Tips to Manage Your Finances Like A Pro
Business Coach in Houston
1. - Don’t just spend, Plan. - Do not just spend without having a basis for your spending.
As a small business, you need to be strategic with every penny you spend. You need to have a budget you work with. If you later on get investment for your business, you need to know how much to spend to recoup such investment. You also need to know how much you need to spend daily to keep necessary operations running.
2. - Don’t Spend, Invest. - The more money an Entrepreneur gets, the more money they spend. As a small or medium scale business owner, you need to cut your cloth according to your size. Do not go for unnecessary luxuries that will not plough money back into the business. You should learn to work with a minimum viable product especially if you are not so big on a budget. A large proportion of the profit you make should be reinvested in activities that would generate more cash-flow for your business.
3. - Maintain Records. - You should also ensure you always keep records of all your transactions up to the lowest petty ones among them. All your receipts, invoices should be kept. They can all be useful for you later on when you are trying to reconcile your statements, seeking investment or planning for the future. They should be kept organized.
4. - Don’t be greedy. - As a business owner, you have the power to determine how much you want as a pay, you need to have your business milestones in check while making such decisions. You should be moderate and set a figure that wouldn’t hurt the business to pay.
5. - Spread your wings. - Do not just rely on a small number of customers, you need to acquire more customers as possible. Anyone can become insolvent anytime, if your only customers go bankrupt or your competitor wins their hearts, you are really going to harm your cash inflow.
Source: spreadmediang
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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