Bootstrapped or backed by a larger pool of capital, one thing remains true when you’re starting a business – mastering your money is key to any level of success.
Money is something that business trainer Rhonwyn Learner sees make or break businesses regularly.
“Mastering money starts with being organised with money,” she says. “Even the most organised business owners can feel very lost with money management if they’ve not learned how to use essential programs or archive important documents.”
She describes understanding the flow of money through a business and where your profits and losses are, like climbing a mountain to see the sunrise.
“It is that feeling when you get to the top and see the sun. You think, ‘I made it!’”
Rhonwyn’s top five tips for business owners to master money management are:
1. Get organised
“This could mean implementing a management system like Xero or Quickbooks, setting up a quarterly meeting with your bookkeeper or accountant or simply checking your bank balance and understanding where every cent is going.”
2. Practice good habits
Practice good habits. “Start filing your receipts each day or week so that when tax time comes, they’re all in a central location. Set a dedicated day each week to pay bills and invoices. It’s the small things that add up to big savings and the more you practice, the easier and more routine they become!”
3. Don't try to DIY everything
“Sometimes the best thing you can do for your business is to admit that managing money isn’t your strength and outsourcing to a bookkeeper or accountant. It is critical to know the basics but equally critical that you know when to ask for help.”
4. Check if you qualify for a grant
There are several grants available that may help your business with that key thing you need to get to the next stage of growth - but don’t think you can afford. She suggests keeping an eye on websites including:
5. Set your revenue target
And know what you need to achieve it. Make sure it’s included in your ledger, so you know exactly how you are tracking toward it.
“I want to help business owners go from feeling overwhelmed to feeling empowered and in control, knowing how much money they have coming in, how much is going out and what they can do every week to keep it flowing.”
For more information on grant writing tips, small business marketing and support to start, run and grow your business in Brisbane visit our Business in Brisbane page.
You can also visit our Suburban Business Hub at 16 Aspinall Street, Nundah to co-work, attend a business event or talk to a Council Officer.
updated: 17 November 2022