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How to meet Financial Goals for Small Businesses

Updated on January 14, 2013
Small Businesses could yield benefits.
Small Businesses could yield benefits. | Source

Time is an essential element that is needed initially to start a business. If an individual is working and dreaming to start his own business, he needs to keep the passion burning and think of strategies despite his day job.

Initial Strategies to start your own small business

  • Think of an idea.

This is the prime focus of it all. Brainstorm an idea and research well on its pros and cons.

  • Plan a business strategy.

This will help you determine if this plan will require financing. If yes, then start developing a marketing plan to attract investors or entrepreneurs to your idea.

To start a small business in this kind of economy is quite a challenge since you have to look into your pocket for some extra funds or apply for a bank loan, or look for some private investor who can help fund your business.

  • Use the Social Media to attract investors.

Make your website using Word press and use the web to sell your idea and attract money.

Once the necessary funds are brought in via any source. It is time to do some planning.

Financial Planning

  • Learn everything about your business.

Read magazines, Follow professional websites related to your business, discuss on forums about the money market and how the global, national and local economy can affect your business.

  • Set short-term financial goals.

The owner could choose to embrace some techniques while doing business such as selling for profit or paying off debt or saving for expansion. Whatever you choose, stick to it and do not go back and forth. This will debilitate your goals.

  • Time yourself.

Once the goals are set in, observe in which direction your business is going. Setting a time limit will help you to be cost effective and also help you work efficiently towards your deadline.

  • Plan a budget.

Starting a business needs cash and the initial year could be a small turnaround. Be prepared for the above and plan accordingly.

  • Track your progress.

Once the goals are set, and business is running. Track your expenditures and income. This will help you understand if your short-term goals are worthy and if they should be made your long term financial goals.

Small Business Accounting Tools

There are some essential tools that are needed to keep track of your business progress.

  • Financial Statements.

Keep them updated since they are the primary accounting tool for any business. The most common statements are the income, balance sheet and cash flow statement. This when kept constantly updated will help with your financial goals and also help with the smooth operation of your business.

  • Accounting Software.

This is automated software, which allows businesses to keep their accounting information in check and help maintain their accounting records. A personal computer is needed to create spreadsheets to keep a record of their financial reports and statements.

  • Tax accountant

A Tax accountant should be hired to evaluate your financial operations related to business tax liabilities. A certified public accountant (CPA) will also provide the owners with other information related to small business deductions or credits that can help lower the business tax liability.

Resources

Many programs are available by the US Small Business Administration (SBA) to assist small businesses. The owner has to categorize his business into being either:

Once categorized, find the required help under the various departments.

Government surplus is another good place to shop for your business. They have information of various sites where auction sites are held. The owner can purchase a variety of things that include from furniture to computers, and office equipment in one place at a cheaper rate.

Conclusion

Now that your boat has left the shore. Do not turn back. Try your best to paddle this boat to another shore. Since you have done your homework well, you are bound to reap its fruits.


Good luck!

Comments

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    • profile image

      Olde Cashmere 

      5 years ago

      This is of great benefit for me Ruchira. Thank you for sharing this hub and highlighting the elements for success. Voting up and rating useful, interesting, and awesome :)

    • teaches12345 profile image

      Dianna Mendez 

      5 years ago

      I remember working at a small business and the first thing they bought was a financial software package and accounting software. This is so very important if you are going to be accountable and successful. Great suggestion!

    • always exploring profile image

      Ruby Jean Richert 

      5 years ago from Southern Illinois

      Well done Ruchira, your helpful tips will aid anyone wanting to start a new business. Best Wishes..

    • Frank Atanacio profile image

      Frank Atanacio 

      5 years ago from Shelton

      Ruch very useful and also the giving out the free accounting software links.. a big plus.. haven't checked it yet.. but I'll see what they have to offer too.. bless you

    • fpherj48 profile image

      Paula 

      5 years ago from Beautiful Upstate New York

      Ruchira...My hubby and I own 2 Home-based businesses and I want to tell you that your hub is Brilliant...just perfect. This is a must-read for aspiring small business owners. Thank you for sharing this knowledge with your readers. Peace. ...UP+++

    • Ruchira profile imageAUTHOR

      Ruchira 

      5 years ago from United States

      Thanks Lipnancy and Sephanie for your input.

      appreciate it.

    • Hawaiian Scribe profile image

      Stephanie Launiu 

      5 years ago from Hawai'i

      Wow, what a concise and helpful article! I'm bookmarking it because it is so helpful for the stage that I am in right now. Thank you and aloha, Stephanie - voted up, useful, interesting.

    • Lipnancy profile image

      Nancy Yager 

      5 years ago from Hamburg, New York

      I used to teach this to artists and it is as simple as making realistic goals and breaking them down into doable tasks.

    • Ruchira profile imageAUTHOR

      Ruchira 

      5 years ago from United States

      Thanks Janine. Appreciate your visit and kind words.

    • Janine Huldie profile image

      Janine Huldie 

      5 years ago from New York, New York

      This was truly a great resource for those who have or are thinking of starting a small business. Thanks for laying out here and have voted up and shared all over, too!!

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