Running a small business takes passion, energy and time. With bunq, you can save time and make your banking experience easier than ever. The key to running a successful business is to manage your cash flows efficiently, keep your finances in check and save time while banking. The following tips will help you out to balance all the elements required for a successful business.
Work out how you spend your money 💸
Seems obvious but knowing where you spend is the first step you should take. You may discover spending patterns and gain more clarity by using Insights. By knowing exactly where your money goes, you’ll know where to cut back and save.
Insights will automatically show you an overview of your expenses and a breakdown of how much you have spent on travel expenses, subscriptions, business expenses and more. You can access Insights by going to Home > Spending Insights.
You can learn more about this here.
Plan out your spending habits ✍🏼
Preparation is key. Planning in advance helps you keep a tab on all your spending throughout the month. Put money aside for all your needs and ensure that you spend within that budget. At bunq, an easy way to do this is by organizing your money in up to 25 sub-accounts! This allows you to create a specific sub-account for all your needs - these could be travel expenses, taxes, subscriptions, salaries, etc. You can also personalize these accounts the way you want! Isn’t that amazing? 🌈
You can see how to do so by clicking here.
Set up an emergency fund 💰
Running a small business is an adventure, so you may want to also be prepared for periods with lower cash flow. You can simply set up a Savings Goal, designed just for this. All you have to do is set a desired amount (it is advised to cover at least 6 months of your business’ operating costs), watch your progress grow and wait until your goal is reached.
Creating Savings Goals is really easy and fast. You just need to follow the process explained here.
Want to know how we made payments easier than ever? Check out this post for more info.
