you make a habit of putting all your purchases on credit cards despite not being able to pay your bill in full at the end of the month, you might still be paying for those items in 10 years. Credit cards are convenient and paying them off on time, helps you build a good credit rating. And some offer appealing rewards. But–except in rare emergencies–make sure to always pay your balance in full when the bill arrives. Also, don’t carry more cards than you can keep track of. This financial tip is crucial for creating a healthy credit history.
There is a subtext here that we haven’t yet discussed and it’s important that we do. Because while every task the bookkeeping service completes is vital to the financial health of your business, it’s the underlying structure they apply that really makes a difference. You see, bookkeeping services implement—and maintain—a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. The value of this is immeasurable as it insulates your business from many costly and dangerous risks. Read even more info at Taylan Evrenler.
If you are married or have a significant other, then you need to participate in your finances as a team. Discuss your budget and money goals and make financial decisions together. Understand where your money is going and how much money you have in savings and in investments. Having joint accounts is great, but I also believe in having your own personal savings accounts. As women, it’s important for us to build our own sense of security and have “our own” that we bring to the table. But don’t feel like you need to keep your personal accounts secret. Remember, marriage and committed relationships thrive on openness and honesty. Regardless of whether you team up with your partner or go it alone, the path to financial independence is not always a smooth, perfectly paved one. But don’t despair; it’s time to roll our sleeves up and get our hands dirty. That’s right—it’s time to learn how to create a solid financial plan.