Skip to Content
facebook facebook twitter twitter facebook facebook twitter twitter

Smart Business Essentials

English  |  Español

EN  |  SP

Practical Business Skills

Financial Basics

For business owners, managing your finances clearly and precisely offers many benefits. Mastering financial basics like budgeting, saving, financing and credit can help you grow your business and reach your short- and long-term business goals successfully.

It’s easier to plan how you will grow your business if you can carefully manage your finances. Effective financial management can also help you make better decisions about the location, inventory, employees and equipment you can afford. For everything from adjusting business direction to finding your way through challenging times, it’s critical to know — and use — these financial best practices.

Create a budget
A budget is a tool to track when and how you earn or spend money. Creating a budget is an important pillar of your overall success and security. It allows you to oversee and better understand whether your business has enough revenue (incoming money) to pay its expenses. Using a budget can help you make more informed financial decisions. Create a budget.

Save for success
Savings includes money you set aside to cover future or unexpected expenses. It’s important to outline savings in any business financial plan as a way to achieve business goals, prepare for unforeseen events, maintain operations when sales are low, and earn interest, if you use a savings account at a financial institution. Learn to save.

Plan for financing
It costs money to start a business, and funding your business is one of the first — and most important — financial choices you’ll make as the owner. How you choose to fund your business can affect everything from its structure to operations. For example, if you take out a large loan, you’ll need to earn enough money to repay the loan while running your business. Start planning.

Build business credit
Before a company lends you money, it wants to know that you're capable and willing to repay the debt. It can do this by reviewing your finances, including your bank account balances. It can also look at your history of repaying other debts by reviewing your credit reports. Learn about credit reporting and scoring.

Disclaimer: No Legal Advice Intended
This site provides general information related to creating and running a business. The content of this site is for informational purposes only and not for the purpose of providing legal or tax advice or opinions. The contents of this site, and the viewing of the information on this site, should not be construed as, and should not be relied upon for, legal, financial or tax advice in any particular circumstance or fact situation. No action should be taken in reliance on the information contained on this site, and Visa Inc. disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this site to the fullest extent permitted by law. You should contact an attorney to obtain advice with respect to any particular legal or tax issue or problem, including those relating to your current or potential business.

The contents of this site have been developed for a U.S. audience.