Commercial Finance Budgeting: Top Ten Tips For 2013 ...

With Britain set to be stripped of its coveted AAA score, following the treasury?s admission that national debt recovery is taking longer than expected; businesses of all industries are being warned of the negative outlook and the expected downgrade.

Financial experts have declared that the loss of the top rating may potentially cause an increase in borrowing costs for businesses and as a result; those in need of commercial finance are encouraged to seek advice, guidance and monetary assistance from independent financial sources. Whether requiring a commercial mortgage, bridging finance or any other form of business lending; scouring a range of options with the support of a specific commercial lender may improve the chances of financial success for any business.

2013 is a year still subject to risk and although the AAA scoring has yet to suffer a downgrade, the fear of such has now prompted many financial advisors to urge business owners to manage costs at a far more effective rate. Clear control over incoming and outgoing charges, restrictions in spending and tight control over the unnecessary, may potentially be the difference between commercial success and failure within the coming year.

Whether a small, medium or large corporation; the following are commonly agreed tips that may assist in maintaining the financial strength required to withstand any coming economic strains.

• Office Space- Many often consider office sub-letting the viable option however, further charges, overheads and additional ?must have? extras can make this one of the most difficult and straining costs for any business. Why not consider a commercial mortgage? A fixed rate term will ensure steady payments, budget management, tax deductibility, equity and naturally the end goal of property ownership; a great way to secure the future of any business.
• Phone Bills- The implementation of several phone lines can be an unnecessary cost. Do all staff members require a phone line or can PC software, allowing for incoming and outgoing faxes, be just as beneficial? Consider the options available and ensure you are incurring only a minimum charge.
• Printer- One of the most neglected charges, printer ink is often used up in an instant and reordered every other week. In a larger corporation this can be quite difficult to manage but you may perhaps benefit from lower cost recycled options and ink refills.
• Overheads- Incentives, training programmes and benefits may seem ideal however, they can all quite easily add up. Keep all extra costs to a minimum; your employees will appreciate job security and a steady salary as opposed to a few months of luxuries that my lead to disastrous cuts.
• Legal Expenses- Unfortunately, whatever the businesses size, legal issues with clients and/or employees will commonly arise. Any legal action can be costly so consider discussing and resolving any issues and refrain from any lengthy court battle where possible.
• Advertising- All businesses will need to conduct some form of advertising however, does your budget allow for extravagance? In 2013 consider alternative options; minimise postage costs by including promotional offers and leaflets within existing customer mailings and source advertising that can be tracked and provide a substantial ROI. Advertising can be a vast cost that may reap little or no reward so consider your options carefully.
• DIY Brand Growth- In reference to advertising costs, why not consider taking it upon yourself to scream and shout about all that your business has to offer? Social media is consider a fantastic advertising tool and will cost you nothing but a little time.
• Cash Flow- Maintaining a steady cash flow is crucial for business success so why not consider invoice financing? Invoice finance is a great way to revive your cash flow and allow for better budget management; discuss what is available with a specialist commercial finance lender today.
• Utility Bills- With several lights and desktop PCs switched on for up to eight hours a day, your electricity bill can be a vast and difficult cost to maintain. Switching off lights monitors and printers when not in use, opting for energy efficient bulbs and reducing office temperature are just a few of the ways in which you may dramatically reduce your bills.
• Weekly Spending- Consider conducting a weekly review of your outgoing costs. Is a bulk order of stationary being placed every week? Are the weekly treats for the staff or the expenses charges starting to add up? What may seem like a few small charges can indeed begin to add up however, a watchful eye can allow you to maintain greater control.

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With the British economy still facing uncertainty in the coming year; it is of great importance that business owners effectively manage costs and ensure a steady cash flow. Whether in a current commercial financial agreement or seeking the ideal lending; ensure you are in the very best of hands, you remain free from any surprise charges and the financial solution you have been offered will ensure the security and longevity of your business.

Are you managing your business costs as effectively as possible?

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Source: http://www.charlestonfinancial.co.uk/commercial-finance-budgeting-top-ten-tips-for-2013/

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