According to the Small Business Association (SBA), women-led businesses employed 10.1 million workers and accumulated $1.8 trillion in receipts in 2019. On top of that, the number of firms owned by women grew at double the rate of those owned by men, increasing six percent between 2014 and 2016.
And women-owned businesses are still on the rise, with about 30 percent of U.S. businesses owned by women.
As we look forward to American Business Women’s Day on Sept. 22, these accomplishments should be celebrated – and supported.
Financial management is an important part of any business success story. Here are five tips to achieve sound financial planning for your small business:
Prepare a Monthly Budget
Plan your expenses — and any expected revenue — for a given period (such as a month, a quarter, or a year). You should monitor both figures to ensure you stay within your set budget. At the end of each month, address where you might have overspent or underspent. This insight can help you make necessary adjustments to your business plan.
At Florida Capital Bank (FLCBank), our experts can help you manage and control your company’s finances. Through our Business Online Banking, you can access real-time balances and funds transfer activity to help you stay alert to what’s happening with your money.
We recommend businesses track their cash flow daily — not only will you be better able to control costs, but you’ll see where you’re spending money. In the long run, this will help you save money.
Set Aside Money for Contingencies
Just like in your personal life, your business should have an emergency fund. A reserve will allow you to tackle any expense or repair you might not see coming, without causing disruption to your business. More importantly, knowing you have the ability to tackle these emergencies will reduce your stress and allow you to focus on bettering your business.
This also means you should keep your business and your personal accounts separate!
FLCBank offers easy tools for you to manage your money. Our experts can easily help you set up the appropriate number of accounts for your business — and our Remote Deposit Capture allows you to deposit checks remotely and electronically.
Speak to Experts
While it may feel like you want to cut corners by going the DIY route when getting started, investing your time, trust, and resources in qualified professionals up-front can save a lot of time and money in the long run.
Who you select to manage your insurance coverage, your IT security and of course, your money management, matters. Take time to do your research and find companies and partners that support your mission and your goals.
Once you’ve found a bank that you trust, remember to check in with them often so you don’t let your financial housekeeping slip.
Tap into the Local Community
As a small business owner, your community can make or break your business. But, it’s also a space rife with opportunities for growth, connection and development.
Whether you’re looking for resources or fellow entrepreneurs to encourage you, there are many options online and throughout your city to help. Finding a group that helps hold you accountable, provide you support and share their own wisdom and resources can be invaluable.
Don’t Take No Personally
If you’re still in the process of securing funding for your business, remember a “no” from one commercial lender is not universal. It also does not mean you are not meant for success. Some banks offer loan products that are heavily structured, and sometimes they may not fit you or your business. Take the “no” and move on — and keep moving until you get your “yes.”
Florida Capital Bank encourages women to continue embracing their entrepreneurial spirit. We are proud to be the financial partner of many small business owners, and we are excited to see how these businesses grow.
We’re also a seasoned commercial lender that has helped countless business owners secure the financing they need to reach their goals.
Contact one of our expert business relationship bankers and lenders in Orlando, Gainesville, Jacksonville or Tampa Bay today. We can discuss your business needs, including collateral, credit scores, and loan types and terms.