With the evolving world of today, it’s safe to say that, often-times, people who are now successful weren’t necessarily the best of the best geniuses during their academic years. More often than not, they just have a really good business sense.


On top of that, many of them actually started from being an unsatisfied employee. With the surreal amount of work, unrelenting time required on the job, and the relatively lower compensation, it may be too much for anyone who is just starting to take on their career ladder.

This is why a lot of people are considering setting up their own businesses.

Then again, in so many ways, starting a stand-alone business is no cakewalk. If a person even hopes to establish his or her own enterprise, they should be aware of the challenges that are waiting in store for them. Add to the fact that the competition of small to medium enterprises is at its peak almost all the time, a businessperson should first be disciplined with their own finances and be creative enough in tackling the hurdles of starting a small business.

In this time of “earn it hard, spend it easy,” the wisest thing to consider is to learn the value of the things one purchases. This equates to spending wisely on business necessities. Financially-stable people are best to look up to when it comes to knowing the value of their money. If one thing is for sure, being ‘money-smart’ is a requirement for people who want to be truly financially-stable.

But how does one become money-smart? How is one able to keep him or herself on track with regard to his or her finances when starting a business?

Keep in Check with Personal Budget Planner

The simplest yet most profound lesson any professional financial adviser can give is that an individual should not spend money he or she doesn’t have. This should be emphasized to those who are just on the initial stages of setting up their own business.


An integral facet for any businessperson to become successful in starting up a business is having awareness of the money they have. Being ‘money-smart’ is a requirement for those who want to be truly financially-stable.

Becoming financially successful begins with creating the proper mind-set. In order to fully realize the financial power of a start-up business, it is necessary to keep track of practically every transaction done in relation to the business. In this case, it should be noted that he or she spends only on mechanisms that fuels the business.

Once the person has collected information for about a month, he now has a good baseline of information to use to create a business budget. Some major categories that a start-up business person would want to include are rent, utilities, employee salary and maintenance of the mechanisms used in their line of work.

It requires a higher degree of decision making that can only be complemented if the person has a personal budget plan. Any businessperson should keep himself checked with notes and receipts of transactions, and observe the financial trends on the record. This practice alone can make or break the momentum of any business.

After tracking one’s personal budget, one may notice some areas where he or she may have to make changes. It is important that he or she does not just increase his or her budget without considering alternatives. While they may have no leeway, for instance when prices or inevitable expenses go up, they may need to shop for better deals before giving in to the extra expenses.

Utilize Banking to Transact Better

The result of spending wisely is having a surplus of money – this is where saving wisely comes in. Saving money is an integral aspect to having a good financial life in the future. Nonetheless, there are more exciting ways money can be saved, and can even provide profits at the same time.

Banking is the most commonly used approach in saving money. Over time, money saved in a bank account can accumulate interest. The amount of interest can be noteworthy for people who put a lot of money in their account. However, for those who are at the start of their careers, it is harder to have a significant amount of interest. This is because most banks have an extremely low interest rates for standard savings accounts. Naturally, lower amounts of money deposited accrues less interest.

When a businessperson has already established a bank account, it is easier to monitor the money that comes in and out since most banks are transparent in the transactions account holders make. This proves to be an easier approach to check whether a person is spending too much or is not breaking even. Since most banks are equipped with the manpower of experienced accountants, they can offer better services with regards to letting a person know the value of their money.


For growing entrepreneurs, one of the smartest moves as they manage their start up business is to hire an accountant. One alarming fact is that people often disregard proper financial management in their lives, causing monetary disasters evident in the many cases of debt, unpaid and growing interest in bank loans, and even bankruptcy. The experience can be quite excruciating given the implications of such financial problems, not to mention the economic instability and decline.

Financial advising and management can draw the fine line between an impending catastrophe and smooth sailing. This is exactly where accountants shine. Accountants help manage expenses, cut down the costs, give good financial advice, and, more importantly, help in audits and legal issues. Simply put, having an accountant by one’s side in starting up a business makes the process more achievable, and the business more competitive.

Track Innovatively, Use Technology

As the world leans towards integration of technology in every facet in human living, it has a more obvious significance in business and the economy. One of the brightest examples is how social media and the internet have created a whole new breed of consumer. This technological integration has caused almost everyone to go for the most convenient, most efficient and most advanced.

As such, even managing finances for start-up business owners have been given the opportunity to widen their management reach. Financial tools have been brought up to ease the daily activities in the business. Using the services of online bookkeepers is becoming more and more popular due to the ease and reliability they offer.


These accountants make use of advanced accounting software that makes it easy to manage costs and expenses, making it transparent for business owners the amount of money that may come in or out of their businesses. At the same time, they provide faster accounting than manual accountants may be able to.

Another astounding product of technology that has been integrated in financial management is intelligently designed software or applications that one can directly access from their phones. These apps keep you in check in spending for your business, as well as your personal needs.

Apps like BillGuard helps one keep track of spending by type, month, and even location. The software also boasts of free access to credit score as well as identity protection tools like data breach alerts. Also, the app DollarBird adds past and future income and expenses to a calendar that calculates the impact of one’s balance as well as spending by category.