Top
Boss Up

Ask The BOSS: Saving Money While Growing A Business

Get ready to move up to that corner office or start your own enterprise. JETmag.com is partnering with award-winning entrepreneur and founder of The BOSS Network, Cameka Smith, to bring you “Ask The BOSS” every month. This feature will take your questions and offer you career and entrepreneurial advice. You can submit your own question via digitalpitches@ebony.com with the subject line: “Ask the Boss.” Don’t worry, we’ll keep your name and identity confidential. First up: a question from a reader we will call “Mo Money, Mo Problems”

Question for the Boss: What is your best advice on saving money while still growing your business?

Dear “Mo Money, Mo Problems”:

We all know you need the saying “you have to spend money to make money,” but there are some sure-fire ways to manage the cash-flow of your business. The main thing you want to do is focus on creating mutliple revenue streams in your business, so you have a good cash reserve. There are expenses in business that are necessary but you can handle them without over-spending your budget.

For additional cash, you can take advantage of small business loans or programs like Paypal’s “Working Capital.”  This program is very helpful as it allows small business owners to borrow money with no interest, only an affordable fixed fee that starts as low as $69 .You also  can designate the percentage per PayPal transaction you want to pay back.  More details HERE.

Once you have some capital to use to make those immediate purchases, then find a tracking system to keep up with your spending and account balances. This is the most important step when growing a business and if not utilized properly can send your business right to the toilet. I suggest a tool like Mint.com that keeps you aware of when money is running low.

BOSS on the move,

Cameka

Cameka 2013 HS

Do you have a question for Cameka? Submit it to us via digitalpitches@ebony.com with the subject line: “Ask the Boss.” You can also learn more about our “Ask The BOSS” Business Expert via:

Twitter: @iamCameka

Website: The BOSS Network

Facebook: Like The BOSS Page!

You can also subscribe to the BOSS email list!