Being an entrepreneur is no easy feat but it can bring a sense of freedom. A sense of fulfillment. With that liberty, comes days of bliss and days filled with tears (crossed out) hope. Through all of the success, failures, and endless transitions if you budget these two things well, you will survive.
Hopefully you already are aware of the fact that you need money to run a business. If you do not make money to pay the business expenses and yourself then it will not last very long. So remember
-Cash is king
Cash flow is vital to survival. In many cases when you have funds you can purchase things in advance and save money.
-Count the cost
Sit down and really see what it takes to keep your business running. Advertising, Marketing, Inventory, etc. Are you or will you get paid? What do you need to live? Not survive, but live.
-Know Where Your Money Is Going
Track every penny spent. Do not wait until you are low on funds or have none to care about where your money goes and how often.
-Know Where Your Money Comes From
Is your entity a service based business? Well find out who your best clients are. What services perform better than others? If you sell products track your inventory. What items work well for you and the consumer? Continue doing what you do well even better to help increase revenue and quality.
Time is a precious commodity and something that cannot be acquired again once expired. The hours in a day can serve you well with proper time management. So keep these things in mind…
-Say no a lot more.
Just because it is offered or suggested doesn’t mean you have to say yes. What is your goal? What is your purpose? Keep that in mind, and avoid any thing that will detour you from that path.
-Automate. Script. Autopilot
Create a FAQs (Frequently Asked Questions) Page on your website so that you won’t have to answer the same questions repeatedly. Create an email template for new clients or successful orders so you won’t have to constantly think of what to say. Examine your business and see what task you can automate, script, and autopilot. Be sure to review the automated task to ensure that it is performing well.
Get a planner (analog or digital) and plan. If possible avoid waking up everyday figuring out what you should do. That eats up valuable time. Take a few hours out of one day to schedule what needs to get done throughout the week. Challenge yourself, but be practical. As planning becomes a habit it will yield better results.
Money is time and time is money so make sure that you manage both well.