Financial Education Is Part Of Building A Business

Financial Education

Financial education belongs to every business. If it’s in the traditional business world or the online world. Finances are an important part of every business, and it’s also one of the main reasons businesses crash.

You should always know how it is about your finances in your business. You need absolute control over it as a business owner.

Financial Education Starts With Book Keeping

When you start your own business, you should also think about bookkeeping. Many good programs make bookkeeping easy, and you always have an overview of your expenses and income. Of course, only when you update the numbers regularly.

Another thing I recommend is to attend a basic bookkeeping course if you don’t know about it. In this way, you get a basic financial education even when you think about giving your bookkeeping to an accountant.

The more you know about it, the better you can control what the accountant does. Otherwise, you have no clue what he is telling you, and you can only trust that everything is correct.

In an earlier blog post, I wrote about a Business Plan and how you implement a Business Plan into practice. For me, business plans and bookkeeping belong together. The better you plan and the more you have control over your finances, the better.

Know Where The Money Goes

Especially when you build an online business, you buy many things online with your credit card. Make sure that you print out a receipt or enter the amount and what you bought directly in your books. It often happens that the name on the credit card statement you get at the end of the month is not the same as the name of the product you bought. And when you have a printout or an entry in your books, you will know why you spent the money.

I had not implemented this at the beginning, and it was sometimes hard to find out what I spent the money on. So it’s better to do it the way I mentioned above. You have better control over it.

Knowing your numbers lets you budget for your business and determine what you want to spend. Just think about how much you want to spend each month on education, tools, advertising, and all the other things you need for your business. And it’s also essential to do it over a longer period.

When you spend money on advertising, then it\’s better to start with a low budget, and when you see that your ads are working, you can increase your budget. It’s better to start small and increase over time.

I hope this short introduction about Financial Education helps you when you start your business so that you can set up the basics correctly. As I said, you should always have control over your finances.

Bruno Buergi

3 thoughts on “Financial Education Is Part Of Building A Business”

  1. Hi Bruno,

    Awesome tips for managing your money in business 🙂 Financial education is so important!

    1. Yes finances are very important Joan. Unfortunately sol many people are not aware of it or to lazy to dig into the finances and get at least some basic background.

Comments are closed.