11 Tips to Better Manage Your Finances

, , , ,

Whether you’re a business owner or a manager, staying on top of tangible items is vital to success. These tips can help you keep track.

1. Set up a realistic budget. While it’s good to be optimistic, don’t plan for more spending than you know you can afford. Make sure you plan for emergencies and contingencies as well.
2. Save costs where they matter the most. Don’t just pinch pennies for the present. Make sure your savings will pay off in the long run. Compromising on quality might cost you later on in repairs and replacements.
3. Spend only when it’s necessary. Don’t spend if you don’t need to. Every bit you save goes toward your profit.
4. Find alternative sources of finance. Sometimes even successful businesses need a little help. Business loans and investors can help you through leaner times.
5. Stay true to your contracts. Not only will you gain the respect of your clients, you’ll also avoid legal battles that can be a serious financial drain.
6. Make sure employees are well compensated. Employees deserve to be rewarded for hard work. Make sure yours are well compensated for their time and they’ll be more productive and happier to come to work.
7. Learn to do more with less. Quality is much more important than quantity, so make what you have count.
8. Assign equipment wisely. While it might be nice for every employee to have a PDA, budgets often don’t allow for such conveniences. Make sure the employees that need tools the most have access to them.
9. Invest in solid technology. This doesn’t always mean the latest technology, but what your office needs to do work effectively.
10. Update when necessary. Using obsolete equipment and programs can really slow you down. Update when it makes sense so you won’t get left behind by competitors.
11. Don’t be wasteful. Every sheet of paper, paper clip and pen is a cost on your budget. Use materials wisely and don’t waste them out of haste or carelessness.


Leave a Reply

  • Dear Dr. Mimi – Frustrated

    Dear Dr. Mimi, I trained a new employee about a month ago, but they still don’t seem to be getting it. They mess up almost every task I give them. What can I do to fix this? Should I just fire them? —Frustrated Dear Frustrated, It can be tricky working with new employees. If you…


  • Dear Dr. Mimi – Overwhelmed

    Dear Dr. Mimi, My spouse and I now both work full-time jobs and have a three-year-old. I had been home full-time while my spouse worked. Our son is in day care and seems to love it, but I am unsure how to balance having a family, being an employee, and doing well in both jobs.…


  • Monitoring Productivity

    It may be daunting to look at your schedule for the coming months. Here are a few tips to help you stay on task and monitor your productivity: Clarify the vision. What do you hope to achieve? How will you accomplish this? Get specific! Define the milestones you aim to reach. Sit down and devote…