Small Business Finances: How to Get Organized

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Whether due to a lack of knowledge about finances for small businesses or the busy routine of these entrepreneurs, many end up having problems because they do not manage their finances in the ideal way.

With this in mind, we have brought you financial tips for small businesses in three main areas: in the daily routine; to get money to innovate and grow; and to survive crises.

Financial Tips for Small Businesses
In the company's day-to-day activities
Finances for small businesses begin with the company's daily routine, managing income and expenses.

Dealing with money requires time, dedication and knowledge in several areas, such as administration, pricing and finance itself.

Starting with the basics, you must understand what your business expenses are and plan for potential gains.

To do this, a legal entity spreadsheet can benin phone number lead help you control expenses and income, as well as help you make a projection for future months.

Digital transformation: main points and benefits
There are financial management applications and software on the market with various features, such as financial planning, expense graphs and reports, customer and supplier management, among others.

Furthermore, it is essential to separate personal and business finances.

Ideally, the entrepreneur should have a fixed monthly income for himself and not withdraw money beyond that from the company's cash flow.

To go deeper:

7 tips for organizing your business finances

15 finance apps for your business

Organization for Entrepreneurs: 5 Tips to Get Your Work in Order

To grow and innovate
Investments are necessary for a company to grow, modernize, expand and increase its production capacity.

If you live to pay your bills at the end of the month and don't save anything for the future, go back to the first step and get organized to invest in your business.

But be careful: investments must be made with money that will be set aside for this purpose, not taking it from working capital and leaving the company without money to keep its accounts up to date.

How to choose your company's tax regime
In addition to taking it from your own profit, there are several lines of credit for small businesses, such as the BNDES Card and Finame , both from BNDES.

Before committing to financing or a loan, make sure that the company's finance department can support this new debt in the long term.

To go deeper:

How to do financial planning for your company to grow

How to create a business expansion plan in 5 steps?

Culture of innovation: how to implement it in your company

Small Business Finance in a Crisis
Recent years and the coronavirus pandemic have shown us that companies need to be prepared to overcome crises.

There is no magic formula for this, but having good financial health is the first step.

In times of crisis, it is essential to thoroughly assess the finances of small businesses, looking for where the problems are and where expenses can be cut.

If you are struggling, here are some tips:

Pay off debts with the highest interest rates first, so that the amounts decrease over time;
Negotiate longer deadlines with suppliers;
Renegotiate expensive debts in search of more suitable interest rates and terms;
Reduce costs and expenses, but without compromising a minimum operating standard consistent with the company's profile.
5 Negotiation Techniques for Entrepreneurs
Seeking specialized help is also essential, both for businesses that are experiencing financial difficulties and for those who are starting out in the world of entrepreneurship and still don't know how to take care of their accounts.