Is Your Business Fiscally Fit? October is National Financial Planning Month
Thursday, October 7, 2021
October, National Financial Planning Month, is a great time to schedule an annual financial checkup. This means sitting down and taking inventory of where business is now relative to goals and making plans for the coming year. The financial experts at Loan Mantra are helping companies boost their financial health, making the process simple, transparent and effective.
CHARLESTON, S.C., Sept. 29, 2021 /PRNewswire-PRWeb/ -- How is business? Are you feeling financially secure - able to pay expenses and meet payroll with enough funds set aside in case of an emergency? Small businesses faced a challenging year across all industries. Cash balances (cash flows) declined in every city, with an average major metropolitan area decline of 12.7%, with the restaurant and personal services industries being most drastically hit.
However, the economy is showing signs of life again. According to July Census data, business applications are up 1.2% over June 2021 nationally. October, National Financial Planning Month, is a great time to schedule an annual financial checkup. This means sitting down and taking inventory of where business is now relative to goals and making plans for the coming year. The financial experts at Loan Mantra are helping companies boost their financial health, making the process simple, transparent and effective.
"Regardless of industry, size of your business or current financial situation, making a plan now can empower you to have more control over your financial security," says Raj Tulshan, founder of Loan Mantra.
Loan Mantra offers the following tips to help business owners become more financially secure:
Restructure debt. Review current debts to see if you might qualify for a lower interest rate that could save you thousands if not hundreds of thousands. Or seek the help of an expert to determine qualifications for one of the many government loan forgiveness programs that are available right now. "There are so many options available for no or little interest rates, that we'll probably never see an opportunity like this again in our lifetimes so now is the time to take advantage of programs where you can," Tulshan also said.
Track every expense. Track every expense carefully for a few months to see how (and where) money is being spent. Which expenses can be reduced or eliminated? Can the amount spent on Internet, phone, or other recurring expenses be reduced by calling these companies and negotiating lower rates? Can costs for services or supplies be cut ? Anything that can be trimmed will go directly back into the business or savings each month.
Track business process. Track where employees spend their time and determine if their efforts (and money!) is being best spent. Are there opportunities to streamline or become more efficient? Look for process efforts that may be better eliminated, reallocated or don't build the bottom line. Redirect those efforts more efficiently.
Pivot with clients. According to the US Chamber of Commerce, The most successful businesses during the pandemic had six key traits. One of these was the ability to pivot with client needs. How can your business do this? Branch out to offer additional products or services? Where is your industry headed in terms of client wants and needs; where do you need to invest, upgrade or change to meet those needs?
Collect outstanding payments. Unpaid invoices can significantly impact cash flow and undermine a company's financial security. Regularly remind debtors about their overdue invoices. Be clear about payment terms in all agreements and contracts. If overdue money can't be collected, hire a debt collection agency.
Eliminate unnecessary paperwork. The pandemic brought many people online and remote. We learned how to adjust to daily virtual life and adapted to a mostly paperless office. The same should be true for a company's finances. A company should be able to organize and file paperwork in an online, secure system with the ability to access necessary financial information instantly and easily. Fortunately, Loan Mantra has an online system available to both loan brokers and business owners called the vault. It's a secure online portal to store financial information, credit reports, and other vital information so companies have access to the most important records when they need them.
Business Continuity. Life is unpredictable, so it's important to plan for the unexpected. While it may be unpleasant to consider, have a succession plan in place in case the business owner or leaders are injured, disabled, or even die. Who will fill these roles in an emergency? Who will run the company if the leadership is temporarily or permanently unable to do so? Who will ensure a seamless transition so that business remains successful?
Working with a financial expert, restructuring debt, becoming agile, analyzing business processes and reducing expenses can help businesses succeed and become more financially stable. Not sure if your business is fiscally fit? Take our test to find out today.
About Loan Mantra
At Loan Mantra your success is our success. This means that our attention, purpose, and intention are all focused on you, our client. We are your ally to overcome obstacles, bringing peace through uncertain times to achieve your highest goals and aspirations. Your friendly, responsive agent will listen respectfully, and service your account actively through one of three locations in the US. We speak your language whether it's English, Spanish, Hindi, Bengal, Hospitality, Laundry or Manicure, let us help you today. Connect with us at http://www.loanmantra.com, 1.855.700.BLUE (2583) or YouTube/mymoneymantra.
Media Contact
Melissa Watkins, Liger Partners, 804-402-5316, melissa@ligerpartners.com
SOURCE Loan Mantra
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