Not every entrepreneur is a financial genius. Many of us love the big picture: tackling problems, developing our visions, and setting big goals. Still, finances are a necessary evil when it comes to running a small business. How can you make sure that yours are under control?
One of the biggest financial errors new entrepreneurs make is putting off their bookkeeping. If you aren’t already a financial whiz, things like Quickbooks can seem intimidating. Of course, if you put off your accounting you’re only going to end up with problems down the line. Breaking your finances down into smaller chunks – expenses, payroll, invoices – can help make it manageable. Next, you’ll need to understand your seasonal cash flow. You need to know when you’ll see a spike and when you’ll see lulls so you always have enough cash on hand. Having a few months’ worth of extra funds can mean the difference between weathering a storm and drowning in it. Finally, if you’re seriously low on money, you can always try asking for discounts from businesses you’re working with. It won’t always work, but you might be surprised how much you can save!
Read the full article here: 5 Finance Tips All Business Owners Should Follow