As a new or more experienced entrepreneur, running a business can sometimes mean that you act as the C.E.O, Managing Director, Purchasing Officer, Accountant and Salesman/woman at  the same time. It requires you have effective management skills and sometimes encompasses 80 hr+ work weeks to ensure that all aspects of your business are functioning optimally.

As finances play a huge part in nearly every aspect of a business and heavily influences its success, today’s blog post will explore five (5) key financial tips that can help you manage your money.

1. Create a budget and track your cash flow: By now, you may have realised that budgeting has been a consistent component in our Money Management Series, in addition to the various other financial tips we provide on our platforms. That’s because budgeting allows you to track your income and expenses, help you differentiate your needs from your wants and prevents your business from running into debt and falling victim to unwanted penalties. Additionally, in your budgeting, adequate accommodations for savings can allow your business to withstand unexpected surprises such as the amplified example of the COVID-19 pandemic.  When it comes to saving, it is always a good idea to accumulate between three to six months operational expenses in the event that your incoming revenue is affected. 
2. Reinvest: A key ingredient to having a growing business is your reinvestment into it. While you and/or staff deserve to enjoy and celebrate the fruits of your labour, reinvesting the gains of your business into marketing, technological advancements and investments into industry professionals that can help your business progress and increase the return on this investment, can help you to prepare your business for the future and help you achieve your long-term goals.
3. Consider Getting Insurance: As a business owner with or without employees, ensuring that you and your business are covered in the event of the unthinkable. For example, if you fall ill or become disabled, your business falls victim to a natural disaster or “act of God” or you are forced to close your doors and you need to ensure that your liabilities are covered, insurance can provide the peace of mind that you need by ensuring that your needs and expenses are covered.
4. Do Research on Regulations: In operating a business, whatever the industry, there are sometimes key regulations as it relates to your operations, which includes but is not limited to business taxes.  
5. Seek Assistance When Needed: In your quest to successfully operate a business and to reach the goals you set out to achieve professionally,  you will quickly discover that there are a number of areas you need to be knowledgeable of and a number of skills that you should possess, one of which is financial management. While one business owner may be efficient in crunching the numbers and ensuring that the books are balanced, others may need assistance through a licensed financial professional. As a new entrepreneur, hiring an Account may not be a possibility in the beginning stages, therefore, working with a Financial Advisor such as those available to you at BECU, completing a Financial Literacy or money management programme can help in ensuring that you don’t mismanage your finances, generate unnecessary and harmful debt and contribute toward the demise of your business dreams.

For further insight into how you can effectively manage your finances and achieve your heart’s ambitions for your business, speak to one of our knowledgeable and experienced Financial Advisors today! To make your first appointment, email us at service@becuonline.com, call us at 622-4035 or WhatsApp us at 394-1615 Monday- Friday between the hours of 8:00am -2:00pm daily.