Business Finance 101
At every level of business, from startup to maintaining one’s market share, assessing and reassessing business finances is paramount to continued success. It is a fact: it is not the products or the personnel that determine a business’ staying power. It is the financial management of a company that determines its present and future success.
3 Fast Facts On Business Funding
- Products and services have no value if the money their sales generate is not carefully accounted and reallocated. Spending money earned wisely and knowing when to save or invest in growth should be a business’ greatest focus.
- The number of businesses that fail during their first five years is very high, and is mostly due to poor financial management.
- Many textbooks highlight how most businesses that fail would have had much better outcomes had their owners made sound financial decisions in all aspects of the business.
Business Finance 101: The Basics
Every business owner should know basic accounting principles, even if they hire an accounting firm to keep their books. This knowledge will benefit other aspects of running a business.
For small businesses, there are numerous software programs that will not only educate business owners on business financing basics such as bookkeeping, but also the following:
- Day-to-day expense tracking: an owner needs to be able to create and analyze reports to know where their money is coming from and where it is being spent. The ability to generate reports and demonstrate fiscal responsibility is key.
- Accounts Receivable and Accounts Payable: An owner needs to be able to tell when payment is expected and to anticipate expenditures.
- Trending: will keep business owners aware of trends in their industry to plan accordingly. This can ensure small business survival in a turbulent marketplace or economy.
Another basic business financing option is to establish a long-term financial relationship with a trusted financing source. Such an advisor will ensure that your business receives the guidance it needs to stay on course.
Also, when the need for additional working capital arises, you and your business have a track record of success and will have quicker access to necessary financing.
Get Business Financing as Soon as 24 Hours
National Business Capital & Services is a leading alternative financing company. We assist our clients to obtain the financing their business requires and forge long-term financing relationships to ensure their future working capital requirements can quickly be met.
If you have questions regarding business finance, please call us at 877-482-3008 for a free consultation. Or, fill out our 60-second application online to get funds in as little as 24 hours.
National Business Capital & Services is the #1 FinTech marketplace offering small business financing and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time.
For every deal we fund, we donate 10 meals to Feeding America!