3 Smart Finance Habits for Small Business Success
Owning and operating a small business is one of the best ways to build wealth and create a solid financial footing for your life. It is also one of the most rewarding ways to make a living.With the great benefits of having a small business come many responsibilities and much financial risk. Thus it is imperative that a business owner constantly makes changes, tweaks, and sound decisions to improve the health and overall profitability of the business at hand.
There are three primary functions of every business and one of the most important yet often the most neglected is the finance function.
This article describes 3 ways a small business can improve their financial habits for their small business and thus become healthier and more profitable.
3 Healthy Small Business Finance Habits
- Do Payroll Twice Monthly NOT Bi-Weekly - This habit will save you money right off the bat. You will cut 24 paychecks rather than 26. That's 2 weeks of payroll you save.
- Purchase with Credit Cards with High Cash Back Rewards - Shop around for the best CC reward program that offers "Cash Back" reward programs. Make it a strict policy to only make purchases and payments with that account whenever possible. This will yield 2-4% cash of all your purchases and can make a huge impact on company profitability.
- Sell Advertising to NonCompetitive Companies - You have customers. Your customers buy an assortment of goods and services just like everyone else. Start brainstorming on an unrelated product or service that your customer base also typically buy. Then figure a way that you can sell advertising to businesses that provide such products or services. As long as the methods are unintrusive, the product/service relevant to your customer, and the company buying the advertising is not a competitor then everyone comes out a winner.
By adapting these three small business finance habits I have listed as business help tips you will undoubtedly improve the business profitability and your financial well being.
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