Top 5 Financial Hacks for New Entrepreneurs

Certified Public Accountant in Houston

Stay on top of cash flow and spending

Running out of money is one reason that new businesses fail. It can be a very dangerous position for a new business owner not to fully understand where every dollar is going. Taking a conservative approach is key. Expenses like a high-end office or top-of-the-line technology can be poor choices in the beginning stages of a business. Understand every detail about your expenses with most capital going toward the growth of the business.

Separate your money

When you are starting out a business, it can be easy to keep the money for your business in the same places as your personal assets. If you do not keep assets entirely separate, business and personal expenses can merge into the same pool of money. When this happens, you can’t accurately keep track of your business finances and expenses. Having a business account is not only helpful to you but adds credibility with customers and for future loan opportunities.

Be SMART. Set goals

Entrepreneurs have vision and determination, among other desirable high-achieving characteristics. Goals that are SMART – Simple, Measurable, Achievable, Realistic and Timely will help stay on track, but will also allow for any flexibility needed along the way. Setting even smaller weekly goals can be big confidence boosters to keep moving in the right direction.

Time really is money

It can be easy to get sidetracked and spend time on tasks that would be better delegated to employees. If you’re thinking that hiring help is costly, consider how much money you could be making if you focus on what you do best for business growth. While taking on a range of roles sounds like a productive and money-saving move, it can actually cause four times more mistakes and cost you more than hiring expenses. Hire like-minded, skilled employees to enable you to accomplish more, and do so efficiently and faster.

Continue learning and consult financial professionals

As an entrepreneur, you have a lot on your plate and it can be overwhelming. Ongoing education is absolutely necessary when it comes to entrepreneurship, as business needs and the environment evolve. Although finding the time to stay on top of tax laws, investments, insurance and more can be challenging. The right financial team can help provide education, alleviate stress and avoid costly mistakes related to your current and future finances. Do not underestimate the importance of financial help for continued success.

Starting a business is an awesome adventure, but one that comes with risk and the unknown. While it is sensible to prepare for the worst possible outcome, remaining optimistic is important for financial, mental and emotional health. Consulting with a financial advisor can help to provide expertise during the uncertain first stages and help to set the course for those desirable productive and profitable years.

Source: bayntree

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

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