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Being Bad With Money Doesn’t Mean You Can’t Be Boss.

February 25, 2019 by  
Filed under Money/Business, Weekly Columns

(Akiit.comBeing terrible with money is never good news. From the moment they start earning, someone who struggles here is in for a rough ride. They’ll spend as soon as they earn, and things like a mortgage and a decent car will become distant pipe dreams, as will savings.

To some extent, though, being bad with money needn’t hold you back. As long as you’re able to stay out of debt, it’s possible to remain comfortable without ever getting on top of savings. But, can such individuals ever dream of being business managers?

On the outset, you may assume that someone who’s terrible with money can never be a business boss. How could they ever hope to keep their company above financial water? Not having personal savings is one thing, but surely a business needs a safety net? That may be so, but it doesn’t mean you can never manage a business if you aren’t skilled in this area. Instead, you merely need to put take the following steps to ensure you keep your business steady.

Develop a financial plan

No business can survive without a financial plan. That’s a fact. Lucky for you, a financial plan in itself needn’t involve much actual money. All you need for this is a pen, paper, and a lot of brain power. For the most part, your financial plan will be about predictions and forecasts to begin with. You may not be very good with money, but we’re betting you can handle this stuff if you’re interested in the business world. Forget savings plan and bills, then; focus on the more manageable task of getting that plan on paper. Then, you’ll be able to apply it to the tricky stuff once it’s complete.

Get help

The most important thing of all is that you get help. There are plenty of bosses out there who are awful with money. They only get by because they hire pretty decent accountants who can take care of this for them. If money is a real Achilles heel for you, you might want to take this help even further. By hiring a risk manager who has completed an online finance mba or similar, you can even ensure every monetary decision you make is right. All without ever needing to rely on your not-so-trustworthy monetary talents.

Get a separate business account

Often when starting a business, we put our company money straight into personal bank accounts. It’s easier to keep everything in one place, right? Wrong. If you’re bad with money, there’s no way you’ll be able to make this work for you. Before you know, you’ll start spending business money without meaning to, and facing debt you can’t repay. The last step to making sure that doesn’t happen, then, is to get yourself a separate business account. It doesn’t matter how terrible you are at managing money; even you won’t be able to mess up easily when you have two different accounts to manage. At least, that’s the hope.

Staff Writer; Shelia Ross

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