10 Tips to Thrive in Your Business Finances

TIPS TO THRIVE IN YOUR BUSINESS FINANCES 10

1. Keep your personal and business separate. One of the biggest mistakes you can make as a business owner is not keeping your funds separate. Piercing that corporate veil leaves you open to consequences that cannot only affect your business, but your personal life.

2. Have multiple streams of income. When you have multiple streams of income, you’ll not have to worry if one source of income hits a dry spell.

3. Have a cash reserve. When you have a reserve set aside for a rainy day, you’ll have a safety net in the cash of an emergency or recession.

4. Create habits of paying off debt in a timely manner. Sometimes businesses need capital to grow. If you need to accrue debt, make sure you’re living within your budget and have a plan of attack to pay that off.

5. Establish a budget. When you have a budget, you’ll be able to understand what’s going on in your business and how you can make your money work for you. 6. Monitor your spending. Having regular check ins with your overall spending habits will instill you’re making good choices for your business.

7. Forecast your finances. When you have Steps 6 and 7 as habits, you’ll be able to forecast your spending and make proactive decisions for the future.

8. Manage your assets. You should have assets you can liquidate if needed. This shows your business as a healthy source of revenue.

9. Organize your documents. When your documents are in order and there is a filling system in place, you can have a great grasp on any information you need at any time.

10. Hire an expert. When you have a partner in your corner, you can focus on your greatness.

Connect with Ashley

Email: ashley@eachpennybookkeeping.com 815-368-9899 eachpennyplan.com