Money Management, Financial Planning

& Investments

Smart money management is critical to building and sustaining a successful business. Whether you’re launching a new venture, growing your existing business, or planning for long-term success, understanding your finances is key. This page offers helpful guidance and resources for managing cash flow, building financial resilience, and planning for future growth.

1. Getting Started with Business Financial Management

Sound financial management starts with the basics:

  • Separate personal and business finances — Open a dedicated business bank account.

  • Track income and expenses — Use accounting software or hire an accountant to help with bookkeeping.

  • Understand cash flow — Monitor the flow of money in and out of your business so you can cover your expenses and plan for the future.

  • Create a budget — Plan your spending and savings based on realistic income projections.

Helpful Resource: Small Business Administration (SBA) – Manage Your Finances

2. Financial Planning for Your Business

Planning ahead helps you weather ups and downs and position your business for growth:

  • Build an emergency fund — Aim to set aside 3-6 months of operating expenses.

  • Plan for taxes — Work with an accountant to understand your tax obligations and set aside funds for quarterly tax payments.

  • Understand business credit — Build and manage your business credit profile to access future financing.

  • Explore financing options — Consider loans, grants, or investor funding when appropriate for your growth stage.

3. Managing Investments

Investing in your business and planning for your future can strengthen your financial health:

  • Invest in growth — Reinvest profits into marketing, staff development, equipment, or other assets that help your business scale.

  • Diversify personal investments — Work with a trusted financial advisor to build personal wealth outside of your business.

  • Plan for retirement — Consider setting up a SEP IRA, Solo 401(k), or other retirement plan for yourself and your employees.

4. Building Financial Resilience

Life and business are unpredictable — prepare your business to withstand unexpected events:

  • Insurance — Ensure you have appropriate business insurance, such as:

    • General liability

    • Property insurance

    • Business interruption insurance

    • Workers’ compensation

  • Contingency planning — Identify financial risks and develop a plan for how to manage them.

  • Succession planning — If you plan to pass your business to a partner, family member, or buyer, start developing a succession plan early.

5. Local & State Resources

Here are helpful resources to support your financial planning efforts:

6. Quick Money Management Tips

  • Stay on top of cash flow and know your break-even point

  • Use accounting software or work with a bookkeeper

  • Plan for taxes — don’t let quarterly payments surprise you

  • Maintain an emergency fund for unexpected expenses

  • Revisit your budget and financial goals regularly

  • Invest in both your business and your personal financial future