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  • Renee: CEO Coach & Management Specialist 6:00 am on June 13, 2010 Permalink | Reply
    Tags: bookkeeping, budget, control, cutting costs, , , , , Money Management, save money, ,   

    Hey, StartUp…It’s Time To Add It Up 

    Sometimes for many startup businesses they make many mistakes. Start your small business with low startup costs that you can control. Sometimes some entrepreneurs are in such a hurry to get their business going till they don’t add up the cost to start a business or maintain their business.

    They just dive right in.

    Is that you?

    It probably is.

    So hey you startup biz…it’s time to add up the cost to be the boss.

    You need to learn how to manage your money, track your expenses, startup costs & maintain a budget. If you don’t know how then get help from an accountant, bookkeeper, financial expert or software for bookkeeping or money management. You might even find some free sites on online for money management. If you want to be in business any length of time then it takes money to maintain that business, even if it’s a virtual business. I’m not an accountant, bookkeeper etc….but I do know about business and how to maintain one.

    There is so much that you need to know about maintaining a business and starting up one. But today we’ll focus on start up costs and maintenance costs. Entrepreneurs need adequate monetary support in order to create and run a small business. So where are you going to get it from? Could you get financial assistance from: self-financing, loans from bank, friends or family, private stock issue, partnerships, venture capital, credit cards etc…

    You have to set up your new business the right way to help develop a strong foundation for future growth. Many times that begins with money.There are thousands of tasks that every small business owner must consider and do in order to set up a new business.It is imperative to manage your cash flow throughout the life of your business. No matter what the economy looks like.

    If your cash flow gets out of control or mismanaged, that’s when you’ll want to call it quits or wonder what went wrong. Then as a small business you might want to start filing for bankruptcy. That’s not good, especially when you could have just done things right in the first place. Track your sources of capital and expenses. Like I just stated, if you can’t do it alone then get some help. However, you need to plan wisely and assess your available resources in order to start a low-cost business.

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  • Renee: CEO Coach & Management Specialist 6:57 pm on January 5, 2010 Permalink | Reply
    Tags: budget, , , financial advice, financial plan, , , , , ,   

    Your Business Needs A Financial Budget Plan 

    Some small business people just run their business & may not see a need for a budget, as if everything will just fall into place. For many people, the word “budget” has a negative connotation. The future of your business needs a financial plan & strategy. If you haven’t started one already, the time is now. You should develop a budget & stick to it. Yes, budgets may need to be adjusted as time goes along but it’s a good idea to start out with one & set goals.

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    A financial plan & budget helps you to gage your business and tell the performance of your business at the end of a fiscal year. This helps to tell how well your business has done over the year. If your financial budget is looking bad or starts to look bad, it could be a sign of poor planning and lack of a budget.

    There is a lot to think about when creating a budget and maintaining one. It will most definitely benefit you in the end. You need money to help run your business and you need ample amounts of it. Having a budget and monitoring it on a regular basis can help to keep you from running short. Your finances are a big part of your business and should be taken seriously,  not haphazardly.

    If you are always in the mindset of “i’ll get to it later”, then your already headed for disaster. Just simply having a financial budget isn’t a guarantee of success. You have to follow through with it. Start working on a budget at least one to two months before the arrival of the next fiscal year.

    Having a budget helps to put your money to work for you instead of you being controlled by it or not succeeding in your financial goals. If you need assistance in this area you can invest in financial/ money management software, accountant, bookkeeper, CFO, financial expert etc…. You can also come up with your own strategy for money management.

    You have to set financial goals. Make a list of what you want to achieve with your money & how it’ll benefit your company. You can break them down into short term goals such as, what to accomplish in 3-6 months or less than a year.

    What goals to accomplish in medium-term (1 to 3 years) and long-term (5 years or more). As for personal & business, many experts are now saying that you should have at least 9-12 months worth of money saved. They used to say 3-6 months but when you look at the state of the current economy that has changed.

    Most importantly, I can never say it enough, but educate yourself on all aspects of money management, budgeting for yourself & your business. Always have a plan in place. Read money magazines, articles, talk to financial experts, read about investing etc… Evaluate & review your progress monthly, quarterly, or whenever you choose.

    Try it at least semi-annually, to determine if your strategy is working. If you don’t see any success or satisfactory progress then again, take time out to review your strategy. Make changes where needed or get help from a financial expert, accountant, bookkeeper etc…. You have to get it in gear if you want your business to have longevity.~Clerical Business Solutions

     
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