October is National Financial Planning Month – which means it’s the perfect time for small business owners to set their business up for financial success. Whether your business is just getting off the ground or is already well-established, it’s essential to set a financial plan every year in order to see success and growth in the long-term.
If you want your business to flourish this next year, here are three important action items for you to take this Financial Planning Month.
Set a budget
If you don’t already have a budget set for the upcoming year, now’s the time to set one. It’s important to have a plan for how you will invest in your business and set it up for steady, long-term growth. By setting a budget, you’re avoiding reckless spending and can keep yourself and your business accountable throughout the year by cross-checking your actual spending with your budget to see where you’re tracking.
It’s okay to give yourself some flexibility because there will always be unexpected events that may throw off predictions, but try to keep to your budget for the most part in order to build an upward trajectory of growth.
Look for money-saving opportunities
There are plenty of ways to save money in all aspects of your business – but it’s important to understand where you can save money and where you should invest it.
For example, a small flower business getting off the ground would benefit from investing more ad dollars on social media platforms like Instagram, but it can probably save money by ordering delivery packaging from a budget-friendly company.
Switching to a cloud-based business phone app is another way small businesses of all kinds can save tons of money without sacrificing convenience or efficiency.
In fact, businesses can improve efficiency, convenience and privacy when they switch to NetLines. Employees can use their own mobile devices for business communication without revealing their personal number, so think of it as adding a second phone number without the hardware.
It’s an easy switch, and it starts at only $9 per month, whereas a traditional business phone line can cost upwards of $30 per month.
Plan for the unknown
With an election coming up and the world still facing the COVID-19 pandemic, there’s a lot of uncertainty right now that could affect your small business. Make sure you have a plan for what’s to come and consider giving your business a cushion of extra savings to dip into just in case the country faces more economic hurdles in the coming year.
It’s a tough time to get a small business off the ground, but if you play it smart, your business can still be successful. Check out our tips for successfully launching a small business during the pandemic.