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How to Budget When You First Start Your Business
Manage episode 454994544 series 3616931
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In this episode, Steve and Dom discuss the importance of budgeting in business, emphasizing the need for a financial game plan from the start. Dom shares his experiences with budgeting software like YNAB and the Profit First method, explaining how to allocate funds effectively. They also delve into the differences between revenue and profit, the significance of cash flow management, and strategies for automating customer billing to improve financial health.
Takeaways
A financial game plan is essential for business success.
Using budgeting software can help manage finances proactively.
Understanding the difference between revenue and profit is crucial.
Cash flow management is key to avoiding financial stress.
Automating customer billing can improve cash flow.
Setting target percentages for expenses helps in budgeting.
Reading financial books can provide valuable insights.
It's important to know your overhead costs from the beginning.
Continuous learning and adaptation are vital for business owners.
Budgeting should be a daily practice for business owners.
To find out how MicroSky can help you head to microskyms.com today
Books mentioned in this episode:
Profit First Method: https://amzn.to/4g7JatM
YNAB: https://amzn.to/4g7JatM
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