You’ve fired up your business, you’ve managed to flip the switch and convert the sales, and now you’re feeling like you are on top of the world. As time goes on, you start to increase your outgoings but are you balancing your incomings to match? To ensure both stability and mental wellbeing, you need to be keeping a close eye on your finances as an entrepreneur. Here are 3 tips that will encourage you to be as savvy as you can be.
Check subscriptions
It is okay to be frugal in business. Firstly, online business tools are perfect for efficiency and productivity but think about the ones you have that you hardly use at all. As time goes on, you will use more resources and tools, some will be free whilst others not. So if. you have ever paid for that premium subscription of a site only to have used it once in a given 3-month time-frame, then cancel and renew at a later stage. Those subscriptions will add up and they’re sneaky….
Keep your work/personal life separate
When you are running the business, it is tempting, (sometimes extremely tempting) to use the company card on things that are not necessarily company expenses. Avoid using the company card such things like car washes and salons appointments, resist the temptation, even if you left your personal card at home. Remember, by splitting the finances and keeping them for their purpose allows you to take advantage of the possible tax deductions and also helps you to keep a track of your financial performance.
Budget, budget, budget
Make a budget and stick to the budget! Sticking to it will help you with saving more money. You can search the app store on your smartphones to find the ideal budgeting app that suits you or even a simple spreadsheet will work. By having a strict budget in place, will take worries from your mind and help with your mental wellbeing.
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