FINANCIAL MANAGEMENT FOR BUSINESSes are often at a disadvantage when it comes to financial planning, a new study shows.
The research by financial management consultancy Mintel and research firm McKinsey found that businesses face a lot of pressure to improve their financial health, which can be especially tough for those in small or medium-sized businesses.
In addition, financial management often takes a backseat to other aspects of the business, such as marketing and branding.
Read moreHere are some tips to make your business better: Don’t be afraid to ask questions about financial trends and trends in the financial services industry, Mintel’s report found.
Ask the right questions, Mintell’s research found, and pay attention to the feedback from other people in your company who have similar financial challenges.
Be mindful of your clients’ needs and concerns, especially when they have a complex financial situation.
Mintell found that clients are more likely to share their financial issues if they know how they are able to get around it.
Don’t rely solely on your financial management team to manage your finances, Mintelman found.
“It is often the case that financial management is only one aspect of the overall business process and should be left to individual businesses to do their own financial planning,” the firm said.
Don’ t be afraid of asking questions.
Mintel found that about 90% of the time, clients will be more likely than not to have questions about your company’s finances.
“This can be an important tool to help you keep your finances in check,” the report said.
“Even if you can’t get an answer from your financial adviser, you should be asking questions in the hopes that the person will be able to provide some guidance to you.”
Don t give up.
The advice above applies to any kind of business, but especially when it relates to your own business.
Mintelman said that financial issues can affect every aspect of your business, so you need to keep track of what is going on.
If you do find that you need more help, be sure to contact a financial advisor to find out how to get your financial situation in order.
The advice is similar for smaller businesses as well, Mintelli said.
“Small businesses are often more at a competitive disadvantage when they are trying to manage their finances, so it’s important to be able get the information and support you need,” Mintell said.
Read more:Read more from our sister site, The Next Web: The Financial Mistake That Could Save Your Business