Money Management and the Right-Brain Entrepreneur

Posted by admin on June 12th, 2010

With summer approaching and our minds on more creative fun and interesting things, I thought it might be a good idea to share some thoughts on Money management and your business.  Just because we are taking vacations and time off does not mean we can ignore issues that affect our financial security now and into the future. I read an excellent book about money and the right brain entrepreneur and thought I’d share some tips I garnered from it (and a few of my own).

The real problem with budget and accounting is that most small business owners don’t want to talk about it!  Unless of course they are accountants or bookkeepers.
Budgeting and accounting, a topic we tend to avoid is critical to the success of any small business.  If you read the statistics (in America alone) more than 50% of new small businesses go out of business the first year and what’s left of those only 10% are still in business after 5 years.
Add to that the entrepreneurial spirit is one that leans to the creative or innovative side of business not the left-brain analytical side.
Here are six tips for the right-brained business owner (and they aren’t too painful):
1.  Look for creative ways to save money.  Are there items in your business that you buy name brands when generic might work just as well?  If so, compare cost and see if it is worth buying.
2. Shop for office products online. In many cases, the office products superstores offer a discount for online shopping as well as free next day delivery!  Saves you time, money and fuel.
3. Always have a shopping list of needed items.  Without a list, we tend to forget items and then have to make another trip which costs valuable time and money – especially when the item is something that cannot wait until another trip to be purchased. And right-brained entrepreneurs are also more impulsive at times so we sometimes get tempted to buy things we don’t really need and often in the long run don’t even want.
4. Right-brain people tend to be attracted to coupons (especially well-designed ones with great offers). However, if the product is something you would not purchase without a coupon, I recommend you don’t purchase with one. Chances are it is something you don’t need or would never buy again. On the other hand, if there is a product you would like to “try out” and just haven’t yet, I recommend you wait until there is a substantial discount available.
5. Most right-brained people like write so this one should be easy to implement that is, if you remember to do so. Carry a small journal to track your spending for 30 days. Decide which items you could “give up” to save money.
6.  Balance your business checkbook or hire someone to do it for you!  I have known right-brain business people who “round off” the numbers.  The problem with rounding off is that you could find yourself with shortages in your account, bank overdraft fees and embarrassment from valued vendors.
I also recommend you read the book “Money Management for the Creative Person: Right-Brain Strategies to Build Your Bank by Lee Silber. Although it was written in 2002, the information is still pertinent and interesting.
You can find it at Amazon and other online and local bookstores:

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