Before we even talk about Branding, Development (Website), and Marketing, have you design a budget an operating budget?
Being a buyer with having a budget of 1.5 million dollars for a major retail department store, Elder-Beerman Corporation and an entrepreneur I learned the key to start a business is planning, your purpose and your objectives.
The first year you are forecasting an estimate of sales, the product or service, cash flow and ROI, but the second year planning get’s easier because your first year becomes a guide line for your sales, cash flow, your expenses, ROI, expanding your business, secure adequate working capital, hire the proper staff if needed, and develop your social media marketing.
Why the purpose of budgeting
My purpose of budgeting is to plan different phases of business operations, to have control of your business.
- Understanding Profit and Loss Statement
- Did you know taxes are not considered a fixed expense.
- A budget directs your money where it needs to be.
- A business that receives a grant would not have to repay that money.
- Businesses should customize invoices to best detail the products or services they provide…..
- The Entrepreneur needs to understand the financial reports