User’s Guide to Online Business Budgeting and Financial Management

Creating a working business budget and financial management plan for your online business is of utmost importance.

 

 

Not only is it necessary for tax purposes but it also allows you to make business decisions based on the facts rather than guestimates. But that's just the tip of the iceberg. There are many reasons business owners should have use a budget and manage their finances. Let's look at a few:

• Better Plan for Expenses – A budget allows you to better plan for future expenses. With a budet and a plan you can replace high-ticket items like computers when necessary and also factor in saving money for that fun mastermind beach trip you keep missing out on.

• Analyze Expenditures for Change – When you know how much you have coming in and going out and can better predict future earnings and expenses, making it easier to make business and life changing choices.

• Helps You Focus on Your Goals – Setting a goal is only the first step. If you haven’t broken that goal down into the real action steps to see it to fruition, you’ve wasted your time. When you have a budget, you can better plan when each step of reaching your goal will be accomplished.

• Sheds Light on Bad Choices – Budgeting and smart financial management will highlight bad choices you’ve made so you don’t do them again. Without this data, you may not even realize how much of an impact it had on your business.

• Sheds Light on Good Choices – Likewise, you probably have made some good gut-based choices that turned out to be amazing and insightful. Looking at the numbers will help you repeat that success.

• Cuts Down on Decision Making Stress – Making financial decisions can be stressful, especially if you don’t know where you stand or what the near future looks like. Being able to look at your bookkeeping records alleviates much of this stress.

• You'll Know When It's Time for a Raise – When you’re on top of your business finances, you'll know when you've reached a point where you can give yourself a raise.

• Allows You to Enjoy Your Success –. Financial management enables you to enjoy your success more. It not only gives you to have peace of mind knowing your finances and bills are taken care of but it also frees up time to enjoy life more.

• Stop Living Month to Month – Living paycheck to paycheck is tough. While it may be necessary when first starting your business, if you budget and manage your finances well, it won't be long before you’re the paycheck to paycheck lifestyle is a distant memory.

Many online business owners have no idea from day to day or even month to month what they’re making or spending. They only find out when they do their taxes at the end of the year and are usually shocked at what they see.

With all the software and resources available, there's no reason for poor money management. Take the time to choose a program and set it up. Add bookkeeping into your schedule as a daily or weekly task. Or if you abosolutely hate financials, hire a bookkeeper to do it for you.

 

Setting Up Your Business Budget

Now that you understand the importance of budgeting let’s look at the ways that you can make a budget for your business right now, whether you’re earning money already or you’re in the start-up phase. We've included some worksheets and spreadsheets to help you out, but don’t be afraid to use budgeting or accounting software too. The first step you need to take is to set up a monetary goal for your business based on the reality you are currently living in. For example, if you want to make 100K this year, what exactly will it take? What will your expenses be if you’re making that much, and what will be required of you to make that much? Is it realistic, or do you need to move slower?

 

Get Your Finances in Order

Before you can create a budget and manage your finances, you need to know where you stand right now. For your business, this means adding your sources of business income and expenses, differentiating between the fixed expenses such as website hosting and variable costs like contractor wages or advertising. Only count what’s happening in your business. Once you have a working budget, you’ll be able to use that information to make better decisions when it comes to your business and making money. You’ll know how much you want to earn and, more importantly how to get there. To help you get started, we've included some spreadsheets to assist you with creating a budget and tracking expenses. We've also given you several worksheets and checklists with ideas for generating more money for your business.

Let’s Talk About the Templates and Spreadsheets …

Our goal every month is to make things simpler for you…to make it easier for you to reach more people in your business and get more sales. With that in mind, let’s look at this month’s templates and planners.

Better Online Business Financial Management

Use this list checklist to help you document every expense incurred throughout the month for the business and which expenses were more beneficial to your business’s success.

Better Business Finances Checklist

Use the following checklist to ensure you are creating a budget you can stick to, tracking your money and managing your business finances smartly.

More Profitable Product Launches Checklist

Use the following checklist to ensure you receive maximum results from your product launches. Create a product specific for them and market in ways that reach the most people in your target market.

Online Business Purchase Wishlist

Use the following worksheet to track items you want to purchase for your business.

More Profitable Advertising Campaigns Checklist

Use the following checklist to ensure your advertising campaigns generate big returns by knowing your target markets’ needs, buying motivations, and expectations.

More Profitable Email Marketing Campaigns Checklist

A profitable email marketing campaign starts with knowing your audience, their wants, needs and more. Use this checklist to create more customized messages for them.

Advertising Budget & Results Planner

Use this spreadsheet to help plan & track your advertising budget and the results. There's space to plan the cost what the actual cost was and if there was a return on investment from the advertisement used.

All-In-One Tracking Workbook

Use this spreadsheet to help plan & track your email budget and the results. There's space to plan the cost what the actual cost was and if there was a return on investment from the email campaign used.

Email Marketing Budget & Results Planner

Use this planner to help plan & track your email marketing budget and the results. There's space to plan the cost what the actual cost was and if there was a return on investment.

Online Business Budget

Use this Online Business Budget to assist you with creating a budget and tracking expenses in your business.

Online Business Budget Expense Tracker

Use this Online Business Budget Expense Tracker to assist you with keeping track of all the expenses in your business.

Product Launch Budget & Results Planner

Use this planner to assist you in budgeting for your product launches and keeping track of all the expenses and results of the launch.

As you can see, everything included in this month’s journal spreadsheets and planners, will help you leverage the power of content creation in your business.

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