b'Businesses with multiple revenue streams are more likely to survive a downturn. But if you arent tracking each revenue stream, you may not know where to double-down. expenses, taxes, emergency fund and long-term savingswill help you makeABOUT THE AUTHORmore informed purchasing decisions,Gerri Detweiler has been guiding and youll never run out of money to payindividuals through the confusing taxes, bills and yourself.world of finance and credit for 20-plus years. She is the author or 3. Streamline and Automate coauthor of five books, including her most recent, Finance Your If you dread a task, like paying yourOwn Business: Get on the bills, then you wont feel any incentiveFinancing Fast Track. Today she to spend more time on the task, warnsserves as the education director Belinda Rosenblum, CPA, and founderfor Nav (nav.com), an online of OwnYourMoney.com. However, thisplatform that matches small business owners to their best is a huge mistake that many businessfinancing options, and gives free owners make. In just a few extraaccess to personal and business minutes, you can streamline the timecredit scores.needed to pay bills with some simple one-time automations.Rosenblum says she pays just oneRosenblum says. Although this may bill a monthand gets points or cashseem like more work at first, it will back on nearly everythingby settingsimplify your decisions as to where to up automatic payments to be paid byfocus your marketing and sales efforts, her credit card or bank account. If youonce you know how to make your cant pay off the balance each month,money work smarter for you.then at least automate the minimum credit card payment to avoid late5. Get the Right Helpyou what is working and what may not be.fees and dings on your credit, sheYou cant do everything in your In the end, it should provide some directionrecommends. That can protect bothbusiness, and while you need to stay on where to focus your energy and effortyour business and personal credit.on top of your finances, you dont have for the greatest success. There are enough decisions to make into do it all yourself. Sometimes the your catering business every day, sheeasiest way to make finances simple 2. Multiply Your Bank Accountssays. What to pay from which accountis to get them off your plate, suggests At a minimum you want a business bankdoesnt need to be one of them!Katherine Pomerantz, money mentor account to separate your business andand accountant for creative business personal finances. Better yet, use multiple4. Track Your Revenue Streams owners. If you dont have a strong accounts, suggests Sylvia Inks, business andBusinesses with multiple revenuebusiness or accounting background, financial coach at SMI Financial Coaching,streams are more likely to survive athen finding a freelance bookkeeper and author of Small Business Finance Bookdownturn. But if you arent trackingto take over some of your admin work for the Busy Entrepreneur. each revenue stream, you may notwill allow you to focus on what you do Have four business bank accounts toknow where to double-down. Ifbest. You can find an online freelance manage the money coming into and out ofyou want to maximize your revenuebookkeeper for a few hundred dollars the business, she says. Having a dedicatedand your profit, you need to bea month, and their expertise will be business bank accountfor operatingtracking each major revenue source,invaluable. cateringmagazine.com CATERING MAGAZINE23'