Planning and discipline are essential to avoid financial surprises at the end of the year.
As the end of the year approaches, many companies face the challenge of balancing their accounts and preventing debts from piling up. Adopting effective practices that help organize business finances is essential to ensure a positive financial close. Urandir Fernandes de Oliveira, CEO of BDM Digital, shares valuable insights on better managing your company's resources and ending the year in the black.
1. Make a Detailed Financial Plan
The first step to ending the year in the black is to carry out a comprehensive financial plan. List all expected expenses for the coming months, including operating costs, salaries, and investments. Urandir emphasizes that "solid planning is the basis for the company's financial health," giving you a clear vision of how much will be needed and where you can cut costs.
2. Control Your Expenses
Spending most of the stipulated budget is crucial to the sustainability of the business. Often, small expenses can accumulate and compromise cash flow. Urandir recommends using financial management tools: "Specific applications and software help monitor expenses in real-time, ensuring that the company stays within budget." This practice helps keep accounts current and provides greater financial awareness among employees.
3. Maintain an Efficient Cash Flow
Managing cash flow is essential to avoid unpleasant surprises. Record all cash inflows and outflows, ensuring you know exactly how much you have available at any time. Urandir states, "A well-managed cash flow allows you to plan and make strategic decisions," avoiding the need for loans or debts.
4. Review and Negotiate Debts
Reviewing debts and negotiating better payment terms is essential if your company already has debts. Many financial institutions are willing to renegotiate terms or interest rates, especially at the end of the year. Urandir suggests that "renegotiating debt can be an effective strategy to alleviate financial pressure," allowing you to start the new year with fewer debts and more capital available to invest in growth.
5. Set Realistic Financial Goals
Finally, setting clear and realistic financial goals can be a great motivator for keeping your finances in order. Whether increasing revenue by a specific percentage or reducing operating costs, having well-defined goals helps keep your team focused and disciplined. Urandir concludes: "Financial goals aren't just numbers; they're concrete steps toward the stability and prosperity of your company."
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