Cash flow problems giving you headaches? Check out these simple budgeting tips from my OPEN Forum article, 5 Budgeting Ideas for Every Small Business Owner:
Managing cash flow is one of the most challenging aspects of being a business owner. Learning to budget, however, can help you overcome this challenge. Many entrepreneurs leave a secure job to run a business. When you do this, you move from earning a regular income to earning a more haphazard income, which can make personal budgeting difficult. The haphazard nature of business income is one of the risks of running a small business. The following tips will help any entrepreneur or small business owner reduce the risks by creating a workable budget for the business:
- Create a realistic cash flow projection.
- List your essential expenses.
- List discretionary business expenses.
- Reduce debt quickly.
- Never spend all of your profits.
For more details, continue reading at OPEN Forum.