How to manage your business

Here are some tips for keeping in control: 

• Forecast how much cash your business needs day to day
• Factor in seasonal impacts so you can cover your bills during quiet periods
• Build up an emergency fund for unexpected costs
• Take advantage of interest free days on your credit cards and make sure any loans suit your needs
• Consider opening a high interest savings account
• Make it easy for customers to pay you, and be clear about how and when payments should be made.

Some risks are too big to ignore and can put the brakes on your business if they occur. That's why it's important to have a risk management plan in place.

Here are some things to think about:

• Creating a business continuity plan to ensure your business can keep going without you (you know, in case you want to take a holiday or if something unexpected pops up)
• Developing a wide customer base, so you don't solely rely on one major customer who's needs might change and impact your business
• Monitoring your reputation on social media so you can minimise the damage of complaints and promote positive feedback
• Your vital stats - keeping up to date with your sales, profits and cash flow can help you keep track of your performance
• Making sure you comply with the red tape. Take a look at what might apply to your business.

If you use a Virtual Private Network (VPN) for your corporate network, it’s a good idea to look into your cyber security and how it applies to everyone in your business. Learn more.