5 Easy Ways That Your Small Business Can Be Financially Fit.

When you are a small business owner, any decision you make, right how you set your products' prices, to the cost of your services, has a big impact on your business. There are many things a small business needs to do to remain in business and make profits. Since the pandemic hit, there has been a great shift from brick and mortar business to online enterprises, but the requirements to be financially fit are the same.

A small business owner must be very careful and sensitive to small changes and signals in his business. The business is likely to be affected by a small shift in the general economy or prevailing conditions in the world.

It is important to be up to date with the latest trends and developments in your niche or business field. If you are not careful, things tend to snowball and may lead to a financial situation that may cost you the entire business. As a small business owner and an entrepreneur, you need to prepare for anything; you should be ready for any financial uncertainties.

The following are five ways that you can keep your small business financially fit and future proof:

1. Use an updated bookkeeping system –to keep your financials in check, you should have the latest and most sophisticated bookkeeping tool. A good example is QuickBooks. Such tools can be automated and easily tweaked to fit your business needs. Having the latest bookkeeping tools will help you track your inventory and manage your bills and customers better.

2. Plan ahead – The best way to future proof your small business is to plan for the future. Have properly developed long-term and short-term plans. The long-term plans will help you anticipate any changes in future economic trends. If you have long-term plans, no uncertain occurrence will knock you out of business because you will have already planned for it in advance.

3. Outsource what you are not good at – for your business to be financially sound, you should concentrate on what you can do best and outsource all the other operations. For example, you should not try to do your taxes. If it is not your strength, you are bound to make mistakes. Tax issues have a high propensity of making errors of omission or commission, which may cost you dearly.

4. Always check your books every day – As a small business owner who is just getting started, you should keep your financial records in check and look at them regularly. Never procrastinate; check your books. Ensure you look at your books every day without fail. It is only by carefully scrutinizing your books that you will be able to catch mistakes early enough before they become too big to handle.

5. Stick to your budget – This is a big mistake that many small business owners fall into. You should make your budget early enough at the business planning stage. Once you have all the plans and the budget set way in advance, you can now go ahead and ensure you align your operations to your budget. Small business owners should make sure they stick to their budget at all times. Going outside the budget is financially unhealthy and may cost your business in the long run.

 

Well, many major businesses borrow money and this is a very common thing. However, issues arise when they are not able to pay the money back and this is what leads to bankruptcy. This was something that happened during the pandemic.

This is actually the reason why I always question why businesses go into borrowing a huge amount of money when they don't have a very good repayment plan that is going to help them to pay off their debt so that it will not affect the business.

 

This is actually the reason why I always question why businesses go into borrowing a huge amount of money when they don't have a very good repayment plan that is going to help them to pay off their debt so that it will not affect the business.

Well, many businesses take unnecessary risks. On the other hand, there might be many businesses that might not even invest their own money and take loans. They might be listed on some stock exchange, so when such kind of businesses go bankrupt, the investors are the people who tend to suffer.

 

Well, many businesses take unnecessary risks. On the other hand, there might be many businesses that might not even invest their own money and take loans. They might be listed on some stock exchange, so when such kind of businesses go bankrupt, the investors are the people who tend to suffer.

Taking unnecessary risks with my business is something that I will never be open to doing. This is because I know it is capable of putting my business in a very tight spot which if anything should go wrong, there is no one who is going to be able to bail me out.

 

Taking unnecessary risks with my business is something that I will never be open to doing. This is because I know it is capable of putting my business in a very tight spot which if anything should go wrong, there is no one who is going to be able to bail me out.

Unnecessary risks make people extremely nervous and this is why taking unnecessary risks is not something that should be done in the first place, especially if you do not have a high risk tolerance capability. Never invest what you cannot afford to lose.

 

Unnecessary risks make people extremely nervous and this is why taking unnecessary risks is not something that should be done in the first place, especially if you do not have a high risk tolerance capability. Never invest what you cannot afford to lose.

It is not even about investing what you can afford to lose but also investing in a wrong project. This is one of the biggest mistake any business owner can do because that is a pure guarantee that you're going to lose the money.

 

It is not even about investing what you can afford to lose but also investing in a wrong project. This is one of the biggest mistake any business owner can do because that is a pure guarantee that you're going to lose the money.

Well, there are many people who lose money as they invest money in the wrong kind of project. The surprising thing is that when someone loses people, people actually resort to victim shaming! The usual response is something like "No one was forcing you to invest money". This makes it sound like giving a free pass to scammers to do whatever they like to do.

 

Well, there are many people who lose money as they invest money in the wrong kind of project. The surprising thing is that when someone loses people, people actually resort to victim shaming! The usual response is something like "No one was forcing you to invest money". This makes it sound like giving a free pass to scammers to do whatever they like to do.

The moment you end up investing your money in a wrong project, it means that you have already lost that money because there is no way you can be able to get any kind of profit from such kind of investment.

I always advise people to conduct a very good research before they are going to invest their money in any particular project.

 

The moment you end up investing your money in a wrong project, it means that you have already lost that money because there is no way you can be able to get any kind of profit from such kind of investment.

I always advise people to conduct a very good research before they are going to invest their money in any particular project.

There are many reasons why you cannot get your money back. Majority of the projects are not monitored or regulated. They are all pyramid schemes and the government never supports such kind of investment model in the first place. In fact, it is illegal in many places.

 

There are many reasons why you cannot get your money back. Majority of the projects are not monitored or regulated. They are all pyramid schemes and the government never supports such kind of investment model in the first place. In fact, it is illegal in many places.

Sometimes I keep wondering why the government is not making much effort to see that they clamp down on any of these pyramid schemes that are set up to function in their country which is capable of rendering people useless because it is a scam project set up to steal from people. Do they support scam? Why won't they end it?

 

I will also want to ask that if you want to be successful in business you should be open to forming the right partnerships. It is incredibly difficult to make it in the business in alone and you might need the ideas and expertise of others at some point even if it means that you will have to benefit mutually.

 

Sometimes I keep wondering why the government is not making much effort to see that they clamp down on any of these pyramid schemes that are set up to function in their country which is capable of rendering people useless because it is a scam project set up to steal from people. Do they support scam? Why won't they end it?

It is sad to see that they do not take any action against such kind of schemes. Perhaps the government of certain countries might be corrupt and they may be involved with such kind of scammers. Who knows? However, being a responsible person, it is our duty to raise awareness against such kind of schemes.

 

It is sad to see that they do not take any action against such kind of schemes. Perhaps the government of certain countries might be corrupt and they may be involved with such kind of scammers. Who knows? However, being a responsible person, it is our duty to raise awareness against such kind of schemes.

This is part of the reason why I am very happy with some or most of the Islamic countries where gambling and all kind of this Pyramid Scheme projects are banned because there is no one in a country that is going to set up such platform otherwise they're going to pay the price of going against their religion.

 

This is part of the reason why I am very happy with some or most of the Islamic countries where gambling and all kind of this Pyramid Scheme projects are banned because there is no one in a country that is going to set up such platform otherwise they're going to pay the price of going against their religion.

Islam prohibits gambling, pyramid schemes, alcohol, adultery, usury, and many other things as these things are harmful. There is a lots of wisdom behind Islamic teachings. I am proud to be a Muslim. Alhamdullillah. May Allah bless our Beloved Holy Prophet Muhammad

صلى الله عليه وآله وسلم​

 

I will also want to ask that if you want to be successful in business you should be open to forming the right partnerships. It is incredibly difficult to make it in the business in alone and you might need the ideas and expertise of others at some point even if it means that you will have to benefit mutually.

Going into business partnership is something that is always going to be beneficial to the parties involved because it's something that is going to allow both the parties to combine their resources in a way that it is going to enable their business to operate in a larger scale so that they will have improved profit making.

 

All this information that you wrote are very good and reliable but everything boils down to the level of commitment the person has on her towards the business and how much the kind of customers you have are willing to even invest in you.

 

Trying to cover everything about your business operations might not be wise. If there are aspects in your business you're not a pro in, it's good to outsource them to contractors who will carry out an excellent job. This will add to the reputation of your business. Booking keeping is very crucial. You can't manage any business without proper good book or record keeping.
Trying to cover everything about your business operations might not be wise. If there are aspects in your business you're not a pro in, it's good to outsource them to contractors who will carry out an excellent job. This will add to the reputation of your business. Booking keeping is very crucial. You can't manage any business without proper good book or record keeping.

 

Yes, I agree with your third point. Outsourcing is essential not only for small business owners but also for well-established businesses. No one can do all the tasks on their own. You need to outsource different tasks to different field experts to run your business smoothly.

 

Yes, I agree with your third point. Outsourcing is essential not only for small business owners but also for well-established businesses. No one can do all the tasks on their own. You need to outsource different tasks to different field experts to run your business smoothly.

Some years ago when I started my business of poultry and fish farming, I used to outsource the making of my feeds for the fishes and birds as I didn't have a better knowledge on how to do it best but after a couple of training on how to do it, I stopped outsourcing and started making it by myself.

 

Some years ago when I started my business of poultry and fish farming, I used to outsource the making of my feeds for the fishes and birds as I didn't have a better knowledge on how to do it best but after a couple of training on how to do it, I stopped outsourcing and started making it by myself.

This is what you call a "cost-saving strategy" and I think that cost-saving strategies can also make your business quite financially fit as well. This is because they allow you to save the cost and in return this may help you make your business grow even more.

 

This is what you call a "cost-saving strategy" and I think that cost-saving strategies can also make your business quite financially fit as well. This is because they allow you to save the cost and in return this may help you make your business grow even more.

It was definitely more expensive for me to be buying those feeds from the market because everything was very costly which was why I had to learn how to make them by myself and make sure that I mastered it very well because if you give your birds or fishers feeds that are not very good for them, it is going to make them have stunted growth and it's going to affect your sales and profit.