Owning or starting your business is an exciting endeavor. There are dozens of tasks every day that require your attention. Managing your business’s finances is one of those tasks that cannot be neglected if you want your business to succeed long term. As a recent article published by America’s SBDC keenly pointed out, “Money is the lifeblood of your business… A whole industry is geared to keep your finances on an even keel — ignore them at your peril.†If it is not obvious where the money is going or how it is coming in, how can you truly know the state of your business? Take a moment to review a few basic components that you will want as part of your business’s financial strategy.
Make a Budget and Stick to it
A household that wants to remain financially stable needs a budget, and this is the same logic to use with your business. Making and sticking to a budget for your business will prevent the organization from overstretching in areas you cannot afford, or allow you to know when you have saved enough to justify making those upgrades. A budget needs to be reviewed regularly, and the schedule for reviewing will be determined by the type of business you own. Get the timing right for your particular business at the upcoming West Business Development Center workshop, Foundations of Finance.
Get Organized Early
As you build your business you will want to keep track of all of your financial numbers, even if you are just starting out, and some of the columns may still be at zero. As time progresses and the business grows, having organized systems in place for tracking your finances will keep you organized and ready for growth.
Design an Emergency Fund
Businesses, especially new businesses, do not always have consistent income month to month. This is why it’s wise to plan for off-season funds for your organization in order to cover expenses during those slow periods. An emergency fund will also help cover any unseen costs or natural disasters that may befall your business. To learn more about emergency preparedness for your business, check out our Emergency Preparation Program here.
The bottom line is: if you are not tracking the funds, you could be losing money or wasting valuable time. Understanding your business’s numbers will help you cut costs and give you a better understanding when making future decisions.
West Business Development Center has the perfect workshop for you to learn and review the business finance basics, called Foundations of Finance.
Whether you are new in business or have been in business for years, this workshop will keep you up to date and provide you with the basic principles that make up the four key financial reports every business owner needs. This includes income statements, balance sheets, budgets, and a cash plan. Learn how these reports are built, what they mean, and how you should be using these reports in your business.
Foundations of Finance is taught by Rachel Clark, who will show you how to understand the key financial statements, strategy for missing statements and key tools to use for your business’s financial success. Rachel Clark has been an EMyth Business Coach for 14 years, helping clients transform their businesses and lives using the tools, methodologies, and principles of the EMyth coaching program. Sign up now this exciting workshop and webinar series, Foundations of Finance, offered in Ukiah February 11th and Fort Bragg February 12th, from 9:00-11:00 AM.
Foundations of Finance – Ukiah
Instructor: Rachel Clark
February 11th, 9:00 – 11:00 AM
West Business Development Center
185 E Church St.
Ukiah, CA
Foundations of Finance – Fort Bragg
Instructor: Rachel Clark
February 12th, 9:00 – 11:00 AM
West Business Development Center
345 N Franklin St.
Fort Bragg, CA
Learn more about West BDC’s upcoming Workshops here
Free Business Advising at West Business Development Center
If you are a business of one or a company of 100 employees, at any stage from startup to established, WestBDC offers free business advising — on whatever topic you might be stuck on. If it’s finding the right loan to expand, staffing your business with the right people or even just wading through new minimum wage requirements, we have experts ready to help you right now.
Click here to sign up for free advising. We’ll schedule a free, thirty-minute call and then we’ll assign you the free expert advisor you need.
See how these successful businesses set up, grew and expanded with West Business Development Center Free Advising services:
Frosted: Cupcakes & Goodies, Fort Bragg
Peace and Plenty Farms, Kelseyville
Smithwood Mercantile, Mendocino
To see more Client success stories check out our Client Stories or our YouTube channel
Are you a woman-owned business?
Please join us for our monthly networking events where you can meet other women entrepreneurs and share best practices, knowledge and make friends.
If you are a women-owned business and are interested in hosting Women’s Mendopreneurs Empowerment Night we would love to hear from you! Send us an email at events@westcenter.org
