The 2009 90 day Challenge 4
by Bruce Wade on 03/11/09 at 7:00 am
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With only 60 days left in 2009 we look at the fourth of the 90 day challenge projects; Financial Planning. There are just four areas that require focus when it comes to financial planning;
- Startup costs – what is required to start your business or to launch a new venture within an existing business. Always think big but learn to start small. Plan to start with nothing and
grow to have something. Do your homework, walk the second hand shops and auction houses, they have great bargains. List and cost everything, get a true sense of reality. - Sales forecast – when doing a sales forecast be realistic based on market research. No company grows sales by 450%. I have seen too many business plan where this page is just a laugh. Remember to look at seasonal cycles and trends.
- Cost budgets – list all your fixed and non-fixed expenses. Again list everything. It is amazing how much money just ‘disappears’ in a business on consumables like coffee, toilet paper and ink.
- Management Reports – if you do not yet know how to read a set of financial management accounts, set this as your only goal for the next 90 days. Go buy a book, chat to someone, do a course, do something. Please.
According to my friend and EI associate Clive Bydawell: he says that financial wealth is not money in the bank it is a paradigm shift that we all need to get to. The rich will always get richer. It is because they understand wealth and the rules that sustain it.
Bruce Wade is a survivor of the corporate and NGO world, author, speaker, business owner and entrepreneur, Bruce now runs the Entrepreneur Incubator; a member based organisation dedicated to serving those in the trenches of business through coaching, mentoring and leadership education. View more articles by Bruce Wade.
Tags: 90 day challenge, Financial Planning
