It must be tiring being at the height of your business powers. You’re a smirking, swaggering Richard Branson-alike with a bank balance that could fund a small developing nation. While you’ve watched enough episodes of Mad Men to know that even the most successful people can suffer behind the façade, you can’t help but think this is a pretty good way to live your life.
But remember that old saying – one mistake could turn you from a high-flyer into a homeless bum. So how do those pioneering entrepreneurs stay on top of their sizeable finances?
Largely, by having effective organisational skills, whether that be in their company or their bank balance.
With that in mind, we’ve come up with a few ways for you to maintain balance in your business – and keep your bank balance looking suitably comfortable.
Keep your HR team tip-top
Most people wouldn’t want to be anywhere near a human resources office, that haven for number-crunching, employee tracking, salary calculating and KPI-following. The mind bogglingly dull process of basic admin shouldn’t be something that a high-minded businessperson is subjected to.
Instead of participating in the administrative processes, you’ll want to know that your HR staff have all the tools they need to avoid a SNAFU in your organisation. And they’ll need more than a calculator and a few sheets of paper.
Technology has only recently caught up with the HR market, progressing from simple spreadsheets to overarching applications that will keep tabs on KPIs, pay-rises, absences, and wage slips, all with the minimum of input.
Our favourite is Ceridian, a cloud-based payroll software that offers an unparalleled service. Check it out and boost your organisational acumen in a matter of hours .
Get the best financial advice
Mafia movies like Heat and The Godfather have convinced us that financial advisors are basically well-paid manipulators of the system, allowing them to pocket plenty of cash while evading the taxman. But the workaday financier is nothing like this. In reality, they’ re more about keeping things ticking over than leading you from the straight and narrow.
Find a financial advisor you think you can trust (this might take several tries)and allow them time and space to do their job. Although it’ll be healthy to contradict them every now and again, deferring to their judgement will save you a lot of time and save the stress of worrying about your finances.
Plan for danger
There’s a whole world of financial danger awaiting a business that isn’t on the ball. But with an effective business plan, you’ll know when to sidestep danger.
Plan for every eventuality and your cash will be safe and secure in your account – and it’ll keep on mounting.