How Should I Structure The Financing Plan For My Business?

Sound and practical financial management skills are essential to succeed in life. Whether you are an entrepreneur or manage a household, your ability to manage money effectively is crucial to your journey to the top. For a startup, running out of cash could be detrimental to your business. Here are 12 tips to help you become financially empowered as a business owner.


  1. Separate your personal finances from your business finances


  1. Open a Bank account in the name of your business.


  1. On the bank deposit slip specify the name of your client instead of your name or staff name.


  1. Collect and review your bank statement monthly.


  1. Have a planned financial outcome of what your business wants to achieve for the year.


  1. Set up a basic record keeping system for your business.


  1. When the money in your business account is substantial, invest it.


  1. Collect receipts for all payments made.


  1. Make personal expenses from your personal account not business account.
  2. Keep all receipts, invoices and financial documents even before you start trading.


  1. Issue an invoice for all sales made.

Issue a receipt for all monies (cash, cheque, and e-payment) received.

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