Solopreneurs

6 Stress-Relieving Financial Tips for Entrepreneurs

by
Bob Mason
on
4/12/2017
6 Stress-Relieving Financial Tips for Entrepreneurs

The better prepared you are and the more of a cushion you have, the less stressed you’ll feel as you look at your business’s finances. Every business has a finite budget, and you will encounter stress, but having some money for unexpected issues, choosing your expenditures wisely and delegating some tasks can help you avoid unnecessary stress as you build your business.                             

Prepare for a Rainy Day

Having a backup plan or some emergency savings is pretty common personal finance advice, but it works for entrepreneurs, too. A little cushion in the bank can mean the difference between a stress-filled, crazy week and the ability to relax and cope when something goes wrong. You’ll be thankful for those emergency reserves when a client bounces a check, a business does a chargeback or your supplier fails to deliver on time, and you have to expedite shipping on your end.

Don’t Fall Back on Your Personal Credit

A shoestring budget, creative financing and even bartering to get things up and running can all help, but if you begin using your personal credit cards to fund your business dreams, you could end up with a huge headache. Try to keep your business and personal accounts separate, even in the funding stage, and you’ll have less overall stress.

Learn to Say “No”

You just can’t do everything, and declining some offers, requests and favors will help free up your time. Even something that seems free really isn’t; if you spread your time too thin or take on too many responsibilities at once, you’ll end up feeling like a frazzled mess. 

Embrace – Don’t Abuse – the Write-off

The ability to write off some expenses will help you at tax time, but it is not a blank check – you’ll still be spending money, and you have a finite amount of it. Understanding that a write-off is beneficial but not an excuse to overspend, ensures you are in the right frame of mind and that you don’t end up short at the end of the year.

Delegate

You don’t have to do everything yourself; if you are doing repetitive or simple tasks that are taking up too much of your time, delegating these tasks can help. Getting help for tasks that take you too long to do or that really require a specialist reduces frustration and frees up your time, too. 

Unplug

Give yourself some time each week away from the hustle and bustle of your business and time when you can’t be interrupted. Use this time for brainstorming, planning and focusing on what you do best, free of interruptions.

Ask a Pro

Connect with a professional accountant with business experience and get a financial checkup at least once a year. A pro will be able to identify the areas where you’re losing money or spending too much, or those areas that offer potential savings. Being able to hand the paperwork over to someone else can also give you some much-needed peace of mind; you’ll know you are doing everything you can to make your business a success.

From getting professional help to building an emergency fund, taking a look at where your financial stressors are coming from and coming up with ways to mitigate that stress can help you stay on an even emotional keel as you grow your business.

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Bob Mason

Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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