How To Manage Business Finances in Singapore

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Build Your Business,
Lead it to Success
Businesses, like the economy, go through a cycle
that has four phases. These are prosperity,
recession, depression and recovery. SBL Singapore
is able to give you the right loan to help you in
all these phases so that you can manage and grow
your business.
SBL Singapore Is Here To Help You Tide
Through. All businesses struggle once in a while
with cash flow challenges for a while, especially
for younger SME businesses before they finally
stabilize. Managing outflows and inflows is
definitely made easier by proper accounting as
well as forecasting. From time to time though,
you may find that you have need for additional
capital. SBL Singapore is a great partner during
such times. We can extend you the cash needed to
get through those times when cash is tight.
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How To Manage Business Finances For Young
Entrepreneurs In Singapore
Managing business finance can seem like a
daunting task at first. It doesnt have to
be. Once you get a few processes down and
understand the basics, it becomes surprisingly
easy to work on your business finance. It,
however, can take some time depending on which
tools you use and the size of your project or
business. Young entrepreneurs are the new
generation of innovators. They make the world run
the way it does. Their contribution to the modern
economy is simply irreplaceable. Without budding
entrepreneurs, wed not be here. Its important,
therefore, to teach them how to best manage
business finance. Its easy for an entrepreneur
to feel lost when it comes to the finances of the
company. Even if they have the most brilliant
idea in the world, a business doesnt survive on
ideas alone. Managing the finances and avoiding
any cash leaks are extremely critical aspects to
succeeding in any type of business.
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For some, applying for the best business loan
helps them to move forward. SBL Singapore offers
a wide range of business loans that can help
entrepreneurs expand their businesses or fix
their problems. For example, we offer Seafood
Supplier / Wholesaler business loans, Fashion /
Clothing Retail business loans, Restaurant
/ Eatery business loans and more. Without enough
funds, many entrepreneurs end up wasting precious
time and making bad decisions. Singapore ranks
among the worlds leading places in terms of
cultural support for entrepreneurship, startup
opportunities, process innovation, absorption of
technology, and more. Its the entrepreneurship
haven in many ways. A new business is not a
very complex organism. With a few basics and
processes, any young entrepreneur can bootstrap
their financial decisions in-house without having
to rely on third parties or without having to
hire financial experts. In this article, were
going to look at the five best ways of managing
business finance in any new venture.
1. Keep your business finance separate Mixing
your business finances with your personal
finances is the quickest recipe for disaster.
Weve seen many companies, especially
bootstrapped ones, starting off by receiving
payments or making payments using a personal bank
account. This is not ideal. It can wreak havoc
when you have to put together the papers for tax
purposes. It also makes your clients or vendors
less interested in working with you. Keeping both
finances becomes virtually impossible and you
become likely to fail on both fronts managing
your personal expenses and managing your business
income as well as its expenses. Long story
short, though it might sound like a good idea
when youre just starting out, it will become a
nightmare if you dont keep your business
finances strictly separated from your
personal finance from the get-go.
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• This is not something you want to postpone.
• Tips to keeping your business finances separate
  from personal or other finances (for example,
  finances of another business)
• Always start with a fresh bank account and credit
  card for your new venture. All incomes from the
  business go directly to this account and all
  expenses come directly out of it.
• Always track and manage your business spending.
  Make it a habit to audit bank statements either
  weekly or monthly depending on business activity.

• 2. Seeking advice and professional guidance is
  okay
• Dont be shy to ask for advice. Its highly
  recommended to get professional guidance. Things
  that stump you are extremely easy to do in many
  cases. Ask your questions that are apparently
  baffling and receive answers that straighten
  things out.
• During any conversation with a professional,
  youll find that not only is it fairly easy to
  solve a business finance problem associated with
  a new venture but theres a nifty trick you never
  thought of.
• You might also learn something new along the way.
• Scan your existing friends and family circle. Is
  anyone a financial professional? If yes then
  shoot them your queries. You can also compensate
  them for more rigorous work.
• There are plenty of internet forums and portals
  for young entrepreneurs, especially on platforms
  such as Facebook and Reddit. These also include
  financial experts. You will also find other
  entrepreneurs here and their stories of how they
  solved the problems you might be having today.
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