Where’s The Money?
Where’s The Money?
Would You Rather:
- Tell your money what to go
or
- Wonder where it went
???
If you’d rather be in charge of your money than have your money be in charge of you, then you need a budget.
Yes, your business should have a BUDGET just like your personal finances should.
No idea how?
Here’s a simple way to start.
1. Track your income and expenses for a month.
That’s it–to start with. Wherever you spend your money is the beginning of a budget. Only the beginning, mind you.
On your budget you might think that the income should be larger than the expense.
Nope. THEY SHOULD BE EQUAL.
When they are equal, you are telling every single dollar how to be useful.
Next step?
Determine if where your money is going is the best place for it.
And guess what? Telling your money where to go doesn’t necessarily mean SPENDING IT.
You can save, give, and plan with your money.
As in
- Planning to grow your business
- Planning for expansion or upgrades
- Planning for tax liabilities at the end of the year.
Etc.
But just remember to account for every dollar and make every dollar do what YOU want it to.
—
Is Your Business Healthy?
If the word “budget” causes you to assume fetal position, contact Cooks Bookkeeping.
Join Small Business Bookkeeping on Facebook for business and bookkeeping tips and discussions for small and micro-business people.