Are you managing your business finances or are they managing you?
- Plan to spend what you can afford even with little or no income
- Put your budget in writing
- Track your actual results against your budget
- Adjust your budget if your situation changes
- Startup costs. Depending on the business you want to operate, there may be fixed costs that you cannot avoid. Therefore, you must plan for these costs as the top item in your budget. Examples might be the upfront cost of a computer, software, or licensing.
- Operating costs. In addition to things like internet, utilities, cell phone, etc., there may also be monthly costs that are unavoidable. So many services that we use as business owners are now charged as monthly subscriptions. You need to be aware of these as you begin your business so you can plan for the monthly outlays.
- Marketing and Advertising. It’s difficult to run a business and attract customers without advertising. Thank goodness, there are so many ways you can promote your business online for free. The absolute most effective way to do this is through Social Media Marketing. Things like Facebook, Twitter, and LinkedIn are all free resources you can use. These methods can be time consuming and must be used properly, but can bring you amazing results. 3 tools I highly recommend to help with your marketing efforts are a blog, social media manager, and an email marketing program. There are many free options that you can use, at least in the beginning when money coming into your business may be a scarce resource. You might make some sacrifices with free options, but there are still some excellent choices. For a blog, I recommend WordPress, Post Planner for a social media management tool, and for email marketing I recommend SendPulse. Once you begin to make some money you can invest in upgraded tools and paid advertising which will free up some of your time and make things a bit easier.
You may be feeling the financial crunch in your business as you are reading this article. Or, maybe it hasn’t hit you yet. In any case, it’s time to start treating the finances of your business with the respect they deserve. Proper budgeting, tracking of results and some financial discipline will definitely help get you off to a great start and keep you on track to long-term financial success in your business.
To Your Success,
P.S. If you would like to dig deeper into this topic you have a few options:
- Leave a comment on this post
- Find me on social media by using the icons at the top of this page
- Set up a 15 minute video call by using this link https://bobswetz.link/meeting15
- Does Your Organization Need an Accounting Policies and Procedures Manual?
- Time Management and Marketing Your Business