Source: https://images.unsplash.com/photo-1567427017947-545c5f8d16ad?ixlib=rb-1.2.1&ixid=MnwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8&auto=format&fit=crop&w=1406&q=80

You could argue that whatever the size of your company, running a business comes down to one thing: the bank balance. While we create successful businesses by providing value and focusing on excellence, the reward is financial. And if the finances aren't there, then we simply can't continue.

For many companies, it's been a tough couple of years, requiring business owners to work harder than ever at getting on top of their finances and cutting out any slack. In some ways, this has been a learning experience. Successful ventures are leaner than ever, and the people who run them have a keener understanding of how to get through testing times. But this attitude of financial diligence is good to maintain not just during harder periods, but when the going is good too. In fact, get your finances straight during periods of comfort, and the bad times won't seem as severe.

Let's explore some approaches to managing company finances that will ensure that you're always financially insulated, and can get through the financial winters with as much ease as you enjoy the good times.

Credits and benefits

Always make sure that you take full advantage of any tax credits or state support that may be due to you from the authorities. Let's face it, you can't avoid handing over what's due when it comes to tax (although you can legally minimize it), so on the flip side, don't hesitate to find out what's due to you as well. Due to the pandemic, governments are able to provide financial assistance at a higher level than usual, so make sure to find out about the R&D tax credit, and how your company can potentially benefit from this system.

Even in less eventful times, when we don't have a pandemic to contend with, keep on top of any schemes your local government may be running that are designed to assist businesses. Depending on the area, you may find there is considerable support available. And when starting a new company, it pays to check around and see how locations differ in providing support, and perhaps even locate your project in an area that helps facilitate business.

Go paper-free

If you're tech-savvy you may already be on to this, but the great thing is that as tech improves, it becomes more user-friendly, so now anyone can get to grips with it. We are moving rapidly into a digital age, and it no longer makes sense to have stacks of documents filling up boxes and cabinets. There are lots of cloud-based tools and applications that can help you to clear out your office and put everything online, where it will be secure and easily accessible from any location.

This will help you with your finances by enabling a more efficient, streamlined system, in which you can keep on top of money matters more easily. Additionally, when you start exploring digital solutions, you'll find that in addition to going paperless, you can utilize applications that will automate routine processes including, foe example, paying bills and tracking expenses. This combination of paperless records and automation helps to keep everything in order, and leaves you with more time to focus on other priorities.

Don't do everything yourself

This depends on the size of your business. There are compact, solo ventures in which it's possible to keep on top of everything by yourself, particularly if you're a well-organized person. However, as businesses grow, it's common that you can find yourself taking on too much, and if finances are not your thing anyway, then managing the books can become a drain on your time and energy.

It's essential that you recognize when you need to add personnel to your team, and whether you require a specialist to take care of the finances. Also, you shouldn't see this as an expense that you'd prefer to avoid. We only hire people when they will improve the business, and so the cost of taking on someone new should be counter balanced by the ways in which they will improve the company, leading to further growth. Essentially, if you need to take on new staff, that's a sign that you're doing well.

Invest in learning

One of the most important aspects of running an expanding business is to recognize that you're part of a developing story. The things you need to know to do your job well are not the same after five years, or even just one year, as they were on day one of your new project.

Being in charge of your own company is exciting in part because it's a process of growth and learning, and so you should invest in courses and training along the way, including in learning about financial management. This will incur a short-term cost in both time and money, but in the longer term, can be invaluable in improving you as a business person and, ultimately, in ensuring that your business thrives.