IntroducingHow to Create a Budget Plan for a Small business?
Chetha A. Yim
Published on
Today, we have compiled 4 key tips for you as an early business owner or freelancer to take into consideration, that could help you create your budget plan to kick off your business in the right path. Here are our 4 keys take away:
Measure Your Cost Structure
Record and estimate your future expenses accurately. To estimate appropriately, you should add 30% -40% on the total expenditure to avoid insufficient capital.
Understand Your Revenue Stream
The mistake that can easily get when you first start the business is not knowing the source of your income. You should take as much time as you can, to define your business revenue stream and maximize out all the potential streams that you may get from.
Prepare Capital for loss for at least the first 6 months
One thing that business owners do not often take into consideration is the rainy days, when there are few to no clients to buy your product/service at all. If not prepared well, you will be shocked by how vulnerable your business can be without having any capital reserve.
Know how to manage your financial data
Beside understanding the cash flow and cost structure, you also need proper tools to help you keep track of all the activities and data. Having an invoice management system that is user-friendly and compliant is a boost to any small business to get your mind to focus on important things, while spending little time on the software and still get the best of it.
Invoice Management System of Your Choice: Polymer Invoice
Polymer Invoice is an invoice management platform integrated with accounting books and QR payment gateway that helps Cambodian SMEs streamline their invoicing process from issuing invoices to recording payments with ease. Sign Up Now!