Monday, 23 May 2016

John Haag - Financial Management Tips For Small Businesses

John Haag is an experienced business executive who has worked with a number of start-up businesses to help them to develop financial plans. For example, he is the former Chief Financial Officer and Chief Operating Officer if GETMEDIA, Inc., which was an internet start-up when he started working for the company. He was responsible for ensuring the company managed its finances effectively, with the following pointers being useful for anybody who needs to do the same.

Outline Your Budget

Every new business needs to fully-understand how much they have to spend so that they can keep better track of their expenses. Create a realistic budget that covers every expense that is in your business plan and then, most importantly, make sure that you stick to it. Losing track of your budget leads to over expenditure that could place the company in jeopardy.

Substance Over Style

Many new businesses try to be as flashy as possible in an effort to make an impression in the community and establish themselves quickly. Fiscally-responsible businesses, however, will understand that the services that they provide will always take precedent and will use these to build their reputations slowly and surely, in-line with their budgets.

Intelligent Hiring Practices

John Haag helped GETMEDIA, Inc., establish the financial practices that the company would need to achieve success. It is important to consider staff expansion when managing a business’s finances, as unnecessary costs can be avoided if you don’t rush to bring in new people as you grow. Consider every hire carefully and be sure that the extra work caused by expansion can’t be handled internally.