8 Tips for Efficiently Managing Your Small Business Finances

Do not ignore retirement

If you have no employees, you may choose an Simplified Employee Pension (SEP). But if you have employees, consider a Simple IRA. These high contribution limit and low maintenance plans will let you save more than what a traditional IRA allows if you are a business owner without 401(k) option. Sole proprietors might consider opening a solo 401(k), a new angle on retirement saving for entrepreneurs.