2020 posed enormous challenges for businesses of all shapes and sizes. So, the financial picture of your business is likely to look very different in 2024.<\/p>\n\n\n\n
In a report by consulting firm McKinsey, cost management is now the highest priority for almost 70% of businesses surveyed<\/a>.<\/p>\n\n\n\n So, to help you avoid financial trouble and protect your bottom line, we\u2019ve outlined 5 ways you can keep control of your money in 2024.<\/p>\n\n\n\n We all know that budgeting can lead to headaches and is not something many business owners love to do. But a simple spreadsheet that includes your monthly budget, forecast and actual income will help to highlight where the money is coming in and where you may be heading towards financial trouble.<\/p>\n\n\n\n Creating a business budget<\/a> will help you to pay down any debts, manage your cashflow ahead of quieter months and will help you to get on top of any debts. And starting a budget isn\u2019t hard to do. You just need to get a little organised. <\/p>\n\n\n\n Plus, there are plenty of budgeting tools<\/a> available that\u2019ll do most of the organising for you. <\/p>\n\n\n\n Everyone is saving more and spending less and that\u2019s understandable. With the economy dipping, or even double-dipping, your focus should be on saving every penny you can. <\/p>\n\n\n\n But it\u2019s the marginal gains that will put you on the front foot when it comes to saving. For example, many third-party providers are offering the chance to pause payments on contract subscriptions or take interest-free breaks. <\/p>\n\n\n\n Even with our own software subscriptions at Grafterr<\/a>, we allow customers to pause and unpause payments whenever they like, and as many times as they need to. And in times like these, we all need to help each other out, right?<\/p>\n\n\n\n So, look out for these offers and take them up. And over time, you\u2019ll notice the amount you\u2019ll save. <\/p>\n\n\n\n Since we\u2019ve all had to tighten our belts in the past year, there\u2019s been a drop in personal spending. So things like daily commutes, morning coffees or after-work socialising are almost non-existent now.<\/p>\n\n\n\n And of course, this has hit the revenues for those business operators. But with reports also suggesting that 60% of Brits want to actively support local businesses<\/a>, business isn\u2019t going away but moving elsewhere. So, with these opportunities, be sure to capitalise on them by reaching out to your local customer base. <\/p>\n\n\n\n Target customers on social media who are already following businesses local to yours, or following similar offers. They\u2019ll be more likely to come to you know that you can deliver to their door. <\/p>\n\n\n\n And with a recent surge in popularity for takeaways, we have some tips<\/a> on how to generate more orders and make the most of the current demand. <\/p>\n\n\n\nSet a proper budget<\/h2>\n\n\n\n
Spend less, save more<\/h2>\n\n\n\n
Look for the right opportunities<\/h2>\n\n\n\n
Prioritise debt repayments <\/h2>\n\n\n\n