Once you have defined the type of your business, it is important to organize the finances and make forecasts of taxes, investments and invoicing to ensure long-term stability.
For that, we advise you Divide your financial plan into three strategic steps:
1. General analysis of the situation
The first task is to do a list of all fixed expensessuch as equipment rental and service subscription for example, and then a list of all variable expenses: the idea is to be able to design from the beginning. In the event that you do not have one, you are always on time!
I defined how much money do you have to set aside monthlyleaving a margin for the increase of interest or the price of some component.
remember to do not confuse the cash flow of your business with yours: for this task you only have to consider the capital available for your venture. Next, categorize costs, assess whether all key investment areas are covered, and determine the ideal price for your product.
2. Forecast of different scenarios
With the numbers in mind, imagine the possibilities that could be in the future for your business.
What would be the return on investment if you dedicated a monthly amount to , for example? Or what would happen if that product that is your big bet does not sell as much as you expect?
Considers positive and negative situations and create solutions for each of them. It is worth separating short periods of time (such as blocks of three months, for example) and defining what actions must be taken to maintain the constant growth of your business and the balanced annual budget.
3. Development of an action plan
Finally, it’s time to define financial goals! For that, I set an average between the periods analyzed in the previous stage to see which were the most lucrative and calculate what it would take to continue advancing with the growth of the business.
The calendar, then, becomes your best tool: I chose the priority investments (those that are going to generate good results in the short term) to give the initial kick in your business and determine the dates to achieve the expected results.
You should make a realistic and feasible schedule in order to meet each objective in a timely manner.
Synthesis
If you carry out each of these steps with care and dedication you will achieve that your business is structured and prepared for success.
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