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Financial Planning Tips For Small Businesses

May 9, 2018 Financing a small business can be tricky, even if you’ve been at it for a while. Along with day-to-day cash flow management, there are short-term challenges and long-term goals that demand your attention. So as a busier-than-ever business boss, how can you stay on top of your everyday duties while also taking steps toward your future goals?   Here are three tips to help you stay on top of your financial game and get you where you want to go. 1. Shop for the right financial partner With so much to manage as a small business owner, it’s tempting to stick with what you know. But it’s a good idea to check in with your financial service provider periodically to make sure you’re getting a fair shake. And once you do establish a good working relationship, maintain that connection with regular communication. Maybe a big expansion is on the horizon and you need a – is your lender able to support you? Can you get the kind of hands-on service you’ll need to make it happen? If you need a second opinion, you can always connect with one of our Business Development Officers to discuss your options. 2. Track your finances and adjust accordingly Tracking your finances is key to moving your business forward. One step in your tracking process should be to regularly identify your biggest money makers as well as your most significant expenses. From there, you can find ways to cut costs, freeing up money to help finance your future. Like individuals, businesses need to grow their savings, and not all savings accounts are created equal. You’ve worked so hard to build your business, so why would you leave money on the table with a subpar savings account? We can help you set up the right for your needs. 3. Plan for the future It’s easy to get bogged down in the day-to-day of running your business, but it’s important not to lose sight of the road ahead. To keep yourself on pace, set financial goals for your business and keep them in a noticeable place so you’ll check in regularly. Ask yourself:
  • With competition surging in just about every industry, how are you going to differentiate your business, attract new customers, keep current customers and make money this year?
  • Where do you see your business going in the next five years? Or 10 years? How will you get there?
  • What setbacks could you encounter along the way and how can you plan for them?
These are the kinds of questions you should consider as you work to maintain, grow and finance your business. It’s a tall task, but we know you’re more than up to the challenge. With the right planning and management, we know you’ll be off and running. And if you need help along the way, you know . You might also be interested in Side hustles are trendy, but can you make good money in the gig economy? Get tips to ensure that your side hustle business is actually worth the time & effort. As a small business owner, you’re making all kinds of things happen every single day – from wrangling supplies to communicating with clients. But even the savviest of business managers encounter a cash flow issue once in a while. Here are a couple of tricks to help you master your cash flow. It’s time to turn that awesome business idea into action! Don’t get intimidated about launching your company. Instead follow these steps to success. Financing a small business can be tricky, even if you’ve been at it for a while. Along with day-to-day cash flow management, there are short-term challenges and long-term goals that demand your attention. So as a busier-than-ever business boss, how can you stay on top of your everyday duties while also taking steps toward your future goals?   Here are three tips to help you stay on top of your financial game and get you where you want to go. 1. Shop for the right financial partner Taking that first step and starting your business is intimidating, but it doesn’t have to be. Check out advice from our President and CEO Kim Sponem to get you ready for that leap. It’s officially gardening season! Time to open the toolshed and throw on the gloves. If you’re a first-time gardener or just don’t want to break the bank to get organic vegetables on your plate, we have a few tips for you to garden on a budget and maximize your plants and your savings. Can you dig it? (Pun intended—sorry, we couldn’t resist.) Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA