Hi, I’m David Meyer, SVP/Regional Manager at Community Bank of the Bay’s (CBB) Danville branch.
Most small business owners inevitably find themselves filling different roles within their business at one time or another. You may find yourself handling all types of different tasks and being pulled in multiple directions simultaneously. As a result, finding the time to work on your business’s finances may be challenging. If you’ve wanted to manage your business’s finances better, but don’t know what to prioritize, here are four actionable tips to get you started.
Get Organized & Go Digital
Get rid of the boxes, paper, and junk that are taking up space and start to utilize the powerful technology available at your fingertips. Online bookkeeping software and apps that convert photos into PDFs (which can then be uploaded into your bookkeeping software) can help you get organized and clutter-free in a couple of hours.
At CBB, our business clients utilize easy-to-use online and mobile banking, where you can take all of your banking with you—anywhere you go. Clients have access to accounts, transfers, bill pay, and other information at the click of their fingers. Managing your finances as an entrepreneur has never been easier.
Grab your most recent bank statement. Don’t just skim the information, but start to understand your bank statements, so you can be prepared to think about your business’s funding options. Note any questions you have about cash flow or transactions you need to research more. Make sure your bank is working for you by providing fraud protection and identity theft protection. Working with a local, community bank like CBB means you can sit down with a relationship manager who can walk you through your account information, benefits, and how to safe-keep your money for long-term planning.
If you’re planning to expand your business with new equipment, grow your employee count, or even open up a storefront, you’re going to need some capital to help with the process. CBB offers a variety of funding options for small businesses. Because we truly care about the people in our local communities, we work with our clients to ensure they have access to funding of all types to achieve their goals. Learn more about our small business loan opportunities at https://www.bankcbb.com/business/loans/ .
Set Money Aside
In a world of unpredictability, an emergency fund can help your business financially without forcing you to draw into your personal funds. Once you’ve organized your finances from tip #1, you should have a good pulse on where your money is going and how much you can set aside each month. Aim to save enough to get you through between three months and one year of operating expenses. Then store your savings for quick access in times of need, so consider storing it in a business savings account, money market fund, or a CD.
If you want financial help for your small business, stop by CBB’s Danville branch and let us work with you to feel confident your business finances are in good hands. We’re located at 740 Camino Ramon, Danville, CA 94526.
By David Meyer, SVP/Regional Manager, Community Bank of the Bay Danville