Financial Stress and the Entrepreneur
At some time in our lives, we may face financial stress. As an entrepreneur, financial stress can lead to personal, physical and psychological stress, poor business production and even loss of customers. According to Money Magazine it is important for entrepreneurs to remember that they are business people – whether they like it or not. When a person decides to go into business for themselves, it is important to also “learn the lay of the land”. By this I mean, get smart about the basics of finances and running a business. Even if you hire someone to handle the finances, you want to understand exactly what they are doing, and how they are making decisions. You do not want to let ignorance of the topic keep you from working within this important aspect of your business.
Here is another suggestion that may not feel immediately comfortable – embrace technology. There are many very good and easy to use computer based systems that can help you streamline and organize your business finances. Look around on the web, try signing up for a few free financial software trials to see how things feel. You may find one that helps reduce some of the financial stress related to running your business.
Get and stay organized. Reducing financial stress and moving forward is a lot easier when you have all of your ducks in a row. Go through the proper initial steps, such as applying for a business license and EIN, opening a company bank account, and getting insured. After that, keep diligent records of all your company’s transactions. Being consistent and thorough will reduce fear and relieve financial stress.