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Finance concerns for big business

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For every big business owners there is a lot to worry about.Finances fit into the category of "top priorities" for most business owners.There are some concerns that are always looming, and others that can sneak up on you.

Here are some of the concerns for big businesses and what to do about them.

  1. Extending credit to customers.This can bring in lots of business that would otherwise be lost.It gives customers the chance to buy what they need right now even if the money isn't there right now.It can cause concern because getting paid back isn't always an easy thing, but there are a few ways to make it easier.Make sure that you hand out monthly statements, do credit checks before issuing any credit, have adequate information about the customer, and have a detailed record of payments and credits.
  2. Accounting.This can cause stress because there are so many things that can cause problems.You should have an accountant with a CPA or better. They should be well qualified and knowledgeable.You should have a current program for organizing your accounts, and they should be organized.Your accountant should always be keeping you informed.Every entry should be doubled checked for errors and all papers should be kept.Have a paper trail to help you correct any mistakes.
  3. Fraud and theft.This can cost any business lots of money and time.It is a big concern for any business.To protect yourself you should have to of the line security.You should also do background checks on employees and agencies that will be working for you.There should be many checkpoints along the way so that money is accounted for and taken care of correctly.You should also employ a security officer to take care of any problems as they occur.
  4. Budgeting.Sometimes with big businesses the money can be hard to budget out.There should always be enough money in the payroll accounts, all bills should be budgeted for, and marketing should be well taken care of.If there are mistakes in these areas then your overall business will start to suffer.For example, forgetting to pay the electric bill will put a damper on operations, without any advertising no one will find out about your store, and unpaid employees are good for lawsuits.
  5. Marketing.It is hard to determine when you have too much money going into marketing.The more money that is available the better advertising you are going to get.If you don't have enough then you are going to notice that business isn't growing like it should.Also market research should have enough money to get the right information to make sure that you are getting the most out of the money that is going into marketing.
  6. Lawsuits. It can be expensive to have a lawyer on hand and even more expensive when you have to go to court.Getting sued is a big deal for your business, but going to court without a lawyer is suicide.Make sure that you are obeying all laws and doing all you can to stay out of a lawsuit.If you do get sued then try to settle out of court, you will be able to save a lot of time and money.Also try to correct the problem so that it doesn't happen again.
  7. Bad investments.Many businesses are looking for growth opportunities.This can cause concern because sometimes opportunities aren't as great as they seem.Make sure that you have done enough research to know that the investment will bring in a return.Also never make a decision without consulting many other professionals first.
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