As a small business owner, I have many responsibilities. The main ones are obviously managing the business, and making sure that customers are taken care of. Customer satisfaction is important, because it can result in repeat business and word of mouth advertising. In addition, by taking good care of customers, and ensuring customer satisfaction, I am differentiating myself from the competition. If I can offer quality to my customers, I know they will stick by me, and not worry too much if my prices are slightly higher than the competition. I also want to make sure I can compete well, by maintaining an open mind and continuing my professional education.
The items I do not want to worry are my business finances. As a small business owner, I want to avoid paying too much for basic financial services. Luckily, free business banking is available for owners just like me. This allows me to avoid spending time looking for hidden fees, and focus instead of my company. The earnings I use from meeting my client’s needs are accumulated in my business savings account, until I find a project worthy of investment. This account is a central repository for all my business needs, and is the financial center of my small company. It is important to work with a financial institution you trust, which understands small entrepreneurs along the way. By building a strong relationship with your trusted bank, you would be able to leverage their product offerings to your advantage, and growing your business along the way. It is also important to keep the cash in your accounts under the limits insured by the state. In the US, accounts are insured up to $250,000.
From my business savings account I then place the money in my retirement accounts. It is important to take care of yourself as a small business owner. If you do not pay yourself a salary when you own a business, but instead choose to reinvest it back to grow your enterprise, you are not doing the best for yourself.
To summarize, it is important for small business owners to take care of themselves, by ensuring a sound financial footing. By managing their finances through reputable financial institutions, and building strong relationships with their bankers, they can manage to not only worry less about finances, but would also have a trusted advisor who can provide them with more options should the need arise.