Monday, February 25, 2013

5 Steps To A Financially Rock Solid Business By Shontaye Hawkins




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.

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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:

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