Startup Foundations Success Tool #5

Using a Quick Financial Plan for making better decisions and keeping your business on track

This is my favorite tool of all the Online Business Foundations Success Tools. Why?

Quick Financial Plan for Staying on track with your online businessBecause you need to stay on track with you money! – especially profits, expenses and cash flow. Notice I didn’t say¬† The big “Sales” word. Good margins pay the bills – not sales. In my opinion small business has to be thinking about profits – how much am I making this month. This mentality helps you avoid the sales that will cost you valuable time and money perhaps from dealing with customers that cannot help you grow your business. There is plenty of overhead in small business including those home based businesses.

So this tool I like especially, because you can upload this to Smartsheet ( Smartsheet is real time excel like spreadsheet held in the cloud) and evaluate different growth senerio’s, expense senerio’s etc. which ultimately help make more calculated decisions regarding your spending you do to make more money. Like one saying goes: Its not the money you make , Its the money you keep.

Whether you are bootstrapping your online business startup or raising capital this is an easy tool to use to project revenue and expenses on growing your business.

In the next article I will round up my overall experience with this tool set and perhaps mention a few more that we are using this year to make better business and marketing decisions for greater profitability. cheers

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