9 EASY FINANCE TIPS TO MAKE YOUR SMALL BUSINESS SUCCEED
Introduction Starting your own business can be difficult even with great finance tips. Nonetheless for your success as a profitable business, you have to take care of your finances if you want to succeed. Most small business owners are not finance experts—they have an overall strategy, but they don’t like to pore over Excel spreadsheets and do endless reporting. So today we’ll look at the 9 best finance tips to help entrepreneurs and small business owners succeed.
1. Responsibilities Do not delay your financial responsibilities, for a few important reasons: • the situation will not disappear and only get worse • you can end up with legal and tax problems • it will alleviate your stress or guilt With software such as InvoiceBerry, it is very easy and simple to begin to take care of your financial responsibilities.
2. Educate Yourself Your financial intelligence should be high; however, the most important is to know what these documents are: • • • •
cash flow statement income statement balance sheet statement of shareholder’s equity
These are important for your business and a good place to begin your financial education journey
3. Seperate Finances It is very important that you separate your business and personal finances for a few good reasons: • • • •
you’ll be able to keep accurate tax records you’ll be able to accurately track your expenses your accountant will love you for your organization you will end up saving money
While you’re at it, get a business card and use it, strictly, only for business purchases.
4. Seasonal cash flow All businesses have cycles, and you need to prepare for when your cash flow is in its low season: • prepare by storing up cash flow as a buffer • be savings-minded when you are in the high season • be able to pay bills in your low season For the most part, if you want your business to survive, first you must understand what your cash flow seasonality is and learn to prepare for it.
5. Ask for discounts Surprisingly, getting free or lesser-priced stuff is easier than you could imagine: • send an emal and ask for a free version of the softwrae • don’t be ashamed—companies are willing to help • SaaS companies are most willing to provide it for free Although it can be a dog-eat-dog world sometimes, people are still willing to help you if you ask them.
6. Cut variable costs Just because the saying “Sometimes you have to spend money to make money” exists, you shouldn’t follow it always: • • • •
there are two costs—variable and fixed fixed costs are facts and you can’t change them much variable costs are up to you cut down by finding free or cheaper versions
It can be tough in the beginning for each purchase, but it will save your big in the end.
7. Online invoicing software Free invoice templates are great, but online invoicing software offers so much more: • create and send invoices in under 1 minute • access your business and customer information anywhere • track your expenses easily It takes the responsibility off your hands, and you can travel and know that you can work with your data anywhere, anytime.
8. Financial performance For strategic business goals, you need to have a thorough business plan in place: • Use the SMART goal sheet to plan your goals • measure and keep tabs on the movement of your money • set better and better goals for future revenue By doing this on a regular and consistent basis, you are setting yourself up for achieving real success in your financial life.
9. Get some help This might be tough to hear but you can’t do it all. When in doubt, get some help: • you gain more than you spend with professional help • it will free up your time to focus on your business • it will improve your business finances With the time saved, you’ll be able care of the other parts of your business so you can succeed and eventually expand.
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9 Easy Finance Tips to Make Your Small Business Succeed
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