The fifth and final instalment of our Small Business Advice Week homage is here! And it’s all about the world of Finance – a complex field if you’re not a finance expert yourself, and one that’s hard to navigate from a business perspective if you’ve not done it before…
But have no fear. Alex Herman, our resident Finances expert, is here to remind you of the key things your business should have covered financially. Whether you’re thinking about it for the first time, or are well established and need reassurance of your action plan, the advice is below…
Starting from the beginning?
“If you’re hiring finance staff, remember that they provide a service to the rest of the business,” Alex recommends for any small business that is at the stage of taking their finances to the next level.
“Before you start placing a team, establish what your company’s needs are so you can meet those requirements.” Otherwise, you may make a bad hire that doesn’t reflect what your company’s internal system actually calls for.
Starting to get bigger?
“If your company is growing, from a financial point of view this means a higher volume of transactions, invoices and payments to be dealt with on a daily basis.
“If you’re expecting growth, make sure you stay ahead of the curve by recruiting to deal with the added workload – it’ll be a real challenge to catch up retrospectively, for as the company grows your financial goals will evolve and change.”
Starting to think of the future?
So what’s the job of the Finance office once your small business is where you need it to be?
“Once you’re established, make sure you have a process for continual review of internal processes within your Finance department,” Alex says to ensure future proof financing.
“One of the goals for a well-established company should be to create an efficient function that will be scalable and robust enough to deal with growth in the future. When thinking about efficiencies, always ask yourself, ‘Can this process be automated?’”
Want business advice from an expert who knows what they’re talking about? Enter our Small Business Advice Week competition for a bespoke business consultation!