How to minimize the financial risks of your company

Start with a well-thought-out business plan

You draw up a business plan, in which you indicate the expected costs and income for your company. Many organizations such as UNIZO, Voka and the social secretariats offer help in the form of starter programs and information sessions, so that you gain insight into the social contributions, costs and financial risks of your company. Also look for a good accountant who can monitor your financial situation and advise you on major decisions.

Follow your accounting carefully yourself

The help of an external accountant is useful, but it is best to keep a close eye on the figures yourself. This way you will understand more quickly what impact decisions, orders and recruitments have on your financial situation. Follow your cash flow position closely so that unexpected costs do not become an obstacle.

Inspect your sector carefully

Perhaps more important than cash flow problems are reputation damage, changing legislation and increasing competition. All these factors have an impact on your sales opportunities. So, keep listening to feedback from your customers and make sure you stay informed of all evolutions in the sector. New technology changes demand, the smart approach to your competitors reduces your market share and stricter rules oblige you to adapt your product.

Anticipate unexpected events

Reserves provide breathing space when things threaten to go wrong financially. Your cash flow position is jeopardized by customer payment problems or a rising exchange rate. Loss or damage to your supplies or illness within your company can in turn lead to underperformance.

Tip: provide insurance against major risks.

Efficient collection of invoices

No healthy cash flow without incoming payments. Keep the payment term of outgoing invoices shorter than that of the incoming invoices. Is a payment not made on time? Do not wait with a reminder and opt for a fast and efficient collection. With Go Solid you get the guarantee of a free collection after a quick examination of your invoice.

Have your invoice checked online for a collection free of charge.