5 Simple Steps To Keep Your Pet Business Finances In Order

September 15, 2015

Last updated: August 26, 2022

Are you a pet business owner trying to keep your finances in check? Keeping your pet business in tip-top financial shape can be time-consuming, but having an efficient system in place will help your business thrive. Simple things, such as reviewing your bills or keeping a close eye on the books, can really make a difference.

Follow our five steps to manage your business finances and make your pet business even more profitable:

Create a business plan to give your business direction

Set financial targets, budgets, profit and loss, and cashflow forecasts to keep yourself on track

Monitor the progress of your business based on your goals

Always meet your tax deadlines to avoid costly fines and interest

Be realistic with timing and expenses when setting financial projections

Ensure a healthy cash-flow

Know your day-to-day costs to ensure you have enough cash to cover what you need

Separate your personal and business bank accounts

Pay your business expenses from a dedicated business account to avoid not having any money left for living expenses

Keep the bank on your side by informing them of any unforeseen outgoings or changes in forecast

Offer seasonal promotions to ensure you have plenty of customers over the summer holidays

Overhaul your inventory, services and equipment

Track inventory and equipment to keep control of costs

Maintain equipment to ensure you won’t have to replace more than necessary

Create regular sales reports to track where you make the most profit

Keep all receipts in a safe place where you’ll be able to find them when you need them

Reduce your expenses

Outsource where possible to save on operating costs

Review utility bills and switch to cheaper providers where possible

Consider taking on apprentices to lower human resources costs

Check that you’ve got the right insurance for your pet business

Take advantage of free business advice

Take advantage of the free financial advice most banks give their small business customers

Use government advice websites and helplines when you need them

Find out if your business could benefit from government funded loans

Looking to protect your pet business?

Your pet business is your pride and joy, so you’ll want to protect it against the unexpected. From dog walkers to groomers, our pet business insurance can cover you for 14 different activities in the pet industry, for no extra cost under the same policy. That way, you’ll be protected if something goes wrong and you need some support. Get a quote today for pet business insurance that is tailored to your needs.

Looking to keep the info above close to you to help keep your pet business insurance in the best shape? Download our handy infographic to help make your business even more profitable.

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