10 Tips to Worry Free Debt Management

Managing a company’s cash flow is an essential and critical ongoing responsibility to ensure good business standing. One important segment in ensuring that your cash flow is in tiptop shape is through careful debt management. As we all know, losing control of your finances can easily get in the way of a developing enterprise. So, how to avoid unnecessary debt while keeping your costs down?

Tips to Worry Free Debt Management

Here are some worry-free debt management tips to guide you.

1. Formulate a budget plan and stick to it.

Money doesn’t grow on trees. Your business financial sources can easily deplete if you do not create a budget plan at all. Consider current financial position and cash flow before coming up with a budget allocation. Once done, do make sure to stick to it at all times. To prevent veering from your budget plan, consider putting contingencies to address emergencies.

2. Generate profit and loss accounts on a timely basis.

Regardless of your business size and portfolio, debt management should never prove to be a problem when your cash flow is managed on a timely basis. It is, in fact, critical that you have ready data and hands-on knowledge on what goes in and out of your financial aspect at any moment in time. With this, generating monthly profit and loss accounts can help a lot in micromanaging your cash flow.

3. Add technology to the equation.

To ease your burden, consider using accounting software to handle your cash flow and debt management. QuickBooks and KashFlow, for instance, are reliable accounting software programs that can easily keep track of the money coming in and money going out of the business coffers. This also helps save costs on employing a bookkeeper.

4. Consider outsourcing.

Do you know that outsourcing your financial management like accounting, debt collection, and so on is made even cheaper in terms of cost with outsourcing? Yes, outsourcing allows more financial freedom for your business. Your business can get to enjoy top-rated financial and accounting management services at a cost you can afford via licensed firms who hire the best in the industry. Security policy and data confidentiality should never be a problem. Third-party services like SiMar Inc. always sign confidentiality clauses before embarking on financial aspects like cash flow, accounting, and debt management to forge trust and confidence.

5. Spend where and when needed.

Business spending should be kept at a minimum level—at all times. Spending per se should be done where it is needed and at a proper time. We should never question operational spending, which directly affects productivity and the quality of products or services. Marketing and other aspects, however, can be improvised without sacrificing quality results.

6. Get ahead of forex.

One of the many challenges in debt management has something to do with a volatile foreign exchange. Any socio-economic turmoil here and there can easily affect the exchange rate, which could negatively impact your financial standing. Try to find forex expert services that offer money-saving ventures on transfer fees. Some third-party services like Moneycorp’s Forward provide clients a stable exchange rate of up to two years.

7. Consider a quick payment reward system.

Part of successful debt management is on motivating a client to pay up invoices due from them. If you want a more dynamic cash flow, consider offering incentives like discounts or rebates or freebies to those who regularly pay their dues on time or ahead of time.

8. Discourage late payments.

Late payment is one of the biggest challenges in debt management. So, the next time you outline terms and conditions, consider claiming interest on late payments. Stipulate a reasonable interest rate which is computed daily for each day of overdue payment. This helps to motivate your client to pay up on time and discourage bad debts. Just ensure that it’s legally binding.

9. Keep track of invoices.

Consider creating a time log of all outstanding invoices complete. There are various invoice billing and tracking software such as Netsuite, Freshbooks, and Cloudbooks available these days for you to easily check and verify. Put your energy on ticking off the largest amount first.

10. Keep abreast with company practices.

Be reminded that not all companies operate the same way you do. Some businesses require a statement and an invoice, a PR, or what-have-you for payments to be processed. Carefully define this with your client to ensure ease of debt management.

Every business that wants to secure its cash flow standing requires an in-depth debt management system in place. Get ahead of the competition and secure your financial plate. Take these worry-free debt management tips to mind and have fun counting plusses instead of losses.

Do you wish to improve your debt management system? Schedule a consultation with us. Follow us on Facebook and Twitter for updates and new trends in the market.

 Two Major Online Services That Would Give Your Business a Boost

 Two Major Online Services That Would Give Your Business a Boost

Many services that would help your business are available on the internet and for an affordable price too. Contrary to popular opinion, outsourcing to online firms is one of the best ways to cut costs. There are many aspects crucial to the success of your business. Your company can’t efficiently integrate some of these aspects. At the top of this list are marketing and professional training.

There is a long list of services available on the internet, such as virtual assistant, social media manager, business coach, web designer, app developer. However, when it comes to importance and broadness, marketing and professional training takes the cake, even encompassing some of the other services stated above.

Two Major Online Services to Boost Your Service

Marketing

 Marketing has always been an integral part of a firm’s success. However, the intricate process of advertising, getting feedback, and landing new clients is quite different from production. Over the years, research has shown that hiring a marketing firm is more efficient than setting up a marketing department, especially in your business’s early stages.

Today, marketing agencies are going over and beyond, offering a broad range of services from market analysis, market strategy, online adverts, ad tracking, etc.

Their broad range of services and packages provide a distinct flexibility level that makes them a handy tool in an entrepreneur’s pouch. That is why, outsourcing the marketing of your business’s product isn’t only cheaper but also frees up your time concentrating on other aspects of your business.

Professional Coaching

Another online service that would give your business a considerable boost is professional coaching or training. Putting your staff in the right mindset and equipping your team with up to date skills shouldn’t be done lightly or do independently.

A wide array of professional coaches have the necessary skills and expertise to service your workforce, ensuring that they are always working at optimum like a well-oiled engine. Many online firms offer this service, taking care of your employees to not have to worry about their mental, emotional, or performance needs. With your workforce well-coached and educated, they would be ready to adjust to any changes your business might encounter. 

Conclusion

In conclusion, online firms provided these types of services at a premium, with firms like SiMarInc. They are offering a combination of three to four of these services. Hiring one firm to handle all your outsourcing needs is cheaper and easier to manage. Relating with three or more firms can be an administrative nightmare; therefore, you might want to get an all in one package.

Utilizing a Business Consultant: Why, When, and How

A business consultant is a lot different from your average employee. Most consultants are highly trained experts with much experience to offer you and your business. However, the process of integrating and fully utilizing a business consultant can be a bit tricky.

First, you have to figure out why you need a business consultant, if you need one at all.

Secondly, you need to figure out what stage in your business would a consultant be most useful. Do you need a consultant now or soon?

Thirdly and most importantly, is how to utilize the services your business consultant is offering altogether. You must be able to get your investments’ full benefits by using every skill and service your consultant has to offer.

Utilizing a Business Consultant

All these considerations are intertwined and her best analyzed from the beginning of your consultant hiring journey. This article gives you essential guidance in choosing and managing the best consultant for your business.

Why?

The first question you must ask yourself before hiring a business consultant is, “why do I need a business consultant?”. You must have a general idea of your business aspect that a consultant would help you with and what value they would bring to the table. Hiring a business consultant is a considerable investment. Until you know what you need a consultant to help you with, you wouldn’t hire the right person for the job. One easy way to decide why you need a consultant is to determine what aspect of your business you need help with. The situation must be a problem in which merely hiring a new employee can’t solve. It must be a problem that requires expertise and experience that isn’t available in-house. Examples of such issues are Accounting, Online marketing, Team Development, Business and sales Strategies and Analysis, Funding and Investments, etc.

When?

This mainly has to do with what stage of your business would a consultant be most impactful in. Hiring a consultant to handle your accounting in your small startup’s early stages would most likely be a waste of money. You or an in-house accountant can handle such tasks. However, at a stage where your records have to be audited and comply with many laws, a consultant might become necessary.

You must hire a consultant at a stage where a consultant’s impact would be massive and help your business grow exponentially. This is the only way to get a good ROI on your hire.

How?

Hiring a business consultant is one thing; utilizing a consultant’s service is another. There is a reason why different companies get different results from employing the same consultant or firm. While a good consultant or consulting firm would do all it can to make your business profitable, it is still your job to ask. As an entrepreneur, do not shy away from asking for the full value of your investment. To fully utilize the benefits of your consultant, you must continuously ask questions and set up goals. You must continually clarify what your consultant can and cannot do. It is also compulsory that you set goals on which your consultant should work. For example, you can set up a million in sales goal before the end of the year.  This would give your consultants a purpose and something to work towards. One major problem with consultancy is the consultants’ usual problem of not caring enough about its growth. Your consultant would be more invested in making your business a success story with a goal in place.

Conclusion

How, When, and Why would best be answered by who. The real key to enjoying the benefits of hiring a consultant is to approach the right one. Coming the right consultant for your business would make it easy for you to answer all three of the above-stated questions.  A good consultant would be able to answer; why they should be hired, when they should be employed, and how they would work with you to succeed. An excellent consultant wouldn’t mind allowing you to run your business alone till you need their help. Hiring a consultant can be an asset or a liability. However, it all depends on the expertise and values of the consultant or firm you choose to a large extent.

With numerous companies offering services mainly to make a quick buck, selecting the right firm can be difficult. Your best bet is to hire a consultant that isn’t just a helper but a partner. One good example of such firms is SiMar Inc. When it comes to selecting a consulting firm that isn’t just out to sell their features but cares about your business, then SiMar Inc is the proven choice.