15 Tips For Small Business Owners Planning Their First Budget

1. Be Mindful Of Your Startup Costs

A first-time business is often started with emotions—it could be anxiety, enthusiasm, impatience, pride, over/underconfidence. These might spill over into unnecessary spending, like fancy equipment or software or high-quality brand investments. Don’t let your new identity dictate your expenditures. Consult peers to get an objective view or recommendation on things. – Lin Tan, Collective Change Institute Pte Ltd

2. Hire An Accountant

I was a CPA when I started my coaching business, but still needed help from one! CPAs can have access to ratios and percentages that are typical for certain industry budgets. Sometimes you can find those from a book. Most often, though, it pays to hire an expert to guide you through your planning. That way, you can focus on what you are good at with more security. – Roberta Moore, The EQ-i Coach

Read More at https://www.forbes.com/sites/forbescoachescouncil/2020/04/27/15-tips-for-small-business-owners-planning-their-first-budget/#6c586f0d5804

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