The main problem most start-up business owners complain about is the lack of advice given on handling finances. So here are a couple of tips that you should take on board if you have a small business or intend to start one.
Our most important tip is to budget your spending. This means you need to know how much your business needs to make, in order to break even after your projected daily spend. Split the budget into four different categories; Prospective income, fixed expenses, variable expenses and pay-cheque allowance.
We’ve also found separating your personal and business bank accounts is a good discipline to have. Pay your business expenses with a business credit card, but make sure the card has a fixed credit limit.