Financial Management Tips for Solo Marketers

Keep your money in line so you have more for marketing

Use every cent of your money to make money.

That was the first of eight financial tips advised by Bill Lynott, a business and financial journalist, in this month’s edition of Specialty Coffee Retailer.

I’m not part of the specialty coffee industry. However, I always read financial articles to learn new ways or refresh my memory on increasing my marketing dollars.

In this first tip, Lynott warns you to “NEVER make deposits directly into your checking account,” and instead make deposits into an interest-bearing account (money market, etc.) so that it immediately earns money.

This is advice I’ve followed since my first day in business. My deposits are made in an ancillary account, and monies are transferred as required into my checking account.

Here are three more tips from his list, which I paraphrase and expand.

Don’t pay your bills as soon as they arrive. Pay your bills when due, not before time. Set up a system so you stay on track without paying late fees and penalties. You don’t get paid ahead of time by customers, so follow their lead to pay your own bills.

Years ago I purchased a bill organizer from Lillian Vernon. I add my bills within the 31-numbered slots according to the due dates. It’s saved me countless fees because I don’t just organize my bills, I also check the system each morning to see what to pay and when.

Never overpay the IRS when making quarterly payments. Giving the government interest-free loot is not in the best interest of your money. Estimate your payments as best you can, but don’t just give your money away.

Credit cards are better than debit cards. In business, a grace period is a good thing, and that’s what credit cards provide. Depending on the closing date, a credit card hands you up to 40 days free use of someone else’s money, versus using a debit card, where money comes immediately out of your pocket.

Although Specialty Coffee Retailer doesn’t share these tips on their site, I’ve chosen four that will help keep more money available for you to invest in marketing.

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