How I manage money in my business
Before developing a business, you must have basic skills and knowledge that allow you; land and start up all the projects that you have set. One of these skills or maybe we should call knowledge; it is a good administration of your finances; why, today we talk about how do I manage money in my business ?
The issue of personal finance is not something that you have to move away from once you become your own boss through your company; it is essential that in order to know how to manage the money of your company , you have acquired the habit of spending less and saving; or rather, spend wisely.
Despite the fact that during several of our contents we have emphasized the issue of separating personal and business finances; All the habits that you have impregnated in your personal finances, will be reflected in the administration of your business. In this way, if yours is not the savings, it will be difficult to make a good planning of your income and expenses.
Control the finances of your life and your company
A control in your personal finances and those of your business is very important, this allows you to establish goals and generate an adequate structure of expenses to fulfill them. That is why Sonia Sánchez-Escuer, a specialist in personal finance; He comments that there are 4 pillars of entrepreneurship: administration, planning, good credit management and investments.
It is then that to answer the question, how do I manage the money in my business ? The most important answer is perhaps to learn to carry good personal finances; besides generating a good administrative plan.
Speaking of the subject of planning, it is essential to keep in mind two things; one, that all the plans we make of finance, marketing, growth, etc; they are not unalterable, since they can be modified according to the obstacles or inconveniences that may be encountered. Two, that all areas of your company require a plan, because these will serve as a guide and allow you to be prepared.
Carry a good planning of the finances of your business is about having a strategy p
to carry out your expenses; that is, it is about spending strategically everything in order to generate more funds and above all; without having to spend all our available capital or obtain credits to achieve it.
How to manage the finances of a business: Tips
If lately you have had some problems with the administration of your company’s resources, and you wonder how do I manage the money in my business ? We give you some tips:
- Keep separate funds for your company and your business; remember that as a director or investor you have a salary or a fixed amount of income; that’s why you should not consider the money of the company like yours
- Always have a contingency plan, in which you must allocate an amount from time to time; so as to have an emergency fund that protects you against any unforeseen event, such as natural disasters, low sales or a bad moment in the national and international economy
- Respect the time of the processes of your company, that is, never make hasty decisions; If you have proposed to sell a product, but you do not have the necessary funds; analyze all the options you have to fund (sell other products, apply pre-sales); before considering buying a credit
- It is advisable not to start a business in red numbers, that is, it is better to take the time necessary to continue collecting capital; to apply for a loan to start your business
- Apply for credits in a responsible manner, which is part of a strategy to meet an objective; get a blind credit without the economic capabilities; can result in waste of resources and over-indebtedness
Perseverance and saving, two essential for entrepreneurs and entrepreneurs
Already in the advice that I offer today to take an order in the planning of your finances; we talk about the importance of taking decisions that are planned and not hasty; So no matter how attractive the goals we want to fulfill seem to us, we must wait for each process to be fulfilled.
Acquiring a loan, for example, requires strong planning and a great strategy; so that the necessary resources are obtained to comply with the payment of the credit as soon as possible. Therefore, it is advisable to acquire a loan when you already have in mind what is going to be done and how it is going to rePeachum to familiarize the money of the investment; Above all, what are the benefits for the company?
Before applying for a loan to start a project; you must give yourself the task of analyzing and proposing different options in which your company can solve that project, or at least most of it; therefore you must have patience to gather a greater amount of resources and above all; improve the management of your income and earnings in order to spend the least on your expenses, and increase the amount of capital in your savings.
Saving then must be one of your top priorities, especially if your company is stable; because that shows that you are doing things well and that you have fixed incomes that allow you to save some capital steadily.
Surely before launching as an entrepreneur, you had a good administration of your finances; and that is why you managed to establish a company, but it is possible that the question arises: how do I manage the money in my business ? However, as we saw throughout this article, the good habits of personal finances are those that will allow you to prudently manage your resources.
Savings, perseverance and planning are characteristics that can always be present in everyone’s personal finances; but that they need to be present in the administration of the resources of your company; remember to set your main goal, save to meet your goals and not get the credit you request less requirements.