I’m so excited for the upcoming Finance Fundamentals For Entrepreneurs workshop on Jan 29th. We already have a great group signed up! I’m also super excited to be leading another accelerator for Her Corner in D.C. I’ve been leading them for years and am thrilled to start another one. If you are a Woman Business Owner that wants a top-notch curriculum, support for other successful business owners and oh yeah - increase your revenue by double digits - then check out this program!
To help you with your business as a Startup or Entrepreneur or Freelancer - I’ve put together more tips and guidelines to keep you on track financially and make more money!
KPIs (Key Performance Indicators)
I've talked about this before but here are specific ones! My clients that keep track of certain numbers consistently on a monthly basis, see their revenue grow! Numbers to track consistently: Revenue, Gross Margin, List of Prospects, Social Media Followers, Email List. Tracking them monthly will give you such insight into growth opportunities.
Who’s On Your Team?
Many of us start out solo. Or even if we have a business partner, we need to create a team that supports us in many ways. The easiest way to start is a Bookkeeper and/or CPA that you can rely on and ask questions regularly. The next step is to create a board. While this board might be informal, it should be mentors or business leaders that round out the areas you might need more help with. For example, I’m part of a board for a startup and while this board is informal, the Founder and I talk once a month and help her get unstuck and move forward. You can also create your team by attending startup classes and workshops, such as Finance Fundamentals For Entrepreneurs workshop.
Time is Money
A powerful exercise is to truly plan your week and not just fill it with "after the fact” and “put out the fire” and “answer email” activities. Plan first your weekly schedule with marketing tasks that directly lead to revenue (i.e. 10 emails a week to prospects) and then business growth and then strategic scaling operations responsibilities.
Cash is King
Cash flow can be your biggest challenge so prepare for any hiccups or challenges. An easy conservative move is to create a business savings account.
Accounting Software
Even if your expenses are minimal or your business isn’t complicated, make sure you have one that is updated regularly by you or a bookkeeper. It’s an integral and excellent habit to start and figure out now before your business gets complicated. Check out Bench, Quicken or this article that lists the pros and cons of many different ones.
Don’t forget to check out:
Finance Fundamentals For Entrepreneurs workshop.