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4 good financial practices for your business

Financial management is a fundamental aspect in any company regardless of its size, as solid finances will ensure the best possible scenario in the event of any eventualities that may occur. For example, in a positive scenario with increased sales, it is important to ensure liquidity to capitalize the business, on the contrary, in a negative scenario such as that generated by the arrival of the covid for many businesses, where sales fell, have a state Solid financial means will allow you to have the budget to deploy a contingency plan that reduces the impacts. Having a timely and accurate planning and monitoring of your company's finances will allow you to better optimize your resources, for which we leave you some practices that you can implement and achieve greater control:

1. REVIEW THE FINANCIAL REPORTS: Doing it periodically will allow you to carry out specific actions on the critical issues of your operation and will facilitate decision-making for the growth of your results. 2. MAKE YOUR VIABILITY PLAN: Well, it will allow you to have a clearer vision to define priorities when assigning resources to projects that give you growth, as well as analyze the capital structure in your company so that you obtain greater profitability 3. TAKE CARE OF YOUR INVENTORY: The points to take care of in the rotation of your warehouse to achieve an adequate and optimal flow will depend on the type of product; For example, avoid having a high stock of non-perishable items in the warehouse, as this stationary investment will not be generating income for you. 4. KEEP A BUDGET: Organize fixed and variable expenses, as well as your income forecast to have an overview of the flow you will require, this will allow you to avoid, as far as possible, a lack of balance between income and payments which can generate a big financial problem for you.

Some of these good practices can be implemented immediately and others will require medium-term adjustments to start giving results, but we are sure that these strategies will bring great benefits to the finances of your company. At ZZAS we can help you manage your payments to suppliers to have greater control of your flow of expenses, contact us and request a demo for free.

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