5 Essential Articles on Managing Your Small Business Finances

So you have an idea or a freelance career, and you want to turn it into a small business. Congratulations on making the first step!

You’ll be in for some stiff competition though. According to the Federation of Small Businesses, the FSB, small business accounts for 99.3% of UK private sector businesses, and have a combined annual turnover of £1.8 trillion.

”small business accounts for 99.3% of UK private sector businesses, and have a combined annual turnover of £1.8 trillion”

To get ahead of the game, make sure you are operating on solid ground and have the fundamentals in place, namely, your company’s finances. It can be both complicated and infuriating, so to help out, here is Curve’s 5 essential articles on managing your small business finances:

(1) Financing Your Start Up

Everybody knows about bank loans, but what other methods are there for a new start up to get off the ground in regards to its finances?

Business News Daily has a handy rundown of all the possible sources of money available for an up and coming new business. It is an essential read for all things angel investors, government grants, and crowdfunding.

(2) Growth

Once your business has found initial funding and is off the ground, the only way to become sustainable is to grow, for which you need a comprehensive growth strategy.

“A growth strategy planning approach forces you to focus on customer based strategy, high priority objectives and measurement of the things that actually impact your ability to reach your growth goals”

In regards to forming one, John Jantsch over at Duct Tape Marketing breaks it down into 7 components. From determining who your ideal customer is, to setting your main objectives and key indicators of success, everything you need to know about planning for company growth can be found here.

(3) Reducing Small Business Expenses

If your company is struggling to grow, it is likely that you will need to look again at your expenses, and how you can cut down on costs.

However it needn’t be a painful cutting exercise. Money Crashers has all the more creative money saving ideas covered. Making greater use of freelancers, going green, or even avoiding bulk-buying to avoid wasted spend on supplies you don’t need, are among a comprehensive list of ideas to reduce expenses and see profit margins grow.

(4) Keeping the Engine Running

You may have gotten your business up and running, but managing its finances over the day to day course of its life is a very different exercise altogether.

No longer are you looking to raise money, but manage income, expenses, and growth too. To help you along, Forbes has a few tips: pencil in regular time devoted to financial management, keep a special eye on your labour expenses (including your own!) and keep your professional expenses separate from your personal spending.

With Curve, this becomes easy. By holding all your bank cards, you can switch between professional and personal accounts without having to carry lots of cards around. Track your expenses with our handy labelling and receipt cataloguing tools, and you’ll be on top of your finances in no time.

(5) Making the Big Leagues

A lot of people dream about making it big. From the tech-savvy teenager trying to create the next Google, to the entrepreneur who spots a gap in the market and risks everything to pursue it, hitting the big leagues is the goal of many a CEO and business founder.

There is obviously not a comprehensive way to do this, or everyone would be doing it, but that is not at all to say that nothing can be learnt from the successful. In fact the truth is quite the opposite.

Startup Donut has asked 4 expert consultants and entrepreneurs to share their advice on how to give your business the best odds of going big, make sure you don’t miss it.

Got some articles that you think would be great in our round-ups? Get in touch with us on Twitter and let us know!

Looking to manage your expenses as a freelancer or SME owner? Get a glimpse of the smart banking revolution today and join the 2% of freelancers leading the way in small business finance. Order your Curve Mastercard® now at imaginecurve.com.

Curve simply and securely connects your bank cards into one card, giving you an instant mobile view of your spend across different cards and saving you money abroad. Curve was built to help people who choose to work for themselves live the life they love.