Business Forum, Member Connections Newsletter

Business Forum: Think BIG—Financial Tips for Small Businesses

 

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Small business = BIG goals. Whether the entrepreneur of a home-based startup or managing a family run company, you have the passion and the drive to make your goals a reality.

This is your year! Expand your business, invest in new technology, look for investors, hire more employees. With a steadily improving economy, this is an exciting time for small business owners.

As you look to the year ahead, consider these tips when making big decisions:

  • Give Yourself Credit
    Strong credit goes a long way in attracting new investors, securing loans and assuring vendors and clients that your business is stable. According to the Small Business Administration (SBA), good credit can guarantee small businesses get the financing they need when they need it and the supplies they require at the best prices and terms.
  • File it Away
    Throw away that shoebox! Remember the importance of keeping accurate financial records. Invest in an online bookkeeping system and filing cabinets. Organize all receipts, invoices, expense reports and other paperwork in a safe place where they are readily available whenever needed.
  • A Separate Peace
    For your own peace of mind – and that of your accountant’s – always keep your personal and business bank accounts separate. Use a dedicated for-business-only credit card for company expenses. Avoid the temptation to use personal funds to pay business expenses and at the end of the month, you’ll have a truer picture of your cash flow.
  • Pay it Forward
    Surround yourself with smart people. Attract the strongest candidates by offering them a competitive salary. Not sure what that is? Create a solid job description, then do a little research: Ask other small business owners in a similar field what they pay employees, read trade magazines and search websites. An excellent resource is SBA’s Income Statistics, providing average incomes and earnings for a variety of industries.
  •  Turn to Your NAPW Network
    Seek the advice of qualified accountants, financial planners and other experts, remember your NAPW network. Ask other professional women how they manage their small business finances — NAPW members are a wealth of information!

Small business owners dream BIG when it comes to financial success. Arm yourself with the right resources, advice and network because… 2014 is your powerhouse year!

Share your financial tips and advice with other small business owners. Tell us your thoughts in the comments section below.

5 Comments
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Megan Bozzuto

5 Comments

  1. Sabina McWhiney
    January 2, 2014 at 5:36 pm

    I have my 2014 Financial Needs Analysis in place. It is an in depth game plan for my financial success. Additionally I recommend to offer financial wellness programs for employees especially for small businesses. It is a way to educate employees and to be a competitive employer in the benefit area without carrying the expense of a retirement plan.

  2. Nora J.
    January 3, 2014 at 2:18 am

    Free financial stress is to know what you want now, how you want to see your business in 5 or 10 years and what can you do to achieve them.

  3. Kelly Jones
    January 4, 2014 at 5:02 pm

    Thank you, for starting the year with great financial tips for 2014.

  4. Matt @Ovis Creative
    January 15, 2014 at 3:48 am

    Excellent post! This will be the start of another fruitful year. I hope small businesses are aware of their current financial issues. These financial tips might save them.

  5. Dena Raitman
    February 4, 2014 at 7:45 pm

    I just joined the organization as a small business owner hoping to expand my knowledge of information. I agree with Nora about free financial stress. I started my gallery on Art on a Whim in Breckenridge, CO 7 years ago and just expanded to a new location in Vail, CO. Knowing what I wanted and being patient has been my goal. A good business plan will help you achieve your goals.

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