5 Finance Tips All Business Owners Should Follow

Eric Siu writes for Entrepreneur with five tips to handle finance in your business even if money is not your forte. The first tip is that neatly categorizing expenses, employee payments, invoices, etc. from the outset will simplify troubles and reduce the likelihood that you will procrastinate on managing all of it. Next up, budget for “seasonal cash flow,” in that some products and services are more in demand at certain times of year. Do not let yourself go broke while waiting for the good times to roll back around.

The third tip is to avoid trying to build all of your solutions in-house, even if you have the skills for it, because sometimes buying off-the-shelf software (etc.) is just a better use of time. And a warning to take to heart is that if you are regularly working 80-hour weeks to keep the business going, the business probably is not that good. Something will have to change other than your sleep cycle. Siu’s final tip is to ask people for discounts—many businesses are willing to give one as long as a sale is still made.

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