Money management is the act of handling your business’s finances. This may be done through budgeting, setting goals, monitoring expenses as well as looking at income and investing where needed. It’s not easy when you're starting out but getting to understand your business and its needs is going to greatly help. With a great money management plan, your business can start to generate better cash flow and keep it on track. Sounds difficult? Well, in essence it is as it takes a lot of thinking through and processing but also, it’s going to be what drives you forward.

Use your apps

Getting good apps is important when you’re in business because the apps and programs that you use could make life much easier. Don’t miss any payments! To avoid missed bill payments, stay on top of your deadlines by keeping a good track. Record when payments are due and set alarm reminders that will beep or buzz so that you don’t fall behind. Pencil in due dates on a paper, phone, or computer calendar and make sure you have the equipment to send money wherever it needs to be.

Use good financial programs

If you need to send money to companies, even if they are abroad, you need to make sure you are using the right rolls to make this happen as smoothly as possible. You may need to transfer money quickly. Ensure that it is done safely and securely.

Get on top of your budget

Track how much money you have been spending as well as your inventory and any other costs. You need to avoid crossing the fine line between having too much stock and not enough so keeping organized files is great. This way you don’t budget for too much or too little and you’re always on target.

Reserve the cash for a rainy day

All businesses have those rainy days, where they need the extra income for whatever reason it may be. Keep a small cash reserve always just in case something needs to be paid for. Whether that’s fixing the boiler, or if you need to upgrade some systems, investing back into yourself is important but you need to have the funds readily available to make life easier. This way you can avoid borrowing or any types of loans.  You can start a cash reserve by opening a business savings account which most banks will allow and then you can ensure that you deposit into your account often to keep it topped up and also so that you are on target if you need the funds. 

Having a business is difficult, there are many financial facets to consider including marketing and sales as well as paying your staff. However, it is rewarding, and for a female to be in control of their own businesses, is an even bigger excitement. Focus and keep sight of your niche area and really focus on your demographics are. Then make your lists and create goals for the future, because the future is exciting.