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Let’s talk about the pursuit of happiness. More accurately, your pursuit of happiness. One that’s intrinsically linked with the desire to start or manage a small business. After all, you couldn’t deal with the sleepless nights and anxiety without the sheer determination to do what you love. That said, there’s probably one thing that constantly gets in the way of your pure, unbridled joy; finances. Finances are an unfortunate reality many SME business owners and managers deal with on a day to day basis. Even if you’ve got an unrelenting passion for number crunching, the constant stress of budget land can really weigh you down, putting a barrier between you and the happiness you deserve.

In this blog, we’re highlighting four important factors that can really help you jump the barrier and find your happy. So, put your calculator away, make yourself a tea, and have a read. It’ll only take about 10 minutes.

1) Take it to the cloud

No doubt you’ve heard of cloud accounting, and if you’ve already implemented the software change in your business, you’re on the right track. If you haven’t yet, heed this advice. Cloud accounting makes it easier to manage your cash flow and it also means you can say goodbye to Excel for good. It also opens up opportunities to hire freelance or part time finance guru’s. Who, from the comfort of their own home or office, can access your financial records and do all the work for you – at a fraction of the cost of a full-timer. MYOB and Quickbooks are our favs, or if you’re a Mac user, consider Xero.

2) Plan ahead

Forecasting your cash flow is a great way to ensure you’ll be ready for market trends throughout the year ahead. Understanding where your business or team is sitting in relation to specific periods, like lulls in in the market or expected boom times, will enable you to create and adjust strategies to suit. The key here is to think about ways you can increase cash flow when business is going well to keep you afloat in weaker periods.

3) Improve your budget

Revising your budget every year can really keep you in tune with your finances. Re-examining your income and expenditure will help you find patterns of spending that you could reduce overtime, while realigning your budget to meet new company goals is a textbook way to get exciting initiatives off on the right foot. Perhaps even getting on top of your cash flow and applying for a Business Fuel Loan will provide the capital you need to step into the right direction.

4) Review your policies

When was the last time you took a second look at your insurance policies? Things change quick in the insurance game, and there might be insurance products out there that suit your current situation better. A simple comparison could save you hundreds in the long run, allowing you to place more money and emphasis on doing what you love. There’s countless comparison sites out there, just do your due diligence and you could be surprised with what you find.