5 Steps To A Financially Rock Solid Business By Shontaye Hawkins

By



A financial management system is a critical component to building a profitable business yet many entrepreneurs start businesses without putting one in place. Let’s be honest, you’re in business to make money, right? Then why neglect creating and implementing a system that will help ensure you achieve the results you desire?

Putting key foundational systems in place is a proactive approach to building a successful business that I believe begins with having a vision for your business. Your business vision should be so big that it excites and scares you at the same time. That vision should drive your actions which should be driven by the goals you've created. So, why is it so important to have a financial management system? Well, it helps you make better informed decisions about which strategies will grow and boost the bottom line. It will reveal the real cost of doing business and whether or not you’re charging enough for your products and services. Below are 5 key steps that will take the complexity out of creating a financial management system for your business. 

5 Steps to Creating A Financial Management System
  1.  Set up a business bank account.
  2.  Create an annual budget for revenue and expenses (break it down into monthly amounts).
  3.  Decide who’s going to handle the recordkeeping – you, a bookkeeper, a VA?
  4.  Decide on a system (tool) to track, organize and manage your revenue and expenses. (Sources to consider: Freshbooks, Outright, Wave Accounting, Quickbooks, inDinero, Simply Accounting, Mint)
  5. Set a date to review the performance of your business on a monthly basis, preferably within the first 3 – 5 days of the month. This review should include looking at your actual revenue, expense versus what you budgeted for revenue and expense in that month.
To Learn More About Building a Financially Solid Business, Grab Your Free Audio Gift at www.KeepMoreProfits.com. 

Bio:
Shontaye Hawkins, Business Success Coach is the CEO of Emergence Success Solutions, the premier coaching company for entrepreneurs. She worked for Fortune 500 companies like Goldman Sachs to build wealth in excess of $1 billion and attract high net worth clients/investors. She now helps entrepreneurs create massive growth, success and profits in their businesses!

Learn more about Shontaye and connect with her below:
Email: shontaye@emergencesuccess.com 
Website: www.EmergenceSuccess.com
Facebook: www.Facebook.com/ShontayeHawkinsCoaching
Twitter: www.Twitter.com/ShontayeH

Comments

Post a Comment

Popular posts from this blog

50 BOSS Members To Follow On Twitter

By
Image
March is officially “Women’s History Month” and it seemed only right to highlight some amazing women who represent leadership, and support the BOSS mission.  This list is compiled of women who I respect for taking 100% responsibility for their destiny and striving to be change agents for the next generation of young women.  We salute them and you should too… just follow them on Twitter to be a part of the greatness.  You can also follow me @MsCityGlobal and let’s continue to make history one BOSS at a time. @aliahPR Aliah Davis,  Founder of PR-Diva.com and Aliah PR http://www.aliahpr.com @AnikaKai Anika Jackson, Founder of AnikaKai Events http://www.anikakaievents.com @authenticnoise Antoinette Arnold, Authentic Noise PR agency http://www.authenticnoise.com @SmBizFinance Antonina Geer, Founder and CEO of Simplistic Financials, LLC.  http://www.simplisticfinancials.com @artdeal Artiatesia Deal, Creative Principal at ArtDeal Designs http://www.artiatesiadeal.com @artieka
Read more

BOSS & Sage Announce 2024 Invest in Progress Grant Winners

By
Image
We’re excited to announce the recipients of the 2024 Invest in Progress Grant, a collaborative initiative by Sage and The BOSS Network . This partnership has seen Sage commit funding over three years to empower small businesses with the resources they need to thrive. The selected recipients stand out for their dedication to community, entrepreneurial spirit, and a desire to grow their professional skills.  Each will be awarded a $10,000 grant and gain access to a year-long monthly mentorship program through BOSS Business University. This online platform is designed to provide the tools and knowledge necessary to successfully launch or grow a business. The partnership, in its third year, received almost 12,000 applicants nationwide. This year’s winners also feature four members from each of the Divine Nine sororities—including Delta Sigma Theta Sorority, Incorporated; Zeta Phi Beta Sorority, Incorporated; Sigma Gamma Rho Sorority, Incorporated—the National Pan-Hellenic Council, Incorp
Read more

Empowering Black Women Founders: A Call to Action for Public and Private Sectors by The BOSS Network

By
Image
In recognition of National Women's Small Business Month, we find ourselves at a critical juncture where our actions can make a profound impact on the lives and aspirations of Black women founders in Atlanta. The BOSS Network is proud to unveil its new research report in partnership with Sage, "Voices of Strength: Pathways to Success for Black Women Founders." This research sheds light on the unique challenges these entrepreneurs face. While we celebrate their remarkable resilience and passion, it is imperative that we step forward to provide the support they urgently need.  Access to Capital, Digitalization, and Mentorship Challenges The report's findings reveal a stark reality: despite being the fastest-growing community of successful entrepreneurs in the US, only five percent of surveyed Black women founders in Atlanta have secured funding through business loans or venture capital funds. Additionally, only 20% are familiar with the process of applying for and recei
Read more