5 Basic (But Critical) Small Business Financial Tips

4th quarter really snuck up on us! With November here and the holiday season upon us, it’s time to really focus on where your business will end up financially at the end of the year.  Here we’ll discuss our best financial tips for small business owners.

Plan for irregular cash flow.

Unfortunately, as a small business owner, you have to face the fact that business won’t always be booming. Your sales may fluctuate month-to-month or be spread out if you offer seasonal products and services. It’s a good idea to save some funds for a rainy day! Make sure you’re prepared by budgeting and having an emergency fund should you fall into a financial dry spell.

Go paperless.

This seems simple, but it’s amazing how much it can streamline things for you. Going paperless with online accounting systems like QuickBooks Online or Zero, and having digital files with Banking, Payroll and other systems, will only help you keep things straight, make your records easier to find and follow, and make tax time less stressful!

Have a retirement fund.

Again, it seems basic, but make sure you stay on top of this one! As small business owners, we tend to focus on the immediate needs of the business; but remember, this is your business and your livelihood. As in any career, it’s essential to make sure you’re planning for the future of YOU, not just your business. Take a look at some different retirement options for small business owners in this Forbes article.

Keep business and personal finances separate.

Yes, as an entrepreneur, your business is an important part of who you are. But don’t let that thinking cloud your judgment when it comes to financials and bank accounts. It may seem like a fine idea to mesh the personal and the business aspects of your life together, but you’ll soon find that that’s not the case. To make tracking business income and expenses easier on yourself, open a separate business bank account. This will alleviate the pressure on your personal accounts and build your legitimacy as a business, not to mention details like taxes!

Pay attention to your business insurance.

With the ever-changing landscape of entrepreneurship, it’s a good idea to reassess your business insurance every now and then. Make sure your current insurance makes sense for where your business is currently at, ensuring that your money is being funneled in all the right places. Take a look at our recent article for the Ins and Outs of Business Insurance.


Managing finances can seem daunting, but there are ways to make it easier on yourself! If you have questions regarding small business finances or need help making financial decisions, make sure you reach out to us today. Our small business GPS sessions regarding Financial Awareness are also great classes to work through these financial details for your business. Check out our upcoming classes here.