As a small business owner, you know how hard it can be to keep your company financially healthy. You may often find yourself feeling frustrated as you work to make ends meet. If this sounds like you, then read on for a few tips and tricks to improve your company’s financial health.

Set and Balance Your Budget

Your first step in boosting your company’s finances is setting your budget. You probably already have a budget, of course, but now is the time to revisit it and see if it still reflects the current condition of your business. Using your accounting software, print out a report of all your expenses and income. If your income is greater than your expenses, that’s great. You may be able to balance your budget just as it currently stands.

If your expenses are greater than your income, however, you may have to make some cuts. Even though this is painful, you need to balance your budget. Look at your expense column; mark items that may involve some waste, and come up with alternatives. If, for example, you are paying out a lot of money in software licenses, you may be able to find open source software that will do the same job at no cost.

Get a Loan

If, as you set your budget, you discover that your financial situation is bleaker than you first thought, you may want to consider applying for a Small Business Administration loan. An SBA loan is designed to help you boost your working capital, expand your business, purchase equipment or real estate, cover the cost of supplies or even repair damage after a disaster.

You can apply for an SBA loan through your local bank or credit union, which in turn applies for a loan guarantee from the SBA. This means that if you fail to pay your loan, then the government covers the amount for the lender. However, you should be aware that with an SBA loan, you must provide a personal guarantee to the SBA stating that if your business can’t pay off the loan, you and any other owners will use your personal assets to do so.

Reach out for Help

Finally, don’t be afraid to reach out for help if you are overwhelmed by your business’ financial struggles. Hire an accountant, for instance, to make sure your financial records are accurate and complete. Contact a financial consultant who specializes in small businesses for further advice.

With some effort and creativity, you have a good chance of improving your company’s financial health and your own peace of mind.