Running a small or medium-sized business (SME) requires keeping expenses under control while ensuring growth and profitability. Without a solid plan for managing expenses, financial strain can easily occur.
This article provides useful tips and financial solutions to simplify expense management and help your business thrive.
1. Keep Track of Your Cash Flow
Monitor money coming in and going out regularly to avoid overspending and maintain financial stability. Use tools that provide real-time insights to assess operational costs and find savings. Maya's platform helps track expenses and manage transactions efficiently, especially if you plan to take out a business loan in the Philippines.
2. Leverage Digital Solutions for Financial Management
Use online business banking like Maya Business Deposit to manage payments, transfers, and monitor deposits on one dashboard. Benefit from free InstaPay and PESONet transactions, and earn 2.5% annual interest on deposits, helping your funds grow faster.
3. Keep Personal and Business Finances Separate
Open a dedicated business account to separate personal and business funds. This simplifies bookkeeping, tax filing, and boosts your credibility. Maya Business Deposit offers a secure, professional banking solution tailored for SMEs.
4. Access Flexible Loan Options When Needed
When extra capital is needed, choose modern loan solutions like Maya Flexi Loan, which offers no-collateral loans up to PHP 2 million approved in just three months. Flexible terms help you manage loans according to your business needs.
5. Automate Your Financial Processes
Use accounting software to reduce errors and save time. Automate invoicing, expense tracking, and financial reporting to stay compliant with tax laws and make data-driven financial decisions.
6. Plan for Emergencies
Build an emergency fund by setting aside a portion of earnings in a high-interest deposit account. This financial cushion helps your business stay afloat during unexpected challenges without resorting to high-interest loans.
7. Build Strong Relationships with Suppliers
Negotiate favorable payment terms or discounts with suppliers. Flexible agreements improve cash flow and allow more funds to be allocated elsewhere. Strong relationships also ensure timely fulfillment of orders.
Make the most of your business finances by signing up for Maya Business. Open a Maya Business Deposit account to enjoy a 2.5% interest rate, free InstaPay and PESONet transfers, and qualify for a no-collateral Maya Flexi Loan of up to PHP 2 million. Use Maya as your primary payment processor and access flexible, all-in-one banking solutions designed to help your SME grow.
Take control of your business finances today!
