An article on the Wave News blog discusses five financial tips for small business owners from President of Compendium Nancial Abbas Hyder.
1. Budget spending: know what you need to break even, how much you have to spend and prospective income.
2. Invest instead of spending: make long term investments in the business to reap benefits longer, but make sure investments directly help to increase business or quality.
3. Keep records: stay organized with receipts and don’t allow them to be destroyed; various apps and programs can help with this.
4. Maintain separate personal and business bank accounts: When it’s the same, it’s easy to fund the business from your personal account but you don’t want to find that there’s no money left for living expenses. A business credit card with a fixed credit limit can help.
5. Stay lean: figure out what services you can use cheaply or for free and take advantage of new technology to connect with others instead of making long distance trips.
More Articles on Practice Management:
6 Ways to Use Price Transparency for Patient Engagement Improvement
Medical Biller Salary: 4 Statistics
Worst Advice for Small Business Owners: 5 Things to Know