Five Top Financial Tips Includes Factoring

In today's economic times, it is sometimes challenging to make ends meet, particularly if you are running a small business. But the basics for how to be financially successful, no matter how much money you earn, remain the same, both personally and for your company. Here are the top tips for getting ahead financially.

1. Make a budget and stick to it – For both your personal life and business, it is important to budget. Set spending and saving goals and stick to these goals.

2. Spend less money than you earn -- It does not matter how much or little you earn personally, or how much the business makes, simply spend less and earn more. Take a look at those areas where you can cut corners which will usually result in big savings.

3. Make a plan for saving -- Save first, because if you wait until you've met all your other financial obligations before seeing what's left over to save, chances are you'll never save. Put aside a minimum of five to ten percent of your income for savings each month before you pay bills or spend money.

4. Maximize any benefits -- 401(k) plans, medical and dental insurance, or even flexible spending accounts are worth a lot. Make sure you're maximizing these programs and take advantage of the ones that can save you money.

5. Think about accounts receivable factoring -- If your company's invoices are being paid 60 to 90 days out, and often times these are late, invoice factoring is an excellent solution to get paid right away.