How to Manage Small Business Financial Stress

October 30th, 2009

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How can you turn your financial stress into small business success?

 

It starts with being realistic (and truthful) with yourself about your current situation.

How Do You Do That?  

Get the Picture

Where does your business stand financially? A simple Exel spreadsheet showing income, expenses, profit, debt, assets and liabilities gives you a financial snapshot.

Budget or root canal?

Budgets don’t have to be painful; they’re simply a tool highlighting where the money comes from and where it’s going - it shows you where to make more and where to cut back. 

It’s a Goooooooal!

Long term goals map out where you want your company to be; short term goals show you how to get there step-by-step. Breaking the big picture into manageable (and trackable) steps reduces the feeling of overwhelm and failure and reduces stress.

 Clean House

If your staff/subcontractors are draining your financial resources without showing results it may be time to either restructure their motivation (try offering profit share) or just let them go. 

Pressure Release

A bookkeeper, financial planner or accountant can help detangle the financial cobwebs by helping you plan ahead and cut costs. Hiring VA’s (http://www.virtuallysuccessful.com/) or an OBM’s (http://www.onlinebusinessmanager.com/blog/) to help with operations frees up your energy and time.

The Power of Empowerment

You don’t need to become an accountant or a bookkeeper to get a handle on your finances. Check out a basic financial planning book, teleclass or seminar designed for small business owners and/or try ‘Google Groups’ to connect with solopreneurs and discover how they handle their financial stress.

Going to Market

When is the best time to market your business? All the time. To ensure a continual flow of cash, even when business is flush with clients, pays off during the lean times.