Money Management Tips For New Business Owners

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When it comes to budgeting and money management, young adults, parents and soon-to-be retirees aren't the only ones who need to have a clear plan in place; business owners do too! Especially during the first few months of operating, it is essential for CEOs and the like to place much of their focus on financial topics since this aspect could ultimately make or break the business.

If you recently entered the business world as a business owner, here are a few money management tips to help you succeed:

Know how much you need: It can be relatively easy to fall into bad borrowing habits, so from the start you should always know exactly how much you need. Although borrowing extra can provide you with a safety net for financial emergencies, doing so too often could cause you to fall into debt that could be avoided.

Work with a bookkeeper: Whether it be someone in-house or someone you hire specifically for this purpose, it is extremely important to have an individual dedicated to keeping track of your finances. While as the business owner you will likely want to oversee all money related matters too, having someone whose only role is to handle your money can help you stay organized.

Square away bank accounts: You probably already have one, if not more, active accounts for your own personal finances, but when you own a business, it is recommended that you have one specifically for that. As stated by Entrepreneur, opening a commercial bank account is pretty simple, so there is no reason why you shouldn't have one for your business! Same goes for credit cards and debit cards - always separate personal and professional.

For more money management tips for business owners, please click here. 

As one of the largest and most respected independent financial planning firms in the country, we at American Investment Planners LLC understand how important it is for everyone to have strategic plans in place when it comes to money. That's why we work with small business owners too! To assist business owners, we offer assistance with insurance benefits, compensation structuring, 401(K) management and more. For more information, be sure to visit us on our website or give us a call at (516) 932-5130.