Small-business owners: Managing your money in a challenging economy

Though much of the advise for small-business regarding money seams to be common sense, it’s a relevant reminder for all businesses to maintain financial health and stability.  The article referenced below is a clear and simple reminder for all small-business owners to adhere to.

(BPT) – Attention small-business owner: Is managing your business’ finances causing you stress?

Sixty percent of small-business owners feel their stress levels are increasing, with more than a third citing managing their money as the primary cause, a recent TD Bank survey found. Money management can be demanding for a small business owner in any economy, let alone during a downturn.

“With economic pressures likely to continue, it’s important for small businesses to find ways to both grow sales and effectively manage their money,” says Jay DesMarteau, head of small business and government banking distribution at TD Bank.

The article points out three tips to help with the management of money.  First update your business plan.  As basic as this appears, I have found that many owners find daily activities compete for time and the business planning process can be put off.  The problem is that time passes quickly and before we know it, the plan is outdated and not relevant for current business decisions.  The second tip is to keep a close eye on cash.  I would suggest this be a priority in good times as well as challenging times.  The third tip is to find a bank that understands your business.  

What the article does not address, is that business owners also need to make sure they don’t spend too much time “in the business” as opposed to  spending their time “on the business”.  At B2B  CFO® we provide the services to assure that these critical activities are properly being addressed.  This gives the business leader peace of mind to concentrate “on the business”.

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