Running your business finances doesn’t have to feel like trying to climb a mountain with both hands tied behind your back. Preparing a simple but powerful safety harness, such as an online business checking account, can help you control your finances. When you add some smart money-use habits, you can surely run your business smoothly and profitably. Here are five habits to hit the ground and go forward fully.
- Separate Business and Personal Finances
How do you imagine mixing paints? Once two colors are mixed, you can’t separate them. The same is true for business and personal costs. Mixing them makes it difficult to track and plan later. Get an online business checking account from Bluevine to form a clear border between the two.
This approach will allow you to track everything much earlier while controlling the flow of funds. Moreover, beyond the organization, it will help you prepare your taxes.
- Automate to Simplify and Save Time
Why use manual dates when you can set up automatic disbursements? Use your online business checking account for regular expenses such as energy utilities or retailer fees. Automation not only saves time but also helps to achieve this accuracy. Bluevine offers the best tools for small businesses, making it easy for owners to control regular disbursement.
- Keep an Eye on Cash Flow Like a Hawk
The life of your business is how much cash flows through it. You should know how liquid you are and have a good hold on it as a business owner. So, get in the habit of regularly checking the account to see how much flows in and goes out to stay ahead. A weekly check will allow you to notice how you spend, preventing potential problems in the future.
It’s easy to see how having a good overview of your account can alert you to an auto-charge you completely forgot to cancel last month. Always expecting the unexpected will mean you can more readily respond to change and keep moving forward.
- Build a Rainy Day Fund
Business is full of give and takes and business owners need to expect that there will be slow seasons. To cover your bases and not get backed into a corner, why not schedule a small portion of your salary into a separate account each pay period?
Breathing room is never a bad thing to have and peace of mind is priceless. When you know you have a healthy balance in the wings to help you handle anything that comes your way, you can keep pressing on in business as usual.
- Regularly Review and Adjust Your Budget
Your budget is not a “set it and forget it” tool. It’s a plan that needs to be reviewed frequently. Look at your budget vs. actual reports at least monthly. Are you overspending on the wrong things? Can you take that money and grow something else elsewhere?
Looking at your online business checking account creates an at-a-glance picture of where you stand. Make little changes as needed and accumulate additional savings, which will allow you to get to where you want to be.
Build a Wealthy Mindset
Making smart money habits isn’t just about the numbers; it’s about having the right mindset to focus on the growth and stability of your business. With an online business checking account (and these five tips) to help, you won’t be managing your business; you’ll be truly owning it.
Just as with anything new, go slow and enjoy the small victories. A little hard work will go a long way. The freedom your business needs to grow and succeed is all yours.
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