It is but natural that business owners have so many things on their plate and one of the most important of these is how to keep your business in the black and not run up debts. If you are tossing around in your bed at 3 am and worrying about your business finance and bank account , don’t worry, you are not alone . There a many entrepreneurs who are going through similar woes. Employees get a paycheck every month so no worries. But with business owners it is a different story altogether. If your money worries are giving you sleepless nights, here are a few tips to tackle your top money worries.
You are afraid that you will be living from pay roll to payroll for the rest of your life
Since its your business, during the tough times you may have to reduce or eliminate your own pay check. It may be perhaps a long time since you gave yourself a raise. You will have to deal with this by creating a retirement account and contributing something to it no matter how small. Don’t delay. The sooner you start, the safer you will feel. Also use your fear to motivate and develop a big picture future for more income. It will lead to better cash flow and allow you to step back or retire sometime in the future.
Fear of falling into Serious Debt
The second biggest money worry about business finances that keeps owners of small business enterprises awake is the fear of business going into serious debt. This fear of being too scared to take on debt to grow your company, most often hinders the potential of the company. When a business opportunity comes up that needs more working capital, find ways to finance it. Focus on the opportunity rather that debt. Banks, Credit cards, merchant advance are all available. But make sure that the pay off is worth the cost of taking on the debt. Thinking this through will ease your worries and also give you road map for success.
Fear of Losing their Home
Debts in business finances tend to be on a higher scale than personal debts, hence every entrepreneur who is going for big finance also has the fear of losing his or her home. If you are running the business solo and have no one to support you, this is a justifiable fear. The only way to deal with it is to not live above your means. Don’t spend more than you can earn just to show off. Overcome your fear by facing it and invest wisely and live quietly. Your home will be safe.
You are afraid you won’t be able to pay your Bills
Among all the business finance related tasks, the one that most people fear is the inability to pay their bills. Don’t stick your head in the sand like an ostrich and put off paying your bills, even if you are worried that you won’t be able to cover them all. Learn to know your expenses to the last shilling and stay on top of your cash flow. Also if some one owes you money, don’t be over polite. Ask them for it.
If money worries and business finances are giving you sleepless nights, don’t hide from them or push them into the back ground. Tackle the finance related fears in a systematic and well thought out manner and face them with courage. You will soon see them melt away and will not cause you any more nightmares.