As a community-oriented small business owner, you have to juggle the responsibilities of financial management both at work and at home.
A recent survey by Yahoo and Fitness magazine found that more than one-quarter of the 2,000 respondents named money as the most common cause of arguments in their relationships, the Huffington Post reports. Money ranked ahead of chores (13 percent), kids, sex and in-laws (all 8 percent).
Earlier this month, My Bank addressed the negative and positive effects of leaving your business' financial situation at the office rather than bringing it home to your spouse. On one hand, your spouse may not want to hear about less than stellar sales figures or tax issues. However, on the other side of the equation, not talking about business-related problems can lead to your company becoming the elephant in the room.
This may cause couples to "become disconnected from huge chunks of each other's emotional lives," wrote Meg Cadoux Hirshberg – wife of Gary Hirshberg, president and CEO of New Hampshire-based organic yogurt company Stonyfield Farm – in an article for Inc. magazine.
When it comes to discussing money with your partner – whether you're talking about your company or your finances as a couple – there are several rules of thumb that should be applied, according to two financial services advisers interviewed by the Post. Ameriprise Financial's Suzanna de Baca advised setting aside a specific time to discuss financial matters rather than attempting to tackle the issue in the midst of other things.
"It shouldn't be in the bathroom while brushing your teeth, or in the car, or even over a meal … Treat it like a business meeting," she told the news source.
When you sit down to discuss your financial plan – or lack thereof – it's important not to be on the offensive, added Casey Mervine, vice president at Charles Schwab.
When you have your meeting, keep an open mind. "Don't try to argue your own point of view the whole time," he said. "Hear out the other person's perspective and recognize that everyone is different about money."
At the same time, it's important not to hold back.
"Understanding that you and your partner aren't going to be on the same page all the time is really critical … but you must also be willing to compromise," said de Baca.