8 Tips for Efficiently Managing Your Small Business Finances

Managing your small business finances is crucial. Small to medium-sized businesses need financing but they lack enough of it — to the tune of $5 trillion, according to the SME Finance Forum.

This lack of accessibility to affordable financing makes it far more important for small businesses to manage their finances efficiently in order to compete against larger competitors.

It is not uncommon for small business owners to dip into their personal savings — and even rely on high-interest personal credit cards — during the early stages of their business. However, as the business grows, it is vital to keep the business and personal bank account separate.

When it comes to managing your business finances, some of the same tried and tested rules that apply to the personal savings accounts will apply.

Here are eight useful tips to consider while handling finances for your small business.

Small-cap winners galore

The big stock market winners share one common attribute: Near the beginning of the ascent of their shares, the companies offer revolutionary products or services, are market leaders in their respective industries, or both. Some big stock market winners that possessed the attributes outlined above are Netflix (NFLX), which we recommended to investors in October 2002; Intuitive Surgical (ISRG), which we bought and recommended in July 2004; Baidu.com (BIDU), which we bought and recommended in August 2006; and MercadoLibre (MELI), which we recommended to investors in October 2010. Get up-to-date small-cap stock picks from David Frazier, editor of Small-Cap Profit Confidential.
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The stock market crash of 2008 was the catalyst for his journey into alternatives. And interestingly, it was the impetus behind the creation of Bitcoin and the blockchain technology behind it. Keene Little wasn’t ready to risk his money yet but he was very curious, so he began charting Bitcoin’s technical patterns. What finally convinced him to dip a toe into digital currencies was seeing that they followed familiar price patterns that could be analyzed and successfully acted on. Now he shares those insights with subscribers to the Crypto Wealth Protocol.
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