…and the dollars will take care of themselves” -Ben Franklin
Is your business struggling?
I am amazed at how many people don’t know how they are doing financially?
Or they start a business and think the bookkeeping will take care of itself. Good money management should be a part of the initial starting business plan. Whether you do it or you hire someone. Spouses starting a business should not assume their other spouse wants or can handle that role. If a spouse does agree to manage the money, that spouse should get paid.
I cringe at the ones who use credit cards and pay a lot of fees as the cost of doing business. Mind you, I occasionally use a card, but I know what the balance is. I have managed businesses where I had to keep a spreadsheet of all the cards, the balances, the interest and when to pay the minimum. That’s just not a good plan.
Another financial pitfall is payroll. I hear start ups say they want to handle it in-house. The temptation is to not pay taxes when money is tight. When you withhold taxes, that is other people’s money. Don’t pay and you are stealing from your employees and the government.
If you are having difficulty, then get some good consulting. Think you can’t afford it? Contact SCORE (Service Corps of Retired Executives). Plan for better money management in your next budget. Make some longer range planning which includes increases for staff and cutting credit/debt. Then watch your business grow.