{"id":30569,"date":"2020-08-01T06:00:09","date_gmt":"2020-08-01T06:00:09","guid":{"rendered":"https:\/\/test.vintiqueupholstery.com\/?p=30569"},"modified":"2023-12-22T10:01:56","modified_gmt":"2023-12-22T10:01:56","slug":"managing-small-business-finances","status":"publish","type":"post","link":"https:\/\/test.vintiqueupholstery.com\/?p=30569","title":{"rendered":"Managing small business finances: Let\u2019s talk about money"},"content":{"rendered":"

As any small business owner will know, when you run your own show you have to master a multitude of different skills. It\u2019s not enough to excel in the craft or talent you trained for. Almost overnight you need to become an expert in sales, marketing, project managing, customer service, and the list goes on\u2026<\/p>\n

But the one area I cannot believe so many business owners I talk to are not clued up on is MONEY! What\u2019s more – sorry ladies – it does tend to be us females who are even less likely to be savvy about their cash.<\/p>\n

Tackling the taboo<\/h2>\n

I was listening to the brilliant Holly Tucker podcast \u2018Conversations of Inspiration\u2019<\/a> featuring the founder of Vestpod, Emilie Bellet recently. Tackling the taboo subject of getting to grips with your finances, it totally struck a chord with me.<\/p>\n

\"Business<\/p>\n

 <\/p>\n

Now, when I first started out, I\u2019ll admit there was no grand \u2018business plan\u2019. And I\u2019m not saying that I have every aspect sussed even now, but blindly navigating your way through running a business without certain targets and financial processes in place is only going to end in disaster.<\/p>\n

I\u2019m horrified by how many people I speak to who don\u2019t even have separate bank accounts for their work and personal income. It\u2019s shocking how much mystery there is around self-employment and I wonder if this is partly down to our reluctance and awkwardness when it comes to talking about money.<\/p>\n

\n

\u201cI soon began to realise that talking about money could \u2013 and should \u2013 be exciting. Not uncomfortable.\u201d<\/h2>\n<\/blockquote>\n

When I first qualified and set up Vintique Upholstery I left behind a good salary in the fashion world. I thought that being self-employed put any hope of a mortgage or pension out of reach. Here I am now hurtling towards my 50s and that elusive pension pot is growing by the day.<\/p>\n

\"Sharon<\/p>\n

Caroline Jones Photography<\/a><\/em><\/p>\n

The turning point for me was taking sound financial advice. I soon began to realise that talking about money could \u2013 and should \u2013 be exciting, not uncomfortable. So, here are the lessons I learnt, and I hope they\u2019ll help you too\u2026<\/p>\n

Practical ways to get smart about your finances<\/h2>\n

1. Change your money mindset<\/h2>\n

As soon as you charge your first paying customer you must, must, must start to act like a proper business. That means having structured systems for invoicing and separate bank accounts for your personal and business expenses and income. Act like a serious business owner and you\u2019ll become one.<\/p>\n

2. Don\u2019t think of today, think of the future<\/h2>\n

My big regret? That I didn\u2019t start paying into a pension sooner. I thought that having cashflow in my business made good financial sense. Nope. Tucking it away for your future and watching it grow is a much smarter move. These days I plan for my retirement and it\u2019s a comfort to know I\u2019m financially prepared for it.<\/p>\n

3. Get serious and draw a salary<\/h2>\n

I was a culprit of not drawing a salary when I first started out. But trust me, having a guaranteed income allows you freedom and puts you in control. Even when things go wrong (yes, I\u2019m talking about you Covid-19) it\u2019s not luck but hustle, hard work, resilience and having your finances in order that will get you through.<\/p>\n

4. Get a good accountant<\/h2>\n

So many people I talk to are disappointed with their accountants (that\u2019s if they even have one). For me, it was a priority and it definitely makes a difference to the success of your business. The right one will not just calculate your tax and file your accounts, they\u2019ll help you plan for the future and set yourself goals. Which brings me to\u2026<\/p>\n

5. Set yourself targets<\/h2>\n

Even with a small income, it\u2019s crucial to think about how you want to scale your business. Money goals and milestones give you more of a strategy and focus and they\u2019ll help you work towards something bigger. By setting yourself targets, you know what your business needs to achieve and there\u2019s nothing more motivating to make you get there.<\/p>\n

As a business owner, it\u2019s so important to stay constantly switched on. I highly recommend listening to Holly Tucker\u2019s podcast Conversations on Inspiration<\/a> and checking out her website<\/a> for all kinds of tips and support for the small business community.<\/p>\n

I\u2019d also suggest checking out the Vestpod website<\/a> for relatable advice on managing your money.<\/p>\n

Credits: Caroline Jones Photography<\/a>, <\/em>Andy Newbold Photography<\/a>, Surrey Life Magazine<\/a> and Linwood Fabrics<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As any small business owner will know, when you run […]<\/p>\n","protected":false},"author":3,"featured_media":2499,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,38,29],"tags":[],"class_list":["post-30569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-guides","category-owning-a-small-business","category-vintique-upholstery-news"],"acf":[],"yoast_head":"\nTips To Managing Small Business Finances | Vintique Upholstery<\/title>\n<meta name=\"description\" content=\"Tips and support to managing small business finances from accomplished upholsterer and business woman Sharon O'Connor for more details discover online.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.vintiqueupholstery.com\/?p=30569\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips To Managing Small Business Finances | Vintique Upholstery\" \/>\n<meta property=\"og:description\" content=\"Tips and support to managing small business finances from accomplished upholsterer and business woman Sharon O'Connor for more details discover online.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/test.vintiqueupholstery.com\/?p=30569\" \/>\n<meta property=\"og:site_name\" content=\"Vintique Upholstery\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-01T06:00:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-22T10:01:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/test.vintiqueupholstery.com\/wp-content\/uploads\/2020\/01\/Sharon-Vintique-looking-out-of-the-window.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sharon O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sharon O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/test.vintiqueupholstery.com\/?p=30569\",\"url\":\"https:\/\/test.vintiqueupholstery.com\/?p=30569\",\"name\":\"Tips To Managing Small Business Finances | Vintique Upholstery\",\"isPartOf\":{\"@id\":\"https:\/\/test.vintiqueupholstery.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/test.vintiqueupholstery.com\/?p=30569#primaryimage\"},\"image\":{\"@id\":\"https:\/\/test.vintiqueupholstery.com\/?p=30569#primaryimage\"},\"thumbnailUrl\":\"https:\/\/test.vintiqueupholstery.com\/wp-content\/uploads\/2020\/01\/Sharon-Vintique-looking-out-of-the-window.jpg\",\"datePublished\":\"2020-08-01T06:00:09+00:00\",\"dateModified\":\"2023-12-22T10:01:56+00:00\",\"author\":{\"@id\":\"https:\/\/test.vintiqueupholstery.com\/#\/schema\/person\/cb59affabeb843da42ad557c3ed4ca14\"},\"description\":\"Tips and support to managing small business finances from accomplished upholsterer and business woman Sharon O'Connor for more details discover online.\",\"breadcrumb\":{\"@id\":\"https:\/\/test.vintiqueupholstery.com\/?p=30569#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/test.vintiqueupholstery.com\/?p=30569\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/test.vintiqueupholstery.com\/?p=30569#primaryimage\",\"url\":\"https:\/\/test.vintiqueupholstery.com\/wp-content\/uploads\/2020\/01\/Sharon-Vintique-looking-out-of-the-window.jpg\",\"contentUrl\":\"https:\/\/test.vintiqueupholstery.com\/wp-content\/uploads\/2020\/01\/Sharon-Vintique-looking-out-of-the-window.jpg\",\"width\":960,\"height\":640,\"caption\":\"Sharon O'Conner - 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