Budgeting Essentials

Your startup business is getting ready to go and it is time to create your first budget. What do you need to include?   Learn more in this week’s blog.

You have a great idea for a new business.  But you can’t just dive into the business without a plan.  Part of that plan is doing a cash flow budget.   Learn how in this week’s blog.

Good cash flow management involves more than just taking care of the cash you have. You need to look at what cash is going to be coming in, too. In order to do this you need a good cash flow projection built from your budget. Learn more in this week’s blog.

You often hear that small businesses fail because of lack of “Cash Flow”. But what does “Cash Flow” really mean to a small business owner from a practical standpoint? Learn more in this week’s blog.

Do you find yourself reluctant to update your pricing because you are afraid you will lose customers?  While you need to be aware of the market value of your service, your pricing also needs to reflect the value of what you are delivering.  If you are delivering above average services, you shouldn’t be charging bargain basement prices.  Learn more in this week’s blog.

Do you find yourself resistant to change because you tried something and it didn’t go well?  You need to examine your procedures periodically to make sure they are efficient and effective.  You don’t want to limit your cash flow by using outdated procedures that cost you extra time and money.  Learn more in this week’s blog.

Are you limiting yourself with your thinking?  Do you undervalue your services?  These are things that will limit your growth and your cash flow.  Learn more in this week’s blog.

When you don’t do your books regularly and don’t have a well prepared budget to remind you of your upcoming expenses, you don’t really know what you have available to spend.  If you have an annually billed payment coming up next month, you don’t want to spend the money this month on something else that could have waited.  Your budget helps you remember these expenses..  Learn more in this week’s blog.

Failing to keep financial track of your business on a monthly basis is another financial reason that many businesses fail.   It is important to do your books every month when you are in business.  This is a function that many small business owners wait too long to seek help with or overestimate their ability to complete.  You can’t make good financial decisions without knowing the state of your finances.  Learn more in this week’s blog.

Failing to plan properly is another financial reason small businesses fail.  This sounds like a non-financial reason, but it has a big financial component to it.  If you don’t take the time to develop a well prepared budget, you haven’t properly planned your finances for your business. Learn more in this week’s blog.

One reason small businesses fail is that they don’t have enough money to get themselves through the start up period.  You need to properly anticipate how much money you are going to need to get your business off the ground. Learn more in this week’s blog.

 Many software companies are moving their software to the “cloud”.  They use convenience as a big part of their sales pitch.  But is what you give up in security worth the “convenience” of having your financial information in the cloud?  Learn more in this week’s blog.

Most people think of budgeting as an end of the year activity.  But the best way to create a budget is to collect your budget information as you are going through the year.  Learn more in this week’s blog.

Box office hits make money. You may think you are making money, too.  At least that is what your income statement says.  That is good if you have included everything you should have included in the income statement.  But... have you done that?  You can know for sure how your business is doing when you have a well prepared budget that you compare to your income statement.  Learn more in this week’s blog.

Your business is no different than your personal life. Unexpected things come up that you need to pay for quickly. The Boy Scouts have a motto: Be Prepared. That applies to business and life, not just Boy Scouts. Learn more in this week’s blog.

One cost savings area that small businesses miss is borrowing money and paying interest on their equipment purchases.  While it may seem convenient to borrow the money, there is a cost you have to consider.  This is where you can put more money into your pocket.   Learn more in this week’s blog.

Planning your Business cash flow so it stays positive may seem to be something that you can’t do. But with a well prepared budget, you can avoid many cash flow issues before they happen. 

Failing to plan properly is another financial reason entrepreneurial businesses fail.  This sounds like a non-financial reason, but failing to plan properly has big financial consequences.  If you don’t take the time to develop a well prepared budget, you haven’t properly planned the finances of your business. Learn more in this week’s blog.

One reason small business fail is that they don’t have enough money to get themselves through the start up period.  You need to properly anticipate how much money you are going to need to get your business off the ground. Learn more in this week’s blog.

Lack of cash is a common reason that small businesses fail.  Being able to predict your cash balances helps you manage your businesses finances.   Learn more in this week’s blog.