Remaining financial tips about hitting the refresh button on your financial keepings.
If you read Part 1 about keeping better track of your financial records, you're probably hungry for more, especially if it means removing extra stress from your life. Follow the rest of these money tips in order to grow as a business or for personal reasons this year. Not only will you learn how to avoid debt, you might be able to teach some of your fellow business friends some lessons too about keeping track of money.
10 Ways to Straighten Out Your Finances This Year
- Learn How to Delegate
As your business progresses, so should your desire to micro-manage every aspect of it. The worst thing that you can do is become a slave for your business. This attitude can cripple you! When I owned my first business, I wore many hats. As I grew the business, I held on for dear life to run every aspect of it. For instance, I was CEO, Human Resource generalist, payroll specialist, administrative assistant, janitor, sales woman, and more! After my husband confronted me, I realized how ineffective I had become. In order to grow and regain my sanity, I had to trust others. As a woman in business, it is imperative that you delegate various tasks to your team. Play on the strengths of others. The lack of delegation will stifle your growth, or worse, cause you to run your business and yourself into a peril.
- Prioritize your Day
Do you wake up each morning with a clear plan for your day? By creating a ‘to do’ list, will keep you on track in running your business and life smoothly. So, make it a point to jump start each day by scheduling uninterrupted time to prioritize your daily tasks. For instance, if you have ten items on your list, of those, how many do you need to complete? Can you save the least important tasks for another time? Don't stress yourself over tasks that you might not complete that day. It doesn’t mean you are having problems managing your time. It simply means that you only have limited time per day to get everything done and you may be trying to accomplish more tasks than you have time in the day. I manage my day by using a Google calendar. The beauty of this tool is that it automatically syncs with my phone and other devices. This helps me to stay on task and set priorities for my daily activities. Find tools that will work for you and make it a daily habit to have a productive and organized day!
- Network... Network... Network!
Networking is key in promoting your business. It is a great way to connect with like-minded individuals, potential clients and business partners. You are in business to grow, so make networking a key part of your marketing strategy. Are you networking both online and offline? Well, you should be! There are many associations that you can become involved in such as your local Chamber of Commerce, Business Civic, various industry-related organizations, and online communities. Networking is crucial and to be successful, you must progressively cultivate emerging relationships, connect with new people, and leverage your network.
- Know your Credit
I can't stress how important it is to establish a credit profile for your business. By maintaining a good business credit profile, this will make it easier to obtain funding for that much needed expansion, research, development, and staffing needs. Check your credit profile regularly through various business credit bureaus. For a list of business credit reporting agencies, there is an informative article by Marco Carbajo, “Top 10 Business Credit Bureaus.
- Find Time for Family & Friends
Remember the reason you decided to go into business? You wanted to not only be your own boss; but to be able to have flexibility and quality of life with your family and friends. Well, this should be the case but recent polls conducted by reputable companies showed that more than 50% of Americans vow to be more appreciative of loved ones and spend more time with them whether its on vacation or watching a movie. You are in control of your time, so make sure that you know how to find that balance.
In conclusion, by embodying these simple, yet effective strategies, you can position your business for significant growth. Here’s looking at a great New Year!
For more tips from Sylvia, check out her blog for women entrepreneurs!