Couples, married or not, running a business together isn’t anything new. They’re your partner in life, so maybe it’s not a bad idea if they’re also your business partner, right? Well, when it comes to money as a couple, the intertwining of personal and professional finances can present both opportunities and challenges. You both already want to avoid financial loss in the business, a great shared goal, but going about it isn’t exactly the easiest.
Sure, while running a business as a couple can strengthen your bond and shared goals, it also requires navigating potential financial pitfalls that can strain even the strongest relationships. Sometimes, couples (just like business partners) can’t always see eye to eye financially speaking when it comes to expenses. So, with that said, there are some ways to help out when it comes to managing business finances as a couple while maintaining harmony and unity in your personal relationship.
Establish Clear Roles and Responsibilities
There are going to be some things that are way easier than others. You can set up automated billing and use automation for a lot of things within your business (finances included), and this alone will help with the strain. But by taking the areas out of an account that can be automated, you will still need to have some clear roles and who will do what and when.
Here’s an example of this: you both should determine who will be responsible for bookkeeping, budgeting, invoicing, and other financial tasks, and ensure that each partner understands their role and commitments. Of course, you should try to ensure that the other person can easily do these assigned roles, so that’s something to think about. But if you want to promote accountability in each other, that’s key!
You Both Have to be Open and Honest
Alright, so this is a given; it’s super obvious, as both parties should have been doing it in the relationship. In fact, this is expected in a business partnership, too. There has to be a safe and open environment where both partners feel comfortable discussing financial matters, sharing concerns, and expressing their needs and preferences.
This is something that needs to be done for personal finances and, of course, the business, too. While this might sound too “official,” it’s going to help to schedule regular check-ins together, and both of you review the business’s financial performance. This gives you the chance to address any challenges or discrepancies and brainstorm solutions collaboratively.
Open communication is essential, and both of you need to foster it. This leads to trust, and your partnership (and relationship) will only strengthen. Think of it this way: fewer misunderstandings, too.
It’s Okay to Seek Professional Guidance
Honestly, navigating business finances as a couple may require specialized knowledge and expertise, especially if you’re unfamiliar with accounting principles or tax regulations. The last thing either of you want is to have any sort of mishaps! Seriously, this stuff can get pretty confusing, which is why it’s best to consider seeking professional wealth management guidance from a financial advisor, accountant, or business consultant who can provide objective advice and support. Sure, these services can be pricey, but they’re almost always worth it in the end.
