It’s January, which means it’s Financial Wellness Month. After the busy and often expensive festive season, Financial Wellness Month is observed throughout January to remind us to pay closer attention to our financial wellbeing.
During 2022, we have all continued to face one of the toughest financial challenges in the past few decades, and many businesses have struggled to survive the economic fallout. These challenges may not be over yet, but in celebration of Financial Wellness Month, we can help you adjust and improve how you take payments. We can save you money and help keep you and your customers happier as we enter 2023.
To start the year, here’s some useful tips on how to keep your business’ finances in top condition:
1. Get advice
If you haven’t done so for a while, talk to an accountant or business advisor. There may be other/new ways to improve your cashflow, spread tax payments or even get funding or a grant.
2. Recover outstanding debt
There are many ways to chase an unpaid invoice, from incentives for early payment to making your invoices easier to pay. Learn more here about how to get your customers to pay on time.
3. Offer additional payment options
A whopping 87% of online shoppers said they would abandon their shopping carts during checkout if the process was too difficult. We’re happy to help you offer more convenient and secure ways for customers to pay, both in-person, over the phone, and online.
4. Review your expenses
Have a good look at your business’ outgoings and see where you could make savings. It could be as simple as getting a cheaper insurance quote or switching to a payment provider with no hidden costs (like Swipen!).
5. Sell unwanted assets
We can all be guilty of having stuff lying around that we no longer use, so why not make some money. From leftover stock to your previous laptop, there are many new or struggling businesses out there that could benefit from any second-hand equipment you no longer need.
Putting more effort into your marketing will attract more customers. Whether you’re pushing a discount incentive or aiming your products at a slightly different audience, consider using a professional social media manager to help with online marketing.
We knew there was a better way and so we created Swipen.