This is a guest article written by Carolina López from a group of specialists in different disciplines that provide training and support to entrepreneurs.
Are you starting your own business and don’t know where to start? Do not despair, there is much to do but you have to face it little by little and with organization.
One of the first things you should do is pay attention to your business finances. It is not as complex as it may seem and it is very important for you to be healthy and successful.
Therefore, today we are going to see some tips so that you can face this fundamental part of entrepreneurship in an accessible and easy to understand way.
1. I invested to keep growing
Every venture needs an initial investment or reinvest if it is already in the market. Plan your investments projecting income and expenses to avoid running out of resources.
2. Do not let your mood coordinate your work day
I know you and set sales goals (in pesos) per week,
So every day you have a goal to meet and, at the end of the month, your financial satisfaction!
3. Fixed costs vs. variable costs
Differentiate your fixed costs, that is, obligations to pay month by month (such as rent, salary, and taxes) of your variable costs, which are those who depend on production and sales (such as inputs and raw materials).
4. Assign yourself a monthly salary
To obtain the billing target, iIncorporate your salary into fixed costs. You can start with a symbolic number and increase it little by little, as sales grow.
5. Don’t be afraid of numbers!
Ignorance breeds fear. The best thing you can do for your business is to know if it is profitable.
6. Get organized and create routines
Design spreadsheets to write down your expenses and daily routines to complete your movements.
7. Forget the myths and generate certainties
We often say “It is better to pay in several installments” or that a payment “it is without interest”, without realizing that When paying in cash, discounts can be generatedor that the monthly charges of the credit systems are part of the costs. Always analyze and do the math before making a financial move.
Take note of these seven tips, and achieve success in your finances!
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