As a small business owner, one of the most intimidating aspects of running a business can often be managing the finances. Being a subject-matter expert in your chosen profession means that you may not have experience with the day-to-day aspects of running a business, let alone overseeing the finances.
That’s where expert help is crucially important. A good banker can prove to be an invaluable ally to a small business, not only by helping you borrow capital, but also by working with you to plan for the future and assure potential customers of the business’ stability and credibility.
To show you what we mean, we’ve pulled together our most useful money management articles for entrepreneurs.
Money management rules for entrepreneurs
If you’re like a lot of other small business start-ups, the whole experience has likely been a roller-coaster of ambiguity. A lot of the uncertainty new businesses face stems from making major financial decisions for your new company. There are a lot of factors to consider, especially when attempting to fuel the success of your new endeavor. What do you need to purchase to begin? How much should you pay your employees? While these questions are important to answer, you should start with a framework that will serve you well and increase your chances for success. The five following money management strategies will help you feel more confident in growing your business.
How to hire an accountant for your small business
Choosing the right accountant is one of the most important decisions a small business can make. A good one can help you with your taxes and find ways to keep cash flowing; a bad one could cost you much-needed money. Picking the right accountant is a vital business decision, so take your time finding an accounting partner that is right for you. Here are some things to consider…
Understanding your business’ critical numbers – 6 key metrics
It’s important you have a rudimentary understanding of business financials so you can monitor the health of your business yourself and spot potential challenges immediately. While every business is different, there are key business numbers you should monitor on an ongoing basis. In this article we’ll help you boost your financial literacy and share six key metrics every business owner should know.
5 tips to keep your small business finances in order
Although it can be a tedious task to keep your finances in order, it’s extremely important. It helps you make informed decisions about daily operations and gives you an understanding of how your revenue and expenses are doing. Maintaining your financial records also makes tax reporting and payments less overwhelming. Here are a few things you can do to help keep your small business finances in order…
If you’ve got questions about how to best manage your small business finances, don’t hesitate to reach out to our business bankers. They’re ready to help!