Tips for Managing Your Small Business Finances

I‘m always on the lookout for articles with the potential to positively change a business. What’s your take on the following points I came across recently?

Proper management of finances is important if you want your business to survive industry competition and a volatile economy. Every business needs to have a financial structure that allows it to make the profit and stay afloat. As an entrepreneur, you should have great money management skills to turn your business idea into a success.

Here are some tips that will help you to manage your business finances:

Educate Yourself

You need to learn some aspects of business finance such as reading financial statements. A financial statement lets you know where your money comes from, where it is, and how often it changes hands. A financial statement has four important details: balance sheet, cash flow statement, financial inflow and outflow, and income statement.

Separate Business and Personal Finances

You need to make sure that your personal and business finances are separate. This means that you cannot use a personal credit card for business expenses – instead, you should get a company credit card for business expenses only. This will allow you to keep track of your business and personal expenses.

I’d be really interested to know your opinion. Check out the full article here and then I’d be happy to discuss with you by phone (0407) 967-454 or email [email protected].

Thanks,

Stephen