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A Collaborative Financial Approach is Key for Women Business Owners

posted on Friday, November 16, 2018 in Business

image of a woman business owner

As a woman business owner, you are the brains behind the brand. You may even be creating the products or providing the services yourself, leaving the behind-the-scenes financial work to be taken care of by others. What you may not realize, however, is that it’s ideal for a business owner to have a good understanding of their finances and not just depend on their bookkeeper, controller or CPA.

Having a strong financial strategy can be the difference between a successful business and a failing business. As a business owner, you must be able to set short-term and long-term financial goals and hold yourself accountable to those goals. You must also be willing to take all the risks and successes that come from long hours and dedication, as well as have an understanding of the business, employee resources, client needs and competition.

Benefits for Your Business

A financial strategy can help your business grow and be successful. Not understanding how to plan business finances, a business owner never knows whether they are making or losing money. If you’re not monitoring your business’s finances on a daily, weekly and monthly basis, your business could be losing money without you noticing until it’s too late to recover.

Growing sales doesn’t necessarily mean your business is making money. Having a financial strategy will enable you to price jobs correctly to ensure you are profiting on every project, as well as to offer competitive wages in order to retain good employees.

Surround Yourself With Good Assets

If you don’t keep your financial strategy a priority, it typically means your business will fail, resulting in the loss of services for your customers and jobs for people you care about.

Even though we recommend that you understand your business’s finances, the No. 1 tip for anyone starting their own business is to surround themselves with a reputable attorney, a capable CPA and an experiences banker who understand their business and good employees who can make a difference in the business every day.

If you’re missing any one of those, your business risks failure. This could be due to non-compliance with legal matters, not realizing that you’re not making a profit, not knowing when borrowing money is appropriate or having employees who are not engaged or productive.

Collaborate With Northwest Bank

Opening a business bank account with Northwest Bank can help you track your income and expenses, allowing you to take command of your business’s finances. Contact a Business Banker at Northwest Bank today to learn more.

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