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Business Finance Tips from Finance Guru Dave Ramsey

Business Finance Tips from Finance Guru Dave Ramsey

Dave Ramsey is one of America’s most popular personal finance gurus, with bestselling books and a nationally syndicated radio show. He helps families across America take control of their money with tools, advice and resources for budgeting, saving money, getting out of debt and investing for a successful financial future. Most of all, Dave helps people with financial difficulties change the way they relate to money and debt. He focuses his message on a sense of spirituality and helping people achieve financial peace, rather than constantly feeling under stress from the treadmill of consumerism and debt.

Dave’s advice is also applicable to business owners. If you’re trying to start a business or grow an existing business, Dave’s financial advice can help you. Here are a few business finance tips from Dave:

Minimize Debt

Dave advises people to try to live debt-free, and he also believes that small business owners should try to run a debt-free business. Obviously here at Kabbage, we believe in the value of small business financing to help business owners invest in growth, cover cash flow needs or buy inventory. But it’s true that even if you do borrow money as part of your business finance plan, every business owner needs to be smart about debt. Pay attention to your overall debt levels and monthly debt payments and make sure they are manageable. And consider paying off your highest-interest debts first, to save money overall.

Be Frugal

Many small business owners make the mistake of buying the best of everything, since it’s all “a business expense” and they can write it off of their taxes. But if you’re spending lots of money on fancy office furniture, office equipment and the top-of-the-line in everything from computers to electronics to tablet PCs, you might be shortchanging yourself in the long run. Instead of spending big, think about saving money on these everyday business expenses and even on big-ticket items for your business. Buy used business equipment or consider renting business equipment, rather than paying full-price for new items. Your business doesn’t need “the best” most expensive equipment to be the best business; you just need good stuff that will help you get the job done and let you keep making money!

Outsource Everything

Dave is an advocate of outsourcing for business owners – he believes in doing what you’re in business to do, and then outsource as much of the rest as possible. Small business owners’ time is valuable, and it’s important to focus on what you do best and outsource all non-essential tasks that are not directly related to making money and serving customers. Fortunately, it’s easier than ever before for small business owners to get help from independent contractors (freelance writers, graphic designers and web developers), marketing consultants or efficient online tools that make the daily work of your business much easier and cost-effective, while freeing up your time to focus on finding more customers and making more money. For examples, check out this article on tasks that ecommerce sellers can outsource.

Dave is one of America’s most-trusted personal finance experts, and his sound financial strategies and fundamentals of budgeting and avoiding debt can be helpful in growing your business as well.

Are you a Dave Ramsey fan? How has Dave Ramsey’s financial advice helped improve your life? Please leave a comment and share a success story, or tweet us at @KabbageInc!

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Kabbage Team

Kabbage is here not only to provide access to the small business funding you need, but to also help you grow your business through free marketing tips, webinars, tools and more. Is there something you'd like us to cover or want to get your small business featured on our blog? Send us a note at content@kabbage.com.