When Prince William, the future King, champions a cause, people usually sit up and take notice.
One topic the Prince is bringing to the fore is mental health. So with this being Mental Health Week, we at Corp & Comm felt it prudent to highlight the steps you can take to reduce a business’ financial concerns and worries.
There is a widely accepted link between financial wellbeing and mental wellbeing. Although it is the consumer element of debt that makes the news, there is a very real necessity and importance to address the requirement to have commercial financial wellbeing on an even keel.
Research from Nesta, the innovation charity shows that 40% of British entrepreneurs have admitted that managing their finances and banking has become the most stressful part of running their business. Being forced to give up evenings and weekends balancing the books, is unnecessarily burdensome. The stress is taking its toll with 17% saying it has made them unwell.
Financial gain may not be everybody’s motivator but it is certainly an enabler. Every business owner knows that when their business is doing well, they can afford to pay the correct wages, order stock, invest in technology etc which in turns boosts everybody’s wellbeing.
The simplest way of summarising how to achieve commercial financial wellbeing is this : Ensure that your incomings either match or are above, your outgoings.
Ten Commandments of Credit Control
We at Corp & Comm champion ‘The Ten Commandments of Credit Control’. Through our training days and university presentations, we encourage everybody to factor at least one or two of the Commandments into their day to day credit control process, to ease the burden.
Good credit control is measured by having a successful, robust process in place that can be applied to each and every matter, irrespective of size, age or customer. The ability to keep systems uniform, exact and regular removes the stress and anxiety of reaction and then action.
Having a plan in place and sticking to it, allows each and every business owner to be confident in their ability to recover their monies and in doing so, move on to other more pressing matters whilst all the while maximising the payments into their bank.
As we’ve said, finance may not be every person’s motivation but finance is both the key and the lifeblood to every business. Without cash, every business will fail. Simply apply just some of these simple steps and take action to ensure that your business’ finances don’t become an issue.