Episode 46: 3 Financial Best Practices For Small Business Owners

Today I’m going to talk about three financial best practices for small business owners. And I’m talking specifically to entrepreneurs who have a smaller business. For example, maybe it’s just you and a couple of employees, and you’re not putting a lot of people on the payroll.

I’m doing this because of how the COVID-19 pandemic forced the government to introduce programs that were, frankly, unprecedented for small business owners. There was the CARES Act and the Paycheck Protection Loan Program (PPP), which both passed in 2020, where small business owners were able to get favorable loans and continue to pay their staff.

And the reason I want to talk about this is I believe that it uncovered a number of gaps or issues in the way that smaller business owners are managing their business finances. Now, this will not be a deep dive into business finance. But it’s going to have three top level things that I see happening over and over.

And if you can fix these three things, or at least start to follow some best practices in these three areas, you’re going to be better than 90% of other small business owners. Because this is a huge problem.

So, I want to talk to you about three financial best practices for small business owners that are going to help you run a clean, efficient small business that is legal and well organized.