3 Wealth Management Tips for Small Business Owners

1
3 WEALTH MANAGEMENT TIPS FOR SMALL BUSINESS OWNERS
WWW.SHOOTIH.COM
2
As a small business owner, it is really a point
of pride to watch your dreams translate
intoappreciable profit. However, the road to
success comes with many potholes that should
beavoided and expressways that could be taken, if
recognized in time.
Though there is a vast array of personal finance
knowledge available out there, there is only
limited advice available for business owners on
business money investment. In this blog, we bring
business wealth management tips to help business
owners keep their professional financein good
shape -
3
SURROUND YOURSELF WITH EXPERTS
One of the reasons behind business owners'
failure is making decisions without knowing
theexperience or facts from the experts. Hence,
it is recommended for small business owners to
build a network of key contacts. Make connections
with lawyers, CAs, and tax advisors, who
canprovide you with tips and suggestions.
Additionally, always keep your personal and
professionalfinance separate.
4
DONT HOLD EXCESS CASH
Holding excess cash or letting the cash sit idle
in your bank accounts brings you zero
returns.Instead, you can generate returns from
this idle cash by investing in highly liquid
options likeovernight funds and ultra-short-term
funds. These funds can be liquidated whenever you
arefacing a cash crunch. Furthermore, overnight
funds invest in overnight securities, hence they
arerelatively safer and offer stable returns.
5
RESERVE MONEY FOR AN EMERGENCY
Creating a reserve for unexpected events like
economic downturns or recessions is the key
tosuccessful business wealth management. Without
an emergency fund, your business can facesevere
crises during market volatility. Some financial
mediums, like credit or short-term business
loans, can help you during such difficult times,
however, they can keep you entangledin debt and
loops of interest rates.
6
Instead, you can create an emergency fund by
investing your surplus cash in liquid and
flexibleoptions like mutual funds. Debt mutual
funds like liquid funds or overnight funds offer
highliquidity, and stable returns, enabling you
to generate returns and turn your investments
intocash whenever required.
The best part is now you can invest your idle
cash in highly relevant instruments with just a
few simple clicks using Shootih. Shootih is an
online wealth management tool that helps business
owners to track, manage and grow their business
wealth. The tool offers access to all kinds of
mutual funds best suited for corporate
investments.
Original Source - https//medium.com/_at_shootih.mark
eting/3-wealth-management-tips-for-small-business-
owners-ebe4082b6137