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5 Tips for Improving Your Small Business’s Financial Health

5 Tips for Improving Your Small Business’s Financial Health

Are you a small business owner struggling to keep your finances in check? Do you constantly worry about cash flow, expenses, and profits? You’re not alone. The financial health of a small business is crucial for its survival and growth.

Here at Protea Financial, we have come up with five essential tips that can help improve your small business’s financial health. From managing and tracking expenses to investing in growing your business to increase revenue, these tips are easy to implement and will help you achieve financial stability in no time! So, let’s dive right in!

 

Track All Business Expenses

It’s important to track all your business expenses to see where your money is going and adjust as needed. This can be done by setting up a simple spreadsheet or using accounting software. Make sure to include all expenses, both big and small, to get an accurate picture of your spending.

Once you have started tracking your expenses, reviewing them regularly is important. This will help you find places within your business where saving money may be possible. It’s also a good idea to compare your current expenses to those from previous months or years to see if there have been any changes in your spending patterns. It also helps you see where money may be wasted if you pay for products or services your business no longer needs.

 

Spend Some Money on Investments That Will Help You Grow

If you’re not investing in your business, you’re not giving it a chance to grow. Investing in marketing, product or service development, and employee training can seem risky. Still, it will eventually stagnate if you don’t put any money into growing your business.

Consider what investments will help you reach your goals, and then plan to invest some money each month or quarter. You may wait to see results, but over time, these investments will help you build a stronger, more successful business, which leads to increased revenue.

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Set Realistic Goals

If your small business is in financial trouble, setting realistic goals for improving your financial health is important. Otherwise, you could take on more debt than you can handle or make unrealistic cuts that hurt your business in the long run.

Here are some tips for setting realistic goals when trying to improve your small business’s financial health:

  • Make a list of all your expenses and income sources. This will give you a clear picture of where your money is going and coming from.
  • Determine how much you can realistically cut from your expenses without hurting your business. You may need to make tough choices, but being realistic about what you can live without is important.
  • Create a budget and stick to it. Once you know where your money is going, you can set aside funds for specific purposes. Ensure to include a buffer for unexpected expenses so you don’t get overwhelmed if something happens.
  • Make a plan for paying off any debts you have. This may involve getting a consolidation loan or working out a payment plan with creditors. Whatever you do, ensure you can stick to the plan so you don’t end up deeper in debt.
  • Set aside money each month to build up an emergency fund. This will help you cover unexpected expenses without using credit cards or loans.
  • Finally, review your progress regularly and adjust your goals as needed. Your financial plans should change as your business grows and evolves.

By following these steps, you can set realistic goals that will help you improve your small business’s financial health.

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Regularly Update Your Cash Flow Forecast

Like most small business owners, you don’t have much extra money. That’s why keeping a close eye on your cash flow is important.

One of the best ways to do this is to update your cash flow forecast regularly. This will help you anticipate when you’ll need additional funding and identify potential problems before they become too big to handle.

Here are a few tips for updating your cash flow forecast:

  • Make sure you have accurate financial statements. This includes your income statement, balance sheet, and statement of cash flows. These documents will provide the foundation for your forecast.
  • Use a spreadsheet or accounting software to create your forecast. This will make it easier to track your progress and make changes as needed.
  • Know your historical cash flow patterns. This will help you anticipate future needs and make more accurate projections.
  • Update your forecast regularly. This will ensure that it stays accurate and helps you identify potential problems early on.

Take the time to review this often. You want a solid idea of where your money is, where it is going, where it will be coming from, and how that will impact the future of your business. If you need to look at where your cash flow comes from or how it changes throughout the year, you may miss opportunities to invest more in your business or forget to save money for slower times.

 

Let Protea Financial Help Improve the Financial Health of Your Small Business

Small business financial health is an important part of success and one that should not be overlooked. Taking the time to review your finances, create a budget, track your spending, and look for opportunities to save and invest money can help ensure that you are in good financial shape.

Hopefully, you always feel like your small business finances are simple enough to understand. Let the team of professionals here at Protea Financial break down the documents and numbers you need to know. Contact Protea Financial today and let us help you improve the financial health of your small business!

Protea Financial Can Help Improve the Financial Health of Your Business

Take the time to learn how to improve the financial health of you small business with the experts here at Protea Financial. We can show you tips and tricks that can improve your bottom line!

The Best Small Business Software Considerations: Work Simply, Manage Efficiently

The Best Small Business Software Considerations: Work Simply, Manage Efficiently

Are you looking for the best small business software? Look no further! This guide details some of the top-rated software options available for various tasks and how they can help you work more efficiently. From email management to time tracking, these programs are perfect for small businesses.

Best Bookkeeping and Accounting Software Options

Protea Financial Small Business Accounting and Bookkeeping Software

QuickBooks Online

QuickBooks Online is a cloud-based accounting software developed by Intuit. It offers invoicing, tracking sales and expenses, managing bills and payments, and preparing tax returns. QuickBooks Online allows users to connect with their bank accounts to import transactions automatically.

QuickBooks Online offers four pricing plans: Simple Start ($25/month), Essentials ($40/month), Plus ($70/month), and Advanced ($150/month). The Simple Start plan is best suited for businesses with basic accounting needs, while the Essentials and Plus plans are designed for companies with more complex accounting needs. The Advanced plan is best suited for businesses that need advanced features such as inventory management and time tracking.

QuickBooks Enterprise

Beyond QuickBooks Online, there is also QuickBooks Enterprise. This sector of QuickBooks is aimed at providing the resources big enterprises need. The features are more robust and there is more support offered for this upgrade because the way it works and the reports it offers are geared specifically to the industry the business is in. However, it is primarily on desktop which can be a problem for some businesses.

Xero

Xero is an online accounting software that allows you to manage your business finances and bookkeeping in an easy-to-use platform. It’s free to use so there’s no risk associated with signing up, and it comes with a number of useful features such as recurring invoicing, multi-currency capability, and more. In addition to being easy to use, Xero also offers a wide range of other benefits such as reporting tools and reports, multiple currency support, and much more. Xero is ideal for small businesses that need an accounting solution without the hassle of having to deal with complicated software.

NetSuite

NetSuite, a product from Oracle, is more than just bookkeeping and accounting software. It goes so far as to be a step above the others on this list in that it is an ERP, or enterprise resource planning system. It tracks finances, human hours, provides reporting, payroll, and more for nearly any industry. It is also a great option for anyone from a solopreneur to a massive enterprise, and any size business in between. It is one of the more expensive options, but it comes with so many ways of customizing what it provides that many companies find the software worth the investment. 

Best Time Tracking Software Options

Protea Financial Small Business Time Tracking Software

QuickBooks Time

One of the easiest time-tracking software options most businesses have is QuickBooks Time. Many know the software by its old name of TSheets. QuickBooks Time aims to make payroll easy, provide quotes easily while maintain a high-level of accuracy, and keep accurate records of timesheets for each employee.

It easily integrates with many other software titles, keeps schedules, and provides full reporting for every member of your team. QuickBooks Time offers a 30-day free trial and has plans that start at just $30 per month.

Gusto Time Tracking

The ideal time-tracking software would be able to track both time spent on a task and how long it takes to complete a task. It should also be easy to setup and use, even if you’re not a tech expert. Gusto Time Tracking is a popular choice for people who are trying to improve their time management skills.

It can track the time spent on tasks as well as the time it takes to complete tasks, including the amount of time spent waiting or being interrupted. It’s available for both Windows and Mac, and it’s easy to set up and use. This makes it an excellent choice for people who aren’t tech experts.

Even if you’re not interested in tracking time spent on tasks, you may still find value in this software because it’s overall very user-friendly. Plans start at $40 per month plus just a few dollars per person you add into the software.

TimeAttend

TimeAttend is a cloud-based time tracking software that offers businesses a lot of flexibility with minimal investment. It lets employees log in with their phone, or even a fob that matches with a device in the workplace. All details can be accessed from anywhere, allowing for remote or hybrid time tracking situations with ease. The software offers a 14-day free trial and pricing starts at just $9 per person that you want to add into the system.

Best Marketing Software Options

Protea Financial Small Business Marketing Software

Constant Contact

Constant Contact is an email marketing software that helps businesses stay in touch with their customers, including a contact management system, email templates, autoresponders, and more.

Constant Contact offers three different pricing plans for its email marketing software, starting at $20 per month for up to 500 contacts.

MailChimp

MailChimp is an online marketing platform that allows businesses to create and send newsletters, emails, and other automated messages. MailChimp offers a variety of features, including templates, design tools, list management, automation, reporting, and integrations.

MailChimp’s pricing depends on the number of subscribers you have and how much control you want over your email designs. The service offers a free plan for up to 2,000 subscribers with basic features, as well as paid plans starting at $10/month for up to 500 subscribers with an increased number of features.

Best CRM Options

Protea Financial Small Business CRM Software

Method

Method is a CRM, or customer relationship management, software specifically for those who use QuickBooks. It automates many of the steps that would otherwise take human time to perform, and it boosts the type of customer support companies can offer. Method easily integrates with many other software titles through Zapier, and it allows for automated lead generation through its workflows. Businesses get all these features and more starting at just $25/month. 

HubSpot

HubSpot is a CRM software that helps businesses manage and grow customer relationships. HubSpot offers many features, including contact management, email marketing, lead capture forms, and reporting. HubSpot offers three pricing plans starting at $50 per month.

Best Project Management Software Options

Protea Financial Small Business Project Management Software

Trello

Trello is a project management software that enables users to create boards to organize and track their projects. The software is based on the Kanban system, which helps users visualize their work and progress.

Some common Trello features include:

  • Trello enables users to create boards and lists to organize their projects.
  • Users can add cards to each list, which can contain details about the task, due date, attachments, and more.
  • Cards can be assigned to specific users, and users can leave comments on cards.
  • The software also offers a calendar view, which helps users track deadlines and progress.
  • Trello integrates with several other productivity tools, such as Google Drive and Dropbox.

Monday

Monday is a tool that helps you plan, track, and execute projects. You can use it for anything from small tasks to large-scale initiatives.

Some features commonly found in project management software include task lists, Gantt charts, resource management, and collaboration tools.

Prices for Monday vary depending on the features you choose. Their pricing starts at just $8 per month and go up from there, depending on your specific needs. 

ClickUp

ClickUp is a project management software that helps teams to collaborate and get work done more efficiently. It offers a variety of features, such as task management, team collaboration, real-time communication, and more. ClickUp pricing is based on the number of users and starts at $5/month for the Basic plan.

Some of the key features offered by ClickUp include:

  • Task Management: Helps users to organize and track tasks using various methods such as lists, kanban boards, calendars, Gantt charts, etc.
  • Team Collaboration: Enables team members to collaborate on projects by sharing files, comments, @mentions, etc.
  • Real-Time Communication: Allows users to communicate with each other in real-time using chat or video call features.
  • Integrations: ClickUp integrates with various popular applications such as Google Drive, Slack, Zapier, etc.

Protea Financial Can Help You Narrow Down the Best Small Business Software Titles for Your Needs

There are a lot of great options out there when it comes to small business software. The most important thing is finding a program that fits your needs. Don’t be afraid to try out a few different options until you find the perfect fit. If you need help, Protea Financial is always here to lend a hand. Give us a call today!

Protea Financial Is Here to Help with Everything from Bookkeeping to Small Business Software Recommendations

Finding the best small business software solutions for your business can be complicated. Let Protea Financial help make it easier. Contact us today and learn why we recommend these titles over the rest!