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7 Money Management Techniques for New Business Owner

money management

Many business are popping like mushrooms nowadays. Obviously, so many gone as well. One of the main reason they quit and close their business is because they don’t have the knowledge or good enough money management.

Here are 7 money management for those new business owner to learn:

1. Leave some space for your hope

Reserve some money for accident scenarios. You never know what will happen in the future. Be prepare so you won’t get struggled.

2. Save your money savings record properly

Doing business should have a properly saving and investing records of all activities in the company. in order to trace what and where your money is gain or loss.

3. Set an affordable goal firmly

Analyst your goal often and evaluate your point of success.

4. Understand ‘Cashflow’

This is probably the most important topic an owner should understand, even before looking at profit/loss.

5. Don’t forget your employee’s welfare

Social activities and welfare of your employees are very important. Don’t forget that your business can’t run alone.

6. Reduce capital cost and raise up profit

Get on your plan and go for it.

7. Business Owner also need salary

Don’t forget that you’re one of your company’s staff. Spending time and evergy working and running the business as well. So you need your own salary too!

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