Business finance strategies shouldn't make your balance sheet match your lipstick...
We’ve talked about ways to grow your money, but let’s face it – it’s EASY to spend money! Whether online or in the store, there are things peeking out from around every corner saying, “You neeeeeeeed me!” I’d venture to guess that half the time, the expenditures are necessary. The other half of the time, we’re doing more harm to our balance sheet than good. If you find your balance sheet in the red month after month, it’s time to stop matching it to your lipstick and begin matching it to that favorite pair of black go-anywhere shoes.
Business finance doesn’t have to be a headache. Here are five simple ideas for getting your finances in-line quickly and with as little spending as possible!
- Establish a filing system – When you need receipts or answers, wouldn’t it be great to know where to find them? Not only find them, but actually have a system for filing them. That means a personal deadline for scanning or recording receipts following the date of purchase or payment. One simple idea is to establish an “inbox” on your desk and every Friday morning, begin your day by recording the week’s receipts and filing them. Nothing like starting the weekend with a clean desk (Mondays will be MUCH more pleasant!).
- Hire a CPA – Pay someone to manage your money and think about your money for you. You’d be surprised what $500 per year can do for your bottom line. Just like the guy we call to deal with a plumbing problem or to repair the brakes on the car, financial expertise has its place. A good CPA is more than just a “tax man.” He or she is a business strategist who will help you structure your finances and expenditures in the most favorable means possible.
- Make a purchase delay – If you feel compelled to purchase something for your business (or simply for yourself), establish a self-imposed purchase delay. This isn’t about depriving yourself – it’s about giving you the time to think. Say your self-imposed purchase delay is 24 hours and a day later, you decide to go through with the purchase. Then do it! This is a good way to minimize those impulse buys that look great at the time but do nothing but detract from your bottom line.
