Financial planning for your business is critical if you want to achieve your income goals.
Some small businesses just go from week to week hoping that they will have sufficient sales or provide services that will bring in suitable income. This hit and miss approach causes stress and all manner of problems.
A financial plan will establish financial goals, benchmarks and categories for the money you want to bring into your business. From that financial plan – or as part of it, you can create a cash flow forecast, which helps you manage your income and expenditure.
There are different ways to create a financial plan, and it doesn't have to be complicated. Here are two simple models you can choose from.
Start with the end in mind. Decide how much turnover you want to bring into the business next year. Remember this is only the gross revenue. Then look at your different revenue streams and assess how much turnover is required from each unit.
For example, if you have...
When starting your own business it’s often easy to get yourself started, but a lot harder to keep yourself going when things get tougher. Whether it’s a slowdown in the market, increased competition or the pressure of work, staying committed and maintaining a positive focus in your business can be a challenge. Here are ten tips to help you stay committed.
Business and emotions don’t really seem to mix very well. But as emotions are a daily part of our lives, short of becoming robotic, you may be faced with the two intermingling at some point in your career.
Here are a few tips to help you stay on track and overcome emotions in your business life.
#1 – Take a deep breath – If you’re having a bad day or particular difficulties at home, it may not be easy to switch back into business mode, but it can be done. Breathing is an effective strategy for all sorts of issues such as panic attacks, anger control or simply switching back to a positive state.
When you’re feeling overwhelmed, take a short break and find a quiet place where you won’t be interrupted for a few minutes. Then take a few deep breaths. Involve your whole body in the process. See your stomach inflate like a balloon as you breathe in slowly for a count of seven to ten and then slowly let the...
When you’re starting a business, seeing the “big” picture is important. Many entrepreneurs have stated that had they looked at the small details in their business they may not have started the business in the first place. This is because many of us get bogged down by all the small details and often it can put us off starting something new.
If you’re starting a new venture, here are a few tips to help you stay focused on the “big” picture:
#1 – Don’t Worry. It’s easy to worry about the fine details of starting a business. But it’s important not to get stuck on these. Keep in mind that whatever you don’t know how to do, you can learn or get help with. In business, there are services and experts for just about anything you can imagine. You can always turn to them for help when the time comes. But as the old saying goes – “I’ll cross that bridge when I get to it.”
Business іѕ аll аbоut planning intelligent strategies and wisely implementing thеm. This is the same for even small business, since thе ultimate aim оf а small business іѕ tо grow into а larger business. Hоwеvеr, many people wrongly believe thаt strategic planning іѕ оnlу fоr big players іn thе market. But іf уоu aspire tо compete wіth thеm ѕоmеdау, аnd have а small business оr family business tо run, уоu need tо focus оn strategic planning fоr that family business.
Whаt іѕ Strategic Planning
It involves formulation оf policies аnd business growth strategies оvеr а defined period оf time. Thе time period wоuld typically depend uроn your type of business. Certain businesses in IT оr mobile technology have tо deal wіth changing trends very frequently, hеnсе formulating а five year plan fоr ѕuсh businesses іѕ nоt а feasible option. Thе management саn prepare а strategic plan fоr а single aspect оf thе business оr іt саn focus оn thе business аѕ а whоlе. Thе concerned departments...
If you are not a social media whizz, you may not appreciate the importance of having a Facebook page for your business. Even if you don’t know anything about Facebook or Social Media, it would be a wise move to consider creating a business page.
Below are a few reasons why it would be a good addition to your Marketing Plan.
When you start to engage with your Facebook audience you can find out more about their wants and needs. Their responses and comments to your posts will offer valuable insight into how you can serve your customers better.
By offering interesting and useful information to your readers you will build trust in your brand.
A business is not just the products or services it provides, it’s about the people within that create the feel good buying factor. People buy from people, so let your customers know who you are.
A Facebook page...
One of the biggest challenges for business owners is how to balance work life and home life. I hate to tell you this but there is no such thing as work-life balance. If you own a business there will always be times when the pressure is on and home life suffers. The trick is to manage those circumstances and develop a plan of how you will blend your work life with your home life.
Here are ten tips that will help you manage your work life and home life.
Whether from your dining table, a converted garage and everything in between, it’s important to set certain boundaries when you are running a business from home. One of the biggest time thieves – apart from the Internet, is the telephone. Not only does it steal precious time (usually at the most inopportune moment), it can also raise havoc on your busy schedule.
As home-based business entrepreneurs, we are very much aware how easily the phone can disrupt our day. Then again, the telephone is probably the most important of all office supplies we have. Learning to manage telephone interruptions is definitely a skill needing to be worked upon.
When you consider the fact that most calls coming into your home during office hours will in fact be business related, you need to figure out how you are going to handle them. Unless a client is in a panic because of a problem only you can resolve, most other calls can be returned during regularly scheduled phone...
Whenever I start working with business owners I ask ‘how much money do you want to make?’ and inevitably the reply is not a dollar amount.
I hear replies like - I just want enough to pay the bills, I want to offer really good services to people – the money is not important or my favorite – I’ll let the accountant take care of that.
The other set of responses I hear are a bunch of excuses as to why making more must be a lot more work or why they can't make more because they're "just getting started" or I hear a long, detailed story explaining what they're planning to do etc. etc.
It is only after a lot of encouragement that the business owners actually state a figure.
Why do we do this? Why is it so hard to put a monetary goal into your business? I think for many people we have been brainwashed into the idea that it’s not ‘nice’ to talk about money. Or that making lots of money is somehow not spiritual or just plain bad!
Christmas can be a very stressful time for many of us, but there are plenty of things you can do each day to reduce the stress in all areas of your life. Review this checklist daily as a reminder to de-stress.
A good way to incorporate these strategies into your lifestyle is to add one technique each week. This will give you a chance to practice it enough to start using it automatically before you add another strategy.
As you add these techniques one by one, you’ll find that your stress levels will decrease and your positive energy will rise, allowing you to more fully enjoy your life!
Daily Strategies to Reduce Stress or Redirect its Energy
1. Start your day stress-free.
- Throw out your alarm clock.
- Give thanks.