Budget. As an entrepreneur you’ll eat, sleep, and breathe the budget. Every dollar spent affect your business’ budget in some way. If you create a sound budget from the beginning, you can rest easy.
How do you know it’s working? Track your return on investment (ROI). There are plenty of ROI tracking metrics that help you determine if you’ve been conducting some smart spending. Most people are concerned with overspending, but not spending enough should be a concern as well. Take your numbers and compare them to the competition. Are there major gaps in your spending?
The best way to keep your business on track is to hire a great accountant. You need someone that’s been around the block a few times and can help you sort out the “who, what, where, when, why, and how”. If you can’t afford one right now, or if you just want to expand your finance know-how, CLICK HERE to subscribe to the Professor Savings YouTube channel.