Chris Frame is an accomplished financial management expert with experience that spans three decades. Among his recent positions was that of treasurer/chief financial officer of Jefferson Township Schools in Ohio. Chris Frame’s financial management interests include running organizations more efficiently.
Effective financial management is critical for business survival and growth since it entails planning, controlling, organizing, and monitoring financial resources to realize business objectives. Financial management experts are expected to use the following tips to achieve their goals:
1. Come up with a clear business plan that identifies where a business is currently and where you hope your business to be over the next few years. A good plan should explain how you intend to finance your business and identify the sources of funding.
2. Ensure that business payments, such as tax bills and loan repayments, are made on time to avoid penalties and interest. Set reminders of all pending bills and make a record of when payments are made.
3. Keep track of the day-to-day costs of business and ensure that there is enough cash to take care of daily needs, such as wages and rent. Companies should make sure they do not go below the minimum cash threshold.
4. Select the right kind of funding for your business. Both short-term and long-term business needs will determine the type of funding you choose. Also, reevaluate your current financial options to see if they are still suitable for your business needs.
Effective financial management is critical for business survival and growth since it entails planning, controlling, organizing, and monitoring financial resources to realize business objectives. Financial management experts are expected to use the following tips to achieve their goals:
1. Come up with a clear business plan that identifies where a business is currently and where you hope your business to be over the next few years. A good plan should explain how you intend to finance your business and identify the sources of funding.
2. Ensure that business payments, such as tax bills and loan repayments, are made on time to avoid penalties and interest. Set reminders of all pending bills and make a record of when payments are made.
3. Keep track of the day-to-day costs of business and ensure that there is enough cash to take care of daily needs, such as wages and rent. Companies should make sure they do not go below the minimum cash threshold.
4. Select the right kind of funding for your business. Both short-term and long-term business needs will determine the type of funding you choose. Also, reevaluate your current financial options to see if they are still suitable for your business needs.