3 Tips for Managing Small Business Finances
It costs money to both run and start a new business. Funding your business properly at every stage is one of the best ways to ensure maximum growth, quarter after quarter. Read the following three tips on making funding decisions for your business.
Tevistion Capital Group provides business loans for companies looking for asset-based financing options to improve cash flow and working capital needs. Unless you are the CEO of Apple, you are likely at some point going to need access to capital from outside of the surplus value generated by your business. There are a number of ways to find financing, and many good reasons (and many more bad ones) to pursue debt financing, equity financing, and tapping into other formal sources of financing. What will be best for your business will depend on your specific situation. Contact Tevistion Capital Group for help identifying the best approach to financing your business.
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#1: Don’t Mix Business and Personal Expenses
From tax issues, personal liability, and bad accounting, there are countless reasons to not mix your personal expenses with your business expenses. When things get tight, secure your business’s finances through a business loan instead of putting your personal expenses at risk.
#2: Pay Your Bills on Time, Every Time
Credit card and loan payments can lead to you having to pay late fees that keep building up, functioning as a sunk cost. If your business’s profit margins are already thin, failing to plan how you will pay your bills and loans off on time can put you in the red… or even in the black.
#3: Learn Accounting 101
Many business owners are idea folk. Having a good idea doesn’t make you good at accounting though, even if that idea is financially profitable. Learning how to keep your accounts balanced, managing debts and credits, and utilizing financial statements proactively are all key basics small business owners should know about.
Is a Loan or a Lease Right For You?
Not every business is in a good situation to get a loan, even if they have a good idea. Teviston Capital Group Group can help your small- or medium-sized business find the right solution to ensure that you are optimally successful in the long run. Apply with us today to get a no-obligation business loan consultation.
