April is a BIG month for your business with taxes being due on April 15th. Getting ready for tax day takes all year and sets the tone for the months to follow. But April is also financial literacy month as well. It’s a time that companies should use to better understand the relationship between financial management and company profitability. Do you have a plan for financial literacy month? If not, don’t worry. Here are three things you can do to improve your company’s financial literacy this spring.
Set Clear Goals
One of the best ways to improve your company’s financial literacy is to set key financial goals. You should establish profit and revenue targets, and then determine the sales, marketing, and other efforts you’ll need to reach them. You should also set goals for monthly expenses and debt as well. Establishing clear financial goals will keep your employees and managers focused throughout the rest of the year.
Consider investing in resources that can help improve your company’s financial literacy. Spring is a great time to update your accounting software and systems, for example. Powerful new software systems can help you track and control your company’s cash flows. Hiring financial experts, such as accountants or certified financial planners, can also help you use your financial resources more wisely as well.
One of the best ways to improve your company’s financial literacy is to take the time to learn about it. Consider attending a seminar on the subject to improve your own understanding. It may be a great idea to bring in financial experts to provide financial literacy training to your managers and employees, too. Finally, renew your subscriptions to financial magazines and newspapers this month, and start taking the time to actually read them!
Here at VerifiaBill, we understand the needs and pressures related to business finances. And we’re here to help. Let’s work together to alleviate the financial burden that is insurance, and make sure you only pay what you should.