Credit and Finance, Growth, Management, Hints and tips, Small Business
Are your business finances flat as a pancake?
Posted on by Jo Shaw
Estimated read time: 4 mins
Here’s how to flip them for business success
Getting a handle on your business’ finances can be challenging work. Like any good recipe, there are many key components that all need to work together to create a financially stable business. Miss one essential ingredient, and you could end up with egg on your face.
In honour of Pancake Day, we’ve provided our top tips for how to whip up a winning concoction for business success.
Familiarise yourself with key ingredients
Taking stock of your ingredients before you start cooking is an important step in any cooking task – after all it’s hard to start cooking if you don’t have the correct ingredients for the recipe. The same too is true when it comes to your business finances. Taking the time to understand your business’ current financial health and the factors that affect it, is an essential step towards helping to improve it.
Begin by performing a credit check of your business using a tool such as Experian’s My Business Profile – this will provide a detailed analysis of your current status, and the factors that are currently influencing your business credit score – such as Court County Judgments and late payments – so you can put together a plan for improving it.
Keep an eye on the pan
Just like you should never leave a pan unattended while cooking, your business finances also need a constant watchful eye to make sure no issues arise that might negatively affect your score and hinder you from securing future credit.
After the initial check of your business’ credit score, regularly reviewing its status so you can continually improve it, is essential.
The finishing touches
It’s not just your own activities that can have an impact on your business’ financial stability but the actions of your customers and those you choose to work with can also affect it too.
As a result, it’s always worth staying up to date with your customers’ and suppliers’ financial health, because even if you’ve been enjoying a sweet and stable business relationship to date, it can soon turn sour if you’re let down by them.
Experian Business Express lets you check the financial status of any business quickly and easily. Providing you with regular updates and notifying you of any changes to their credit score, it helps to protect you from getting stung by late payments or a failure to deliver from your suppliers. You can then make well-informed decisions about whether to begin – or carry on – working with them before it’s too late – it really could be the icing on the cake for your business finances.
While we know that looking after your business’ financial health is no simple task, these steps will help you toss out old habits and turn your business into a five-star showstopper.
If you want to learn more about how Experian could help you build a recipe for business success, click here. Alternatively, if you’re looking to make a perfect pancake, here’s a pancake recipe from BBC Good Food to get you started:
- 100g plain flour
- 2 large eggs
- 300ml milk
- 1 tbsp sunflower or vegetable oil, plus a little extra for frying
- Lemon wedges (to serve, optional)
- Caster sugar (to serve, optional)
- Put the plain flour, eggs, milk, oil and a pinch of salt into a bowl or large jug, then whisk to a smooth batter.
- Set to one side for 30 mins to rest if you have time. Alternatively, start cooking straight away.
- Put a medium frying pan or crêpe pan over a medium heat and carefully wipe it with some oiled kitchen paper.
- When the pan is hot, cook your pancakes for 1 min on each side until golden in colour.
- Serve with lemon wedges and caster sugar, or your favourite filling.
Make safer, smarter, better-informed business decisions with Experian Business Assist.