ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

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.


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.


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!

© 2013 Ruchira


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)