As small business owners we have gifts and talents that we are fortunate enough to share with the world through entrepreneurship. In business we are able to authentically show who we are and what we have to offer, all in an effort to serve those who need and want our expertise. What a blessing and an honor it is to be able to serve, live your passion, and make money while doing it! However, this blessing comes with a great responsibility of good stewardship. By stewardship, I simply mean being the keeper or manager of your business (your unique gift). This comes with the charge of conducting your business in a manner that results in growth. The growth enables you to impact many lives with your blessing. One of the key components in growing your business and being a good steward is to manage the financials.
In working with women entrepreneurs, I’ve found that they’re wonderful at what they do, consistent at planning their businesses, and great in marketing their products and services. However, many avoid the money side of business or have financials that are all over the place. This may be due to intimidation, overwhelm, lack of confidence, or fear! It doesn’t have to be this way and with just minor adjustments in your operations, you’ll find that the financial side of your business is not so scary after all. In this post, it is my desire to eliminate the perceived difficulty and fear of finance, by providing five simple essentials to managing the financials. Although simple, they are very effective! These essentials will pave the way for good stewardship in your business!
1.) Organize Your Business Financials – staying organized and keeping good and accurate financial records make dealing with the financials and the tax season less stressful. The first step to organizing the financials is to have an accounting system or a spreadsheet program for tracking all transactions. Tips: determine an easy way for organizing your records, keep documentation of all financial transactions in one place, input (or hire someone to input) financial transactions into your accounting system or spreadsheet program, and always check for accuracy.