Managing your own business, no matter how big or small, is no joke. The amount of work and sacrifice needed to succeed is insane. But we all know that the payoff is amazing – the money and the freedom are unparalleled. However, you need to use every tool at your disposal, scrounge up every little piece of advice and capital, and invest it all in your own company. And the first thing you should have learned bellow you even started is managing your finances.
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Learn Accounting 101
While you should always employ an accountant or an accounting firm, you should still take the time and attend an accounting class or two. You will be dealing with money all day, and all the big financial decisions in your company will be yours to make. It’s pretty obvious why then you need some basic accounting skills.
Therefore, it’s worth learning the basics by scrutinizing top-notch resources (like this handy accounting cheat sheet) for small businesses that cover everything from managing your cash to dealing with tax forms.
The better you understand how cash is actually spent and budgeted, the smarter your decisions will be. It will also make you, automatically, more frugal, both in your private and business life. This leads us neatly to the next section…
Be Smart with Your Money
Now keep in mind, we don’t mean you turn into Ebenezer Scrooge. What we do mean, however, is that you become mindful of your spending habits. There’s a difference between penny-pinching, and spending too much out of laziness and ego. So, for example – you don’t need to stock your office bathroom with the cheapest recycled toilet paper you can find, but at the same time think long about that crystal chandelier you want to buy for your foyer.
Also, make the effort and try to get equipment and supplies you need on a discount. Either get stuff on sale, or buy in bulk. Don’t let your pride get in the way – if it’s in good condition, second-hand furniture and equipment is a godsend. And speaking of ego….
Don’t be Afraid to Ask for Help
Since you’re already reading this article, you probably got this part down already. But, don’t limit that to only reading articles online. Instead, try to speak with as many other entrepreneurs as you can. They can definitely share their own experiences and wisdom.
Also, speak with experts. For example, you should try to set up a meeting with an accountant who specializes in taxes. They will certainly tell you something that can save you money and time. Contacting a good business advisory office will also help you iron out any kinks in your business dealings.
It’s no secret that you need to have a solid workaholic streak in yourself if you want to run your own business. However, you need to pace yourself. It’s a given that you need to work more than 8 hours a day in order have success. However, sacrificing your health and your family life will ruin you in the long-term. Burning yourself out is easy and even, in its own masochistic way, fun. However, you can function like that for a month, two – heck, some can do it for a year! But, is a year of super productivity worth a year in an insane asylum? What about a divorce, or a heart valve replacement?
We don’t expect that you just drop what you’re doing and go to the beach for a day. But you need to dedicate some time to rest and relax. Trust us, in the long run, it will only make you more productive and will make you more money – not to mention it will keep you sane and happy.
There you have it, folks, we hope this has been informative. If you’re one of the few who decided on the entrepreneurial path, we hope that you will stay smart and utilize all you have to succeed. Just remember – a little bit of patience, humbleness and elbow grease, and you will definitely see your business thrive.
David Koller is a passionate blogger and copywriter for Media Gurus, mainly interested in business and Digital Marketing.