{"id":1407,"date":"2016-05-05T23:17:58","date_gmt":"2016-05-05T23:17:58","guid":{"rendered":"http:\/\/fusephase.com\/?p=1407"},"modified":"2022-05-18T22:41:46","modified_gmt":"2022-05-18T22:41:46","slug":"3-ways-to-spring-clean-your-business-finances","status":"publish","type":"post","link":"https:\/\/fusephase.com\/blog\/3-ways-to-spring-clean-your-business-finances\/","title":{"rendered":"3 Ways to Spring Clean Your Business Finances"},"content":{"rendered":"\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><img loading=\"lazy\" width=\"1024\" height=\"512\" class=\"wp-image-1795\" src=\"https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/Spring-Cleaning-Tips-for-Your-Business.png\" alt=\"Spring Cleaning Tips for Your Business\" srcset=\"https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/Spring-Cleaning-Tips-for-Your-Business.png 1024w, https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/Spring-Cleaning-Tips-for-Your-Business-300x150.png 300w, https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/Spring-Cleaning-Tips-for-Your-Business-768x384.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n<p>According to our allergies, the spring season is in full swing. And you know what that means: It&#8217;s time to do a little spring cleaning.<\/p>\r\n\r\n\r\n\r\n<p>But spring cleaning isn&#8217;t just about tidying up\u00a0the closets and sweeping up the dust bunnies from their winter hibernation. It&#8217;s also\u00a0a great time\u00a0to clean up\u00a0your business finances and review how the year is going so far. Doing this now (and periodically throughout the year) will help your business to be\u00a0more productive and focused over time.<\/p>\r\n\r\n\r\n\r\n<h2 id=\"how-to-spring-clean-your-business-finances\">How to spring clean your business finances<\/h2>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h3 id=\"improve-your-cash-flow\">Improve your cash flow<\/h3>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Cash flow (i.e. money going in and out) is the lifeblood of any business. Now that we&#8217;re almost halfway through the year, it would benefit you to take a good, hard look at your current cash flow and identify some ways to improve it.<\/p>\r\n\r\n\r\n\r\n<p>It&#8217;s not uncommon for businesses to focus too much on incoming revenue, rather than looking at the full financial picture. Your business might have a disproportionate amount of money going out the door when compared to that which is coming in, without you even realizing it.<\/p>\r\n\r\n\r\n\r\n<p><strong>Pro Tip:<\/strong> Having a solid grasp on your cash flow begins with having accurate, up-to-date financial records. This will help you to easily identify any problem areas right away. Cloud accounting software can be a lifesaver in this case.<\/p>\r\n\r\n\r\n\r\n<p><strong>Here are some things to consider\u00a0when it comes to improving\u00a0cash flow:<\/strong><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>Is your monthly revenue sufficient? Could you be charging more for your services? (More on that in a minute&#8230;)<\/li>\r\n<li>What&#8217;s your average time to get paid per client? Do you need to reconsider your payment terms?<\/li>\r\n<li>Are there any outstanding invoices that need to be followed up on?<\/li>\r\n<li>Where can you cut\u00a0spending? And\u00a0we&#8217;re sorry to rain on your <a href=\"http:\/\/time.com\/3506815\/10-best-job-perks\/\" target=\"_blank\" rel=\"noopener noreferrer\">perk parade<\/a>, but do you <em>really<\/em> need to offer your employees free laundry service and Thursday afternoon massages? (The ball pit we totally get, though.)<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><em><a href=\"https:\/\/fusephase.com\/blog\/how-to-improve-cash-flow-for-your-business\/\">Get some tips to improve your cash flow here.<\/a><\/em><\/p>\r\n\r\n\r\n\r\n<h3 id=\"revisit-your-pricing-structure\">Revisit your pricing structure<\/h3>\r\n\r\n\r\n\r\n<div class=\"wp-block-image\">\r\n<figure class=\"alignright\"><img loading=\"lazy\" width=\"700\" height=\"900\" class=\"wp-image-1445\" src=\"https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/spring-clean-your-business-finances.jpg\" alt=\"spring clean your business finances\" srcset=\"https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/spring-clean-your-business-finances.jpg 700w, https:\/\/fusephase.com\/wp-content\/uploads\/2016\/05\/spring-clean-your-business-finances-233x300.jpg 233w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Pricing your products or services properly is essential\u00a0to the long-term success of your business, but it&#8217;s also one of the toughest challenges you&#8217;ll face.<\/p>\r\n\r\n\r\n\r\n<p>This is a good time of year to evaluate your pricing\u00a0and make sure your prices are still keeping pace with the market and what your competitors are charging.<\/p>\r\n\r\n\r\n\r\n<p>Although\u00a0the natural tendency is to price your\u00a0services on the low end in order to be more competitive, you could actually be doing your business a disservice if you&#8217;ve set those\u00a0prices\u00a0too low. It may\u00a0undervalue your offerings in the eyes of your clients and will likely take longer for your business to turn a profit.<\/p>\r\n\r\n\r\n\r\n<p>Need some more help with pricing? <em><a href=\"https:\/\/fusephase.com\/blog\/how-to-price-your-services\/\">Check out our tips for pricing your services here.<\/a><\/em><\/p>\r\n\r\n\r\n\r\n<h3 id=\"schedule-a-financial-checkup\">Schedule\u00a0a financial checkup<\/h3>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>How&#8217;s your business faring so far this year? Is it profitable, or not so much? Are you\u00a0<a href=\"https:\/\/fusephase.com\/blog\/create-a-budget-for-your-business\/\">on track with your business budget<\/a> and the revenue goals you set at the start of the year? Do any of these questions make you want to curl up on the floor in the fetal position right now?<\/p>\r\n\r\n\r\n\r\n<p>Get greater transparency into your financials and gain greater peace of mind by\u00a0scheduling a financial checkup with\u00a0an expert. Ideally, this should be with\u00a0an <a href=\"https:\/\/fusephase.com\/services\/outsourced-cfo\/\" target=\"_blank\" rel=\"noopener noreferrer\">Operational CFO<\/a>, who can help you understand your numbers\u00a0and what\u00a0they mean to the success of your business for the rest of the year (and beyond).<\/p>\r\n\r\n\r\n\r\n<h3 id=\"in-short-spring-cleaning-always-pays-off\">In short,\u00a0spring cleaning always pays off<\/h3>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>You can never go wrong by having a better understanding of your money and how it\u00a0impacts\u00a0your business.\u00a0In the spirit of spring cleaning, dust off your books this spring and dig into your numbers with the help of a financial pro, so you can ensure greater success for the rest of the year and beyond.<\/p>\r\n\r\n\r\n\r\n<p><strong>How will\u00a0<em>you<\/em> spring clean your business finances?<\/strong><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>According to our allergies, the spring season is in full swing. And you know what that means: It&#8217;s time to do a little spring cleaning. But spring cleaning isn&#8217;t just about tidying up\u00a0the closets and sweeping up the dust bunnies from their winter hibernation. It&#8217;s also\u00a0a great time\u00a0to clean up\u00a0your business finances and review how &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/fusephase.com\/blog\/3-ways-to-spring-clean-your-business-finances\/\"> <span class=\"screen-reader-text\">3 Ways to Spring Clean Your Business Finances<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":1,"featured_media":5545,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,10,11,23],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Ways to Spring Clean Your Business Finances | FusePhase<\/title>\n<meta name=\"description\" content=\"Spring season is upon us and it&#039;s a great time to look for ways to spring clean your business finances. Here are three simple tips for business owners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fusephase.com\/blog\/3-ways-to-spring-clean-your-business-finances\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Ways to Spring Clean Your Business Finances | FusePhase\" \/>\n<meta property=\"og:description\" content=\"Spring season is upon us and it&#039;s a great time to look for ways to spring clean your business finances. 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