Protecting Your Finances

Let's take a look at some good resources for small business owners on how to protect their finances.

The National Federation of Small Business (NFIB-The Voice of Small Business) offers a great checklist titled “Checklist for Managing Small Business’ Finances”. It’s a comprehensive in-depth list that focuses on every aspect of small business financing. You’ll be introduced to areas from “Cash-flow projections” to “Saving and Investing” to “Developing an overall plan so that every dollar coming in flows through proper channels."

The U.S. Small Business Administration (SBA) is the U.S. government’s dedicated organization for the small business owner. Comprehensive and easy to use, their “Managing Business Finances and Accounting” page offers topics from “Accepting Cash Only, Checks, and or Credit Cards” to “Online Payment Services” to “Setting up a payroll system.” All are tried and true topic areas that can lead to a successful small business operation.

There are other aspects to consider outside of having a well planned, well financed, and optimally running business. Cyber attacks must be taken seriously and anticipated. Protecting your businesses capital and assets means that you insure hackers can’t gain access to your information. Installing anti-virus software, Securing your Wi-Fi, and Systematically purging sensitive data are just a few prudent steps you can take. US News & World Report recently published a very helpful article specifically on this topic that any small business owner or potential small business owner should read.

Lastly, and of great importance, safeguarding your business finances means working with and partnering with reputable companies. Better Business Bureau (BBB) offers free business and charity reviews so that you have the right information about potential partners before you decide to engage in a partnership.

How do you safeguard and protect your small business finances?