FINANCE

Tips for Successful Small Business Money Management

Sneha Hull | January 7, 2022

Small Business Money Management
Managing a small business is a bit tricky and over the top sound financial management is at the heart of every business, no matter how big or small. Without it, even viable and potentially profitable businesses will fail. The key to the success of your business heavily relies on the way you manage your money. Money management is the process of overseeing your business's financial operations through budgeting, goal planning, spending and revenue tracking, and investment.

According to patriot software, almost 42% of small business owners have reported that handling steady and consistent cash flow can be challenging.

While several problems are associated with the beginning and sustaining of a small business, most small business owners prioritize financial issues. With a good money management strategy in place, you can prevent periods of negative cash flow and keep your firm profitable.

Small businesses that often analyze their budget have a higher success rate. So let us quickly jump into the importance of managing small business expenses.

Importance of Managing Money for Small Business Owners:

If you fail to handle your money correctly as a business owner, you risk running out of cash, not having adequate savings, and making late payments. Profitable businesses create money, do not splurge on unnecessary items or personnel, and pay all bills and expenses on time. Therefore, it is vital to regularly assess your cash flow situation and forecast any changes in your business plan or market conditions. When you lose track of your finances, you risk the failure of your business.

Sound financial management helps small businesses:
  • To consider and comprehend its benefit.
  • Helps in making inventory planning and pricing decisions
  • Ascertain if the company has sufficient cash flow to continue operations and make purchasing decisions
  • Conduct thorough financial analysis to enable more accurate forecasts and projections for your organization

To manage your finances, you ought to follow a few successful strategies. Further, we will look into some of the helpful money management tips.

Small Business Money Management Tips:


Estimate Your Budget

Estimating your budget for the smooth operation of a small business is essential. Yet, Businesses often fail because they skip managing a small business budget due to its difficulty estimating it precisely.

Creating a budget is the first step towards managing small business finances successfully. Estimating and creating a budget helps you set expenses and revenue goals. In addition, budgeting and monitoring eliminate some of the uncertainty and assist you in preparing for unanticipated occurrences and making strategic decisions, such as when to grow or recruit additional personnel.

Set SMART Goals

Business money management is critical for business management, setting SMART financial objectives. Often, small businesses fail to thrive due to a lack of focus on developing appropriate short- and long-term goals that are reasonable and attainable. Managing small business expenses is challenging. As a result, if you're serious about achieving your financial objectives and increasing your chances of success, concentrate on creating S.M.A.R.T. financial goals.

SMART refers to specified, measurable, actionable, realistic, and timely objectives. With SMART financial objectives in place, you'll be able to picture and prepare for the result, the specific actions required to get there, and how to begin working toward your new objective. Additionally, you will be able to  detect wasted expenditure and prepare clearly for cost-cutting measures that will boost your profit margins.

Organized and Monitored Cash Flow

Cash flow is critical to a business's survival. As a result, it is essential to keep a close eye on and routinely review your spending and revenue if you want to manage your small business finances successfully.

Understandably that with, you're prone to get behind on costs and income track so many facets of the business to manage. However, it is quite advantageous for controlling and comprehending your cash in the long run.

Maintaining control of your accounting is critical, and this can be accomplished easily by investing in cloud-based accounting software. Online accounting software saves you time by automating bills and facilitating tax returns.

Keep Business and Personal Funds Separate

Separating personal and business funds is crucial for long-term business money management. It can assist you in treating your firm as the autonomous entity it is while still securing your money. Additionally, bank statements for businesses are beneficial for analyzing profitability, reconciling your books, and monitoring spending.

Combining personal and corporate assets may result in many issues, including unorganized records, lost development opportunities, overspending, and the difficulties associated with an IRS audit.

The best course of action is to have separate personal and company budgets to prevent all of this. So that corporate credit cards and loans are not utilized for personal expenses and vice versa.
This tip is handy for maintaining small business finances with limited resources.

Keep Good Business Credit

Keeping a solid business credit score is critical for small business money management. However, it is frequently overlooked. For example, when your business expands, you may wish to expand it, acquire extra equipment, increase your insurance coverage, and take out loans to help these operations.

You can maintain a good credit score by:
  • Pay your business's bills on time
  • Aim for lower credit balances
  • Maintain a low level of business debt
  • Do not cancel existing business credit cards
  • Take out a short-term business loan and repay EMIs on time

It is strongly recommended that you choose to fund to return fast and effortlessly. This will help you maintain good business credit and, in the long run, also be beneficial in managing small business expenses.

Create and Review Financial Reports

Financial reporting is a process for capturing, preserving, and finally presenting the business's standard financial records.

Financial reports will include
  • profit and loss statements
  • balance sheets
  • cash flow statements
  • capital expenditure statements
  • Accounts receivable and payable statements

These reports reflect the company's genuine financial status. It aids in the decision-making process for purchasing, selling, and collecting strategies. Additionally, financial reporting is critical for the government and tax authorities, and investors, banks, and other external parties.

Conclusion

While your firm may offer excellent products and services, you risk going out of business if you do not handle your funds well. Therefore, it is critical to manage your money prudently and cultivate a healthy business that benefits your customers, staff, and, of course, 'your business.' So, today, take efforts towards improved money management. While the action may take time, you will establish a positive precedent, and your firm will profit in the long term.

FAQ:


How do small businesses organize their finances?

Here are a few tips that small businesses can utilize in organizing their finances.
  • Estimate your budget
  • Set SMART financial goals
  • Keep Business and Personal Funds Separate
  • Keep Good Business Credit
  • Set aside money for taxes

How much money should a small business have in the bank?

The generally quoted rule of thumb is maintaining a cash buffer equal to three to six months' worth of operational expenditures. The idea is that these reserves should be sufficient to cover your commitments even during months with no cash intake.

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We, at Eliora DigiMedia, help you get your website at the top of search results with extremely focused and targeted content. While this is an easy task for us, we, nevertheless, work hard to make sure that you don't have reasons to complain. Our small, but dedicated, team specializes in writing keyword-rich articles, blog posts, press releases, product reviews and the list goes on. Whatever your business may be, we have the right content for you.

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BUSINESS STRATEGY

How Can You Improve Your Business Credit Profile?

Article | March 16, 2022

Have you ever wondered how important your business credit profile is? If not, now is the time to pay attention to your credit profile and improve it. A business credit profile is the face that a business puts forward to its lenders, suppliers, insurance companies, lessors, and other businesses when they are contemplating whether to give credit or do business with that firm. As a business owner, you should develop a good business credit history that will reflect on your business credit report. It would help if you always worked to enhance your business credit profile. A good business credit score helps your business get credit and loans to grow and manage cash flow. Additionally, if you are a small company owner seeking financing, it is critical to understand how your business credit score is calculated and to get your business credit report. For example, Nate Masterson, CEO of Maple Holistics, used business credit cards to help his company enhance its credit record. 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Certain companies charge a fee for access to company credit reports, while others give them away for free. Dun & Bradstreet, Experian, and Equifax are the three major business credit bureaus that offer company reports. If these major credit bureaus do not have credit reports for your firm, it is possible that you have not yet created business credit. How to Improve Your Business Credit Profile Keep Your Profile Accurate and Regularly Review It Regularly reviewing and updating your profile is necessary for establishing a solid business credit history. Minor errors in your profile might make qualifying for a loan difficult for your business. Therefore, keeping your business credit profile up-to-date through regular checks is the first step in improving your business credit profile. Make Payments on Time Making timely payments is critical for any credit score, but it is imperative for business credit. This recommendation holds the most weight with potential creditors when asking for a small business loan. Credit is simply an agreement between you and a lender who will pay for a product or service you require immediately. Therefore, when payments are due, make sure they are paid on time or early to build a good business credit score, which will lead to a healthy business credit profile. Establish Trade Accounts with Your Suppliers Establishing trade accounts with suppliers or companies that report to commercial credit bureaus is one of the simplest ways to generate company credit. Numerous vendors and suppliers provide favorable payment arrangements to the most loyal clients. Pay on time, and you will establish credit references that may help in boosting your company credit scores. Often, creditors want to see a favorable track record before extending a small business loan to any organization. It's an excellent way to preserve cash flow and gradually enhance your business credit history. Keep Your Personal and Business Credit Separate Keeping your business and personal credit clean can be a time-consuming procedure. The benefit of keeping it separate is that you'll know your personal credit is secure if something goes wrong with your business. It not only safeguards your personal assets but also simplifies the process of qualifying for company loans and lines of credit. Opening Business Credit Card Establishing business credit by opening, using, and repaying a business credit card that reports to one of the major commercial credit reporting agencies is an excellent way to improve your business credit profile. Once your firm is formed, apply for and maintain a business credit card. As a business owner, determine which credit card is most suitable for your business. If your business is new, the credit limit will not be too much . As the credit score improves, the credit limit can be increased. Along with helping companies establish a healthy credit profile, credit cards often provide perks such as cashback, travel rewards, or other forms of rewards that might benefit businesses. Why Does Credit Report in Business Matter? Your business credit report is a critical financial statement. When applying for a business loan or other type of financing, you will be required to provide the financial bank with your business credit report or score. Simultaneously, it is an important way of building relationships with vendors and other B2B sellers. According to the Nav American Dream Gap survey, small business owners that understand their business credit are 41% more likely to report receiving loan approval. Your credit report will reflect your creditworthiness, which is necessary when applying for a business loan. This is especially true if you ask for an unsecured or no-collateral loan. 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5 Must-ask Questions Before You Apply for a Business Loan

Article | March 16, 2022

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It is a well-known fact that most lenders use previous credit history to assess future behavior. Therefore, make it a goal to maintain a good personal credit score and a great corporate credit profile. It is widely believed that business owners who have access to their credit score and monitor their business credit history have a better chance of getting their business loans approved quickly. What Types of Loans Are Available? Loans are divided into two categories: personal and business. A business loan protects the borrower's assets while allowing greater financial flexibility. Various types of business loans are available, so before you apply for a business loan, you can evaluate options that fit your choice of loan requirement. However, business loans are also offered without collateral for people with a good credit history and a stable revenue stream. What Is the Total Cost of Capital, the Interest Rate, and the Annual Percentage Rate (APR)? 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BUSINESS STRATEGY

5 Myths About Starting a New Business

Article | March 4, 2022

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SMALL BUSINESS TRENDS

Why Is Content Syndication for Small Business on the Rise Again?

Article | March 2, 2022

“It’s not the best content that wins. It’s the best promoted content that wins.” ~ Andy Crestodina, Chief Marketing Officer and Co-Founder, Orbit Media Studios, Inc. Have you ever wondered why there is a rising need for content syndication for small businesses? One of the prime reasons is that content syndication turns your best content into a powerful lead generation tool. The practice of sharing your material in various ways to reach your target audience is called content syndication. B2B marketers use it to improve the effectiveness of their content in terms of lead creation. Content marketing is difficult for small businesses. Every day, millions of blogs are published online. Having a social media promotion plan is a fantastic idea. However, it is still challenging to be discovered by new eyes. “Content is king, but distribution is queen, and she wears the pants. It's not nearly enough to create a good piece of content. You have to understand how content spreads across the web”. - Jonathan Perelman, VP of Agency Strategy and Industry Development, BuzzFeed Cathryn Lavery and Allen Brouwer are the co-founders of BestSelf Co., a finalist in Shopify's Build a Business VI competition, and creators of the Self Journal. BestSelf Co. developed a content syndication plan, which got them featured and gained readership on significant sites, such as Business Insider and The Huffington Post. Through content syndication, they were able to accomplish the following: 186,000 new monthly visitors $2 million in revenue Content syndication is a crucial part of any content marketing strategy and is a must for every business that wants to make a significant impact in the digital world. When syndicating your content, be smart, purposeful, and creative. Content Syndication Is on the Rise, Again The benefits of content syndication are the primary reasons for its increased use. Here are a few factors responsible for this resurgence in content syndication. Inbound Marketing Is Inadequate The results of traditional inbound marketing do not scale to meet the demands of enterprises. Due to the increasing relevance of account-based marketing and the saturation of inbound marketing approaches, expanding inbound outcomes has become significantly more complex and expensive. Additionally, the cost of inbound marketing strategies has ascended dramatically. Approaches for Content Syndication Have Evolved The approaches to content syndication have evolved in perfect sync with the evolution of content types. As a result, marketers now place a far higher premium on innovative content syndication programs. For example, earlier, only blog articles were syndicated. Now, other forms of content are increasingly being syndicated. And, despite advancements in SEO over the years, syndication remains critical. B2B Marketers Can Use Syndication More Effectively Marketers' capability to track and optimize program success has also increased. As a result, B2B marketers have a slew of different B2B marketing methods at their disposal, among which content syndication is critical. B2B marketers have created four types of content syndication. They are as follows: Syndicate third-party content on the blog Publish your content on other blogs Distribute your content through content syndication websites Self-syndication Successful B2B marketers leverage syndication programs to establish thought leadership and influence their target audience. It enables you to reach new audiences or existing consumers, increases your brand's authority and exposure, and foster a reasonable brand opinion, all of which might result in qualifying business inquiries. Effective content syndication platforms enable B2B marketers to generate, moderate, and syndicate material with complete confidence, which leads to a higher conversion rate. Types of Syndication Outlets Exploring syndicating content across many platforms or networks is essential to maximize audience reach. Well-planned content syndication for small businesses may provide a slew of benefits. When seeking for third parties to syndicate your brand's content, there are a few options to pursue. Multi-author Publications Numerous multi-author publications accept syndicated material and republish entire or partial pieces, integrating your blog's RSS feed. For example, Social Media Today is popular business-related syndication sites. Blogging Platforms There are numerous blogging platforms that allow users to create their blogs on the platform or website. In addition, there are several blogging systems available, generally known as Content Management Systems (CMS), which serve as the home for your content. Blogging platforms are an excellent alternative for content syndication for small businesses because they have built-in audiences and allow you to control how much you post. Some of the most popular platforms are WordPress, Blogger.com, Tumblr, Typepad, and Drupal. However, according to blogging professionals, currently, WordPress is the most popular blogging platform available. Indeed, WordPress powers almost 50% of the world's top 100 blogs. Among these are several top-rated sites, like The Wall Street Journal and NLF.com. This syndication outlet is the most widely used content marketing strategy among small business owners. Social Networks Numerous social networking platforms allow you to publish content directly to their platforms. It's ideal for including links to your website to improve traffic. In addition, it's a means to post and promote your content across the most powerful social media platforms for your business. Instant Articles on Facebook and LinkedIn's Publishing Platform are two such platforms where you can syndicate your material. These are great options because you'll be able to use content discovery and analytics tools to optimize your pieces for social sharing. Social syndication delivers: Easy to consume Easy to share Enjoyed by thought leaders Always lead back to your offer The Building Blocks of an Effective Content Syndication Program While content syndication is seeing a resurgence, B2B marketers should exercise care before delving into this promotion channel. Content syndication is gained importance due to new capabilities and unfavorable circumstances. However, a few factors must be considered for establishing successful content syndication. Target the Right Persona (Executives) Although CEOs have considerable decision-making authority, they are not the main contenders for target content syndication. Therefore, targeting executives makes sense if you offer a content solution designed to benefit them. First, target personas who understand the challenges and appreciate the solutions you offer. The targeted personas will have an internal influence on others, which is more effective than approaching executives directly. However, you must first create your persona profiles. Right Content Assets Based on a Buyers' Journey It is critical to pick content assets based on an in-depth buyer's journey map, matching content with targeted personas and funnel stages. In addition, your content syndication efforts should be broken down by target accounts based on the research they conduct on certain topics. Your content asset should be: Educate target audiences about current issues and challenges Inform about the latest trends Advice on what they can do to improve their situation Introduce your brand's approach to solving the problem Businesses who are interested in your company, your brand, and your brand's solution (at a high level) may learn about them through content syndication at the top of the funnel. It may also be used for middle-of-the funnel projects. Create Nurturing and Follow-up Systems Content syndication leads are not the same as website inbound leads. Prospects engage with your material via content syndication leads: the research, ideas, and recommendations surrounding a certain issue. Lead nurturing with relevant content is critical before business development rep (BDR) follow-up. If you already use intent data to target accounts for syndication, you should use it to target content and messages for nurturing, like emails and videos. Content Syndication Is Here to Stay While the world of digital marketing is continuously evolving, it's safe to assume that content syndication is growing in relevance and is here to stay for the foreseeable future. Small businesses that invest more time and effort in content syndication will get a significantly higher return on their investment. By utilizing a variety of content syndication platforms and outlets, you can increase the reach of your content and brand visibility. Content syndication is a solid content marketing strategy that will help boost your marketing efforts if done correctly. FAQ: Is content syndication effective? Content syndication is cost-effective, helps you reach larger audiences, boosts brand awareness, and improves SEO performance. Hence, it is an effective marketing strategy. What is B2B content syndication? B2B content syndication refers to the process of republishing digital information such as whitepapers, blogs, and videos on a third-party website. Content syndication's primary objective is to create new leads from prospective client accounts. What additional content syndication best practices exist? Here are some of the best content syndication practices: Select the appropriate publishing partner Distribute your content across multiple platforms Combine it with your ABM campaigns

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We, at Eliora DigiMedia, help you get your website at the top of search results with extremely focused and targeted content. While this is an easy task for us, we, nevertheless, work hard to make sure that you don't have reasons to complain. Our small, but dedicated, team specializes in writing keyword-rich articles, blog posts, press releases, product reviews and the list goes on. Whatever your business may be, we have the right content for you.

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