Three Tips Every Female Entrepreneur Should Know About Business Budgeting
OK there is nothing sexy or fun in creating a budget or saving money. Well maybe there is something sexy in saving money. But not in budgeting.
Every smart entrepreneurial woman needs to learn to budget. The truth is if you're not paying attention to your finances your probably losing money. And that is certainly not sexy!
So here are 3 tips every female entrepreneur should know about business budgeting.
Tip #1. Set up a business budget. A business budget is simply taking the time to know how much money you have for your business and knowing where you are spending it.
As your income grows so does your business budget. It is amazing how many of us start our business without really creating a budget. But a budget is more than just numbers; it is a guide of where you are at, where you are going, and where your return-on-investment lays.
Tip # 2. Take the time to document ALL your income and expenses. Setup an Excel spreadsheet to get started. We all know, when you are a female entrepreneur there will always be a few "bumps in the road."
Let me share one budget line item that we all fear but it is a very important one in order to grow our business - MARKETING.
Tip #3. Review your budget regularly. Depending on the size of your business and how many transactions you have occurring, will determine how frequently you need to review your finances.