Help for Homepreneurs

Maintaining your businesses financial health is a combination of planning, organization and financial management. Many businesses have been sunk by bad record keeping. Here’s an example. A dear friend, who happens to be an accountant, hired a furnace expert to solve a heating problem. He came to her house, identified the problem and quickly got to work. The repair took a short time and her furnace worked marvelously. She thanked the repairman profusely and sent him on his way. He told her the bill would arrive in the mail. Two weeks passed. No bill arrived. Another week passed and no bill. She called his office to remind him to send a bill. Another week passed and she called again. The bill never came. Bad business? Yes. Rare? No. Ask a dozen people and you are likely to hear similar stories. If a client has to ask you multiple times for an invoice, your business is doomed. A few simple steps when you start your business will save you headaches and lost business down the road. First,

Tradition in my family dictates that every pink and perky baby receives a coordinating pink and perky piggy bank. Some piggies are plump and some are petite. Other piggies are silent when coins drop and some oink up a storm. Some require a hammer to share the wealth while others just require a twist of the fingers. My child’s favorite is the bottomless piggy bank where money goes in and it comes right out again in a never ending stream of cash. As a business owner, knowing whether to choose a piggy bank that is plump or petite, silent or loud, locked up tightly with strings attached or open ended is an important step in building your business. When it’s time to pick a piggy, consider your type of business, financial need, credit history and economic conditions. Options for financing include: Self-Funding If your start-up costs are minimal and you want to keep financial entanglements to a minimum, reaching into your own pockets to fund your business may be a good choice. Self-fund