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A problem for entrepreneurs can be ignorance of the administration of finance, so it is important to properly manage their resources.
Being an entrepreneur not only implies having a business idea, the resources to make it happen but also understanding that money is a factor that can lead to success or failure.
An entrepreneur must spend time learning to have strict control over the finances of his business since his income depends on him, But good business practices do not always transfer to personal administration and this can cause serious damage to the company if action is not taken on time.
Here, some recommendations to make good use of your resources:
Have savings before starting
It is very important to have savings before starting a business, because there will be no fixed income during the first months, so with savings, you can pay the expenses in that period. Jason Papier, a stock expert in Silicon Valley, recommends that entrepreneurs have the value of one year’s expenses as a reserve in a separate account for any emergency.
Separate your personal finances from those of the business
You should be aware that although your personal income comes from the business, they cannot be managed in the same way. Learn to separate, a good idea is to establish a salary for you that you have in a separate account so that it does not mix.
Mixing personal finances with those of the company is a practice that greatly complicates the administration of the business and can even lead to profits for personal expenses that should be reinvested.
Manage cash flows
It is possible that in the early stages of your business you have more cash outflows than entries, that is why one of the most important things in finance is knowing how to manage expenses.
Keep your accounts clear
Keep a daily record of your income and expenses. That flow of inputs and outputs is the basis for creating your management strategy. Although a budget is the best way to manage finances, it is also necessary that you establish a period to review and verify that everything is under control.
Moderate your expenses
You can never buy everything necessary for the business in a single milestone, which suggests a list of priorities, and as you walk the company can acquire what is needed, as well as cover the debts that are generated.
Follow a calendar
Fully respect the deadline set to cover your financial commitments, such as credit cards or loans received.
Another option to cover your payment obligations or to leave an emergency is not to forget the credits, but this should be requested only when you have considered your ability to grow and pay.