Helpful Tips for Managing Money, Marriage and a Small Business

4 years ago

For many couples, establishing a successful small business is a dream they have that will propel them to leave the rat race behind and embrace the American Dream. Unfortunately, sometimes these visions of success and independence can be easily shattered when the bills come, and the monthly revenue the business generates is insufficient. Before panic sets in, it’s time to pause and review the situation objectively.

Look for innovative ways to cut costs

Early business reviews will highlight the budget line items that will require adjustment. Overhead costs must be controlled to the penny and reductions of ten dollars each week can add up quickly when applied to multiple budget items. Going paperless, monitoring energy consumption and eliminating unnecessary supplies can easily add up to a lot of savings. In addition, pay your bills on time but not too early and delay purchases whenever possible to improve the cash flow.

Consolidate resources where possible

You can reap sizable financial benefits if you are able to consolidate the amount of real estate your business consumes. Laptops, tablet computers and the “bring your own device” (BYOD) revival has created opportunities for businesses to leverage contract workers and remote employees in order to cut costs and save money but maintains adequate productivity levels.

Move key business resources to the cloud

An increasing amount of small companies are moving to cloud computing. This is because cloud technology has the virtue of reducing the necessity of making certain IT-related investments. In addition, today's smartphone apps and advances in software integration makes moving key resources to the cloud not just easy, but profitable.

Entrepreneurs can now easily access a host of online business tools from anywhere in the world, across multiple platforms. Everything from accounting applications to collaboration software and PayPal alternatives are can be accessed at affordable monthly rates. In addition, software updates and data management services are also included in most of these types of agreements.

Shop on the refurbished isle

Furnishing a business location can be expensive if you’re not careful. One way around this is to purchase from a business that is moving or going out of business. Most often they are willing to sell off old equipment and furnishings at great prices. Used furniture and thrift stores in the area also excellent sources of quality goods and have great deals.

Married business partners face unique challenges since their business needs can easily overwhelm their personal life. Agreements must be made as how to handle specific scenarios. One person may have the expertise to generate revenue. The partner may have complementary skills that support the management aspects of the business. Naturally these scenarios create certain boundaries that must be respected and while a wide array of advisers and resources can provide guidance, the success of your joint venture will often be determined by the ability of you and your spouse to respect the opinions and expertise of the other person.

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