Financial Awareness for Business Health
Wednesday, February 09, 2022
It makes good business sense to be aware of your financial fundamentals. Sound financial health can dramatically improve your business and prevent calamities. Good business health means you have the ability to reach your goals and take advantage of opportunities- these lend you the flexibility to pursue your dreams. The only way to achieve financial health is through financial awareness. We are just into the beginning of the year, and it is always a good time for business owners to take a look at their spending, determine their goals for the year and set saving plans to achieve them. But financial wellness for your business is not just about money. Being financially aware is a critical piece of your overall business wellness.
GROW South Dakota can help by offering our expertise to direct you to the knowledgeable experts and programs that will make financial management an advantage in your business success. We recommend working with your regional Small Business Development Center (SBDC), which are business management consultant entities providing links to assistance. Financial experts can assist entrepreneurs and small businesses with business essentials, such as how to create an initial budget, develop financial projects and learn how to manage cash flow.
After getting a start on managing your finances, it becomes important to manage these plans on a daily and monthly basis - something that is not always easy for business owners. As a company grows, it can become possible to hire a full-time accountant, controller or CFO. Technological applications have made it easier than ever for entrepreneurs and small business owners to manage their finances
Stay connected. Get support from the SBDC or GROW South Dakota.
New technologies are changing the business landscape by making it possible for business owners to do more with less time. Still, technology cannot replace the benefit of sitting down with an expert knowledgeable in your region. For more than half a century, GROW South Dakota has fulfilled a vision of “GROWing sustainable communities through housing, community and economic development.” To get started on a sound business journey this year, contact us here.