An article published on Merchant Warehouse discusses six tips for small business owners to master money management.
1. Save on business expenses wherever possible, including cash rebate programs, purchasing office equipment online from eBay or Amazon and audit your office on energy to see potential cost savings.
2. Maintain a strict budget that includes funds for every major department and extra money for contingency plans.
3. Hire a professional such as an accountant or accounts payable clerk for money management.
4. Track petty cash and limit who has access to these funds.
5. Don't expand until you are absolutely ready to move forward without stretching yourself too thin.
6. Monitor cash flow and take steps to improve, such as hold off on paying bills for a few weeks if it won't incur a late fee.
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