How I Keep My Business on Track with a Budget
Running a business successfully maintaining the budget is not a matter of joke at all. At the initial time when I thought of having my own business I came to the field with a great charm and loads of dream in eyes and plans n mind. But once I got introduced with the market it was not that easy to al with it.
At the initial days I planned so many home parties, assignments, meetings etc but it did not take much time to make me fed up. Then I just gave myself some time and followed certain business running around me and the picture was quite clear. A sudden decision, huge amount of capital is enough to run a business successfully no matter that is small or huge.
I started a new business all over again and then the first thing I took in was I was spending a lot unnecessarily and for a business to grow good and faster this is never a good issue. I at back and penned down all my basic necessities. This process helped me a lot in jotting down my budget in a boundary and I could run the business much smoothly.
Initially I was not actually a completely business minded person but as said steering other business I got the basic needs of business and kept that at the prior position from the view of expense. Such needs are like
1. Networking: As we all know networking is a very important part of a business and I made a fixed budget for it. I got involved to the local commercial committee which I found most relevant for investment as the cost was much lower than other. But it was not a sudden decision. Before going for it I hopped around several networks and explored my option.
2. Advertising: Actually the business I started was highly depended on advertisement and this was another sector for which I fixed a standard budget. At the starting of my business I met several sales people knocking my doors to offer me several schemes and claiming that adopting those I will reach the public. I made a number of mistakes and so a lot of money flowed from my account. Then again I sat back and papered down the budget. Concentrating a certain budget only for this purpose and this made all my budget calculation easy.
3. Preparation For unbearable debt: There is always a risk factor involved in any kind of business. When I started my business took away some money to invest in times of bad debt. Although it was very tough to determine the exact amount of debt though the amount of money I saved for it helped me a lot in times of trouble.
4. For Customers’ Gift: Gift and offers are things that attract customers to the business. Hence I included this expense into my budget. At the beginning I started with small gifts but by the time I brought in some excellent gifts and offers for my customers and that in turn gifted me a commendable amount of profit.
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Category: Business
