{"id":1343,"date":"2025-03-06T06:00:00","date_gmt":"2025-03-06T14:00:00","guid":{"rendered":"https:\/\/qa.simplifimoney.com\/blog\/5-money-management-skills-every-small-business-owner-needs\/"},"modified":"2025-03-13T08:57:56","modified_gmt":"2025-03-13T15:57:56","slug":"5-money-management-skills-every-small-business-owner-needs","status":"publish","type":"post","link":"https:\/\/www.quicken.com\/blog\/5-money-management-skills-every-small-business-owner-needs\/","title":{"rendered":"5 Financial Skills for Small Business Owners"},"content":{"rendered":"\n

Small businesses are vital to the U.S. economy. In fact, almost half<\/a> of all private-sector workers in the U.S. are employed by small businesses. <\/p>\n\n\n\n

Unfortunately, almost half of all new businesses also fail within the first 5 years<\/a>. Staying on top of your finances can help you beat the odds and guide your small business to success. <\/p>\n\n\n\n

Here are 5 key financial skills that can help keep your business on track.<\/p>\n\n\n\n

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See how Quicken Business & Personal can help.
\n Get started \u2192<\/a><\/p>\n<\/div>\n\n\n\n\n

1. Sticking to a budget<\/strong><\/h2>\n\n\n\n
\"Man<\/figure>\n\n\n\n

At the heart of every successful business is the ability to budget. Knowing how much money you\u2019re making and spending each month is absolutely essential for your business\u2019s health. <\/p>\n\n\n\n

Monthly budgeting helps you know if you\u2019re making a profit \u2014 and if so, how much. It also helps you track client spending habits from month to month and year to year. <\/p>\n\n\n\n

Finally, good budgeting is essential in making sound business decisions. Many companies have to tough it out through lean months during certain parts of the year, for example. Tracking your finances shows you what you can and can\u2019t afford to spend \u2014 and when you might need a business loan to survive a cash crunch. <\/p>\n\n\n\n

That\u2019s why many small-business owners invest in budgeting software to get a clear, up-to-date view of their finances. Quicken Business & Personal<\/a> imports your revenue and transactions automatically to give you a complete picture of your financial health.<\/p>\n\n\n\n

2. Setting realistic goals<\/strong><\/strong><\/h2>\n\n\n\n

Successful small-business owners set SMART goals: Specific, Measurable, Achievable, Results-based, and Time-limited. <\/p>\n\n\n\n