Small business money management is probably not a phrase that gets you excited to jump out of bed every morning. But, your small business – and the dream it represents – won’t last long if you don’t buckle down and manage the heck out of it. This is your ultimate guide to small business money management, so you can stop avoiding this gross, uncomfortable topic and start growing your business with confidence.
Michael Schefman ⬆️
Welcome to the small business money management hub. 🤓
Hi, I’m Michael Schefman. I’m the owner of 321 Liftoff – my consulting business where I offer coaching and strategy for new small business owners.
I built this Hub to help you take the spin out of startup!
You’ll learn the skills and tools needed for effective small business money management and how to run a business successfully. You’ll find articles on pricing, managing cost, making an Income Statement, establishing financial boundaries, and much more. Not to mention, plenty of resources, ideas for action, and prompts for reflection.
Bookmark this Hub as your home for all things business financial health, so you can start and grow with confidence.
Learn small business money management with 321 Liftoff 🚀
As your business gets off the ground, it’s not going to be a straight-line.
Sometimes sales exceed capacity. Sometimes your workload is more than you can handle. In the pursuit of growth, things get stretched beyond their limits.
That can be a positive thing. After all, we grow the most when we’re stretched outside of our comfort zones.
But, left unchecked, the system can start to break down and stop working, putting stress and pressure on the business – and yourself – that you don’t need.
You’re walking a tightrope already just managing the business day-to-day alongside the rest of your busy life.
How To manage small business money? Consider this:
How do you know when you’re tired?
You might feel groggy, a little out of it, or irritable. Your eyes might feel strained. You probably aren’t doing your best work.
These are clues that you need a reset – that something you’re doing isn’t working or that you need to take a break and come back refreshed.
Well, you need to think about the health of your business in a similar way, watching for signals that might indicate trouble ahead or that things are not working as expected.
You need proactive plans in place, so that when we see those signals, you can make more informed decisions about what you need to do to take care of our business.
You also just might need some cleanup, especially if you’ve DIYed your way here.
How to manage small business finances
This Hub focuses on strengthening business financial health, so you can learn small business money management and how to run a business successfully.
Remember, starting and growing a business is not a straight line. It starts and stops. It zigs and zags. It’s not you, it’s the nature of bringing an idea to life.
That’s important to remember as you gain awareness about the financial health of your business, you’ll likely find some things that need attention. That’s normal.
And, good news, that’s exactly what this small business money management Hub is here for!
How To Use This Small Business Money Management Ultimate Guide ♥️
Every article listed on this Hub includes icons, like these: ⬇️
- They’ll be shown in a light-gray box with additional text inside. When you see them, stop and take notice!
- These icons are intended to make this Hub easy to learn how to manage small business finances.
- They will highlight key concepts, ask you to pause and reflect or run an experiment, or give you more resources to continue learning.
Remember, you need to apply and practice what you learn here in order for any of it to really stick – my goal is to make that as easy as possible.
What is business financial health? 🎯
Business financial health is about making sure you’ve built your business on a solid foundation – something that’s built to last.
But, before you can learn how to manage small business money, there are a few things you need to know.
These articles will help you:
- Set financial goals for a new business to know what you’re aiming for.
- Get in the right mindset for how to manage money in business effectively.
- And, understand the basics of sales and profit.
3 Powerful Steps to Setting Clear Financial Goals For A New Business
Most financial goals for a new business tend to feel like wishes or simply stop at visions of big numbers. The problem though is that these lofty aspirations aren’t always effective at driving the actions needed to achieve those goals. Financial goals for a new business really need to be more like mini action plans, giving the goal a better chance of success.
How to Manage Money in Business Always Starts with a Mindset Boost
Financial management is an essential skill for every small business owner. But, money can make us feel squishy and uncomfortable. You need to learn how to manage money in business – that starts with your mindset and how you think about money.
How to Manage Business Money Starts with the Difference Between Sales & Profit
Sales are rolling in and you’re feeling great. Do you know what to do with that money? Do you know if each sale is profitable or are they burning a hole in your pocket? You need to learn how to manage business money, so you can avoid common bookkeeping mistakes and build a profitable business for the long-term.
Why Business Financial Health Matters 💰
The long-term viability of your business depends on your ability to make sound financial decisions.
So, you need to know how to make a small business profitable and avoid costly mistakes along the way.
These articles will help you learn:
- Break-even analysis to know when you’ll be profitable.
- How to establish financial boundaries to protect your profitability.
- And, what not to do from a small business money management perspective.
How to Make a Small Business Profitable with 1 Simple Equation
You might have hoped your new small business would take off quickly. But, in reality, new businesses take time and experimentation to get right. You need to know how to make a small business profitable from the jump or, at least, get there quickly. And, break-even analysis will help you figure out how long it will take to see a return on your investment.
How to Make a Business Profitable with 4 Clear Financial Boundaries
Feeling overworked, stressed, and tired from juggling all the things to grow your small business? How would you rate the quality of your decision-making or financial discipline in that state? Yeah, not great – you’re not alone there. This article focuses on how to make a business profitable by helping you draw clear boundary lines around your finances, so you can continue growing your business with confidence.
How to Manage Business Finances & Avoid These Big 5 Costly Mistakes
Managing money is hard enough at home – layer how to manage business finances on top of that, and you’ve got an easy recipe for stress and burnout. But, just like at home, there are simple things to do (and not do) to ensure your small business is financially sustainable. Avoid these big, costly mistakes so you can continue growing your business with confidence.
How To Check Financial Health Of A Company 📊
In order to measure the health of your business and ensure you’re making sustainable progress, you need to examine your business from multiple angles – not just profit.
This articles will help you:
- Build an income statement to learn how to manage small business finances at multiple levels.
- Create control systems to discover the keys to a successful business.
- And, find the keys to successful marketing with specific metrics that impact your business financial health.
How to Manage Small Business Finances And Spark Your Imagination with 1 Report
The Income Statement provides essential insight into the health and long-term viability of your small business. But, the thought of creating a spreadsheet and doing math might fill you with dredd and anxiety. I totally get it – but what if, instead, it could spark your imagination? You need to learn how to manage small business finances and confidently navigate an Income Statement, so you can objectively assess and improve the financial performance of your business.
How to Find the Keys to a Successful Business with these 8 Critical Steps
The keys to a successful business don’t just appear – they have to be discovered. But, with so many different things to juggle, burnout is just around the corner, making it difficult to monitor/measure performance and check for problems. You need quick ways to ensure everything is on track – that’s where a Control System can help. And, good news, it’s really simple to implement.
How to Find the Keys to Successful Marketing with 3 Metrics
Small business sales and marketing expenses can quickly pile up – especially when you’re trying to just copy the magic formula other business owners have used without a clear sense of direction. It’s hard to know what’s really an effective use of your money. These metrics will help you find the keys to successful marketing for your business. It’s not about copying someone else’s process, it’s about finding your own.
How To Manage Small Business Money 🤑
Your business needs to evolve as the market shifts around you – you’ll never “arrive” or set anything in your business in stone.
So, you need to set a strong foundation and know how to continuously improve your business from there.
These articles will help you learn:
- How to Set Prices For Your Small Business by exploring customer and competitive analysis.
- How to lower business expenses and increase profitability by diving deep into your cost of goods sold.
- And, how to improve business performance by thinking through the financial implications of effective business operations.
How to Set Prices For Your Small Business You Can Feel Confident About in 5 Steps
“So, how much do you charge?” It’s a question that strikes terror into the hearts of some new entrepreneurs. It’s tempting to pick a price out of the air that “feels right.” But, that’s not going to set you up for long-term success. You need to know how to set prices for your small business, so you can sell with confidence and grow your business.
How to Lower Business Expenses & Increase Profitability with 1 Essential Idea
When you calculate all of the costs associated with running your business, it can add up quickly. For your business to grow, you need to find ways to increase profitability – and doing so at the unit level can significantly improve the overall financial health of your business. This article is focused on how to lower business expenses, so you can protect your profit on every sale and generate enough to sustain your business with confidence.
How to Improve Business Performance & Increase Profit with 2 Key Metrics
Sales and profit are obvious factors that drive your financial performance as a business. But, if you have a leaky bucket, adding more water won’t get you very far. Therefore, you need to improve business performance to lower costs, create efficiency, and protect your profit margin, so you can continue growing your business with confidence.
Small Business Money Management Tools & Resources 🥳
If you’re ready to accelerate your Small Business Money Management skills, you’ll love these tools and resources.
You Need This Super Simple Business Financial Health Checklist
Small business financial health is the key to sustainable growth – and realizing the dream your business represents. But, if you’re new to business, it’s easy to get lost in the numbers and feel directionless. Download this business financial health checklist to shift from guess-work to crystal-clear metrics and measurement, so you can grow your business with confidence.
4 Amazingly Simple Email Courses For Small Business Owners
Starting and growing a business is not a straight line, something all new small business owners quickly discover. But, it’s not because of you – growing pains are just a normal and inevitable part of any business’ lifecycle. Each of these courses for small business owners will challenge you to proactively kick the tires on key business metrics and growing pains, so you can shine a light on your opportunities, practice new skills to address them, and continue growing your business with confidence.
How to Run a Business Successfully with These 3 Essential Business Skills
Entrepreneurship is hard. How will you juggle all the things AND keep your new business financially healthy? There are plenty of obstacles that will get in your way. But, there are also essential skills you can develop to make the whole thing much, much easier. This workbook focuses on how to run a business successfully, helping you develop and practice 3 entrepreneurial skills needed for business management – to keep your business financially healthy, so you can boldly flex into your discomfort zone, check your emotions, get stuff done, and continue growing your business with confidence.
Michael Schefman
Effective small business money management starts here 🤓
I’m thrilled to bring you this new hub and I hope you find a ton of valuable information you can use to strengthen your business financial health!
Learning how to manage small business finances takes effort and practice. Take it one step at a time and you’ll be just fine.
I invite you to explore the resources here, post comments and questions, and learn from each other. And, learning how to manage small business money is better with friends, so feel free to share this page with other entrepreneurs and new small business owners.
Thank you.
Take a moment to pause & reflect.
- What might be unlocked for you if your business was financially healthy?
- What aspects of your small business need the most attention right now?
- What barriers might make small business money management extra challenging for you today?
Actions, experiments, and things to try next.
Explore one of the articles above. Each examines a specific aspect of a financially healthy business, helping you learn the fundamentals of smart small business money management. You can return to this hub at any time to explore a new metric.
Download the Business Financial Health Checklist. It’s a FREE resource designed to help you quickly apply and practice some of the most fundamental financial concepts. Shift from guess-work to crystal-clear metrics and measurement, so you can grow your business with confidence.
Additional tools, links, & downloads.
Start here:
- WATCH: The Emotions Behind Your Money Habits | TED
- LEARN: Small Business Interviews from 321 Liftoff to hear inspiring and practical advice about overcoming obstacles
You might also like:
Join the conversation.
What are your biggest small business money management questions?
What ideas or questions does this spark for you? Share some of your reflections in the comments or send me a message.
Starting and growing a business is not a straight line.
It can feel messy – it zigs and zags, it starts and stops. It can feel frustrating even for the most seasoned business owners. And, that’s ok.
It’s also an exciting challenge. It’s going to stretch you. You’re going to learn a lot – not just about business, but about yourself.
And, that’s why it’s worth it.
Fill out a survey and provide feedback or leave a review. Any insights you can share about your experience will be appreciated.
TAKE THE SPIN OUT OF STARTUP 😵💫🤩
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