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Financial Planning Tips for New Businesses

As a prospective new entrepreneur, what have you prepared? Maybe you are ready in terms of products and all other operational needs. You are really passionate about starting a business and making a lot of profit. But behind that, have you planned your business finances well?

With good financial planning, you will have a clear vision for your business. The most important thing is that your business cash flow is also healthy. You will know the amount of capital that has been spent and how much income has come in. If the two are not balanced, aka more capital is spent, you can quickly find a solution before you really lose money

In making financial plans for your new business, there are various tips that you can apply, including:

  • Set Financial Targets
  • When you first run a business, you need to set financial targets to achieve. This target is needed to estimate the amount of profit you will get so that you can use it to advance your business.

    You can divide your financial targets into two periods, short term and long term. Short-term financial targets usually last one year or less. Profits during this period are usually used to pay off capital debt, increase product diversification, and so on. Meanwhile, long-term financial targets usually last more than a year or even up to 10 years. You can use this financial target to build your own business, such as a studio and others; exporting products to various countries, and so on.

    With this target, it can encourage you to be more enthusiastic about running a business.

  • Create a Budget
  • The next step, you need to make a budget or budget for your business. Make a budget when starting a business, a monthly budget and also an annual budget. Then, note down what types of expenses are needed in each period. After knowing the types, you also need to set limits for each type of expenditure.

    Try to always make transactions according to the budget that has been set. Don't exceed your budget because that could potentially disrupt the stability of your business.

  • Separate Business Accounts from Personal Accounts
  • After setting targets and budgeting, the first rule you need to follow is to separate business and personal accounts. Create a special business account that functions as a place for business funds to go in and out. This will make financial records clearer and optimal because they are not mixed with personal needs. This separation of accounts can also help you to find out the real condition of your business, whether it is stable enough or not.

  • Create a Cash Book
  • When your business starts running, don't forget to complete it with a cash book. Prepare a business cash book, either manually or through several applications, such as Business Friends, Moota, Freshbooks, and so on. A cash book generally contains records of expenses in the form of capital and operational costs as well as the daily or per period income you earn. With this book, you can see how far your business has progressed, whether it has made a profit or is making a loss.

    Apart from that, a cash book can also record all the assets you own. Asset recording aims to find out the amount you own and to make it easier for you to carry out periodic checks.

  • Prepare an Emergency Fund
  • Lastly, you need to prepare an emergency fund. These funds function as security when your business is going through difficult times. This way, your business can still operate while waiting for a solution to turn things around.

    So how much is it? According to a Forbes report , you should save 10% to 30% of your annual income in the bank. The reserve funds collected will be at least worth your expenses for 3 to 6 months.

    Apart from banks, you can also place emergency funds in instruments that have higher returns and are less risky, such as money market mutual funds and deposits. This method can also be used as an anticipation to prevent you from taking emergency funds carelessly.

    So, those are five planning tips that you can apply when starting a new business. The better you plan, the greater the potential for your business to gain profits. As the founding father of the United States, Benjamin Franklin, said, “When you fail to plan, you plan to fail.

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