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Your SOHO Financial Goals and Objectives
You want to start making money real fast in your business. You're going after customers like a race car driver is going after the checkered flag and you want to hurry up and recoup the money that you spent establishing your SOHO business.The problem is that most SOHO businesses don't take the time to set up financial plans and budgets for their business.
When the cash flow comes, most owners misappropriate the money and then find themselves in a financial crisis. Business and personal items aren't separated and many owners get caught in a financial quagmire that they struggle to straighten out.
You have projected budgets for your business. Some SOHO business owners have the attitude that they don't need planning as far as their finances because they keep all financial transactions in their checkbook. There have the thought that they are just a 'home business' and that they don't need QuickBooks or Peachtree Accounting Software to keep track of their finances.
Business Accounting is different from writing totals in your checkbook. In setting up your financial modules, you must look at trends, profit and loss statements, account receivables reports and any other report that provides a picture of where your business is financially. This should be done on a monthly basis and the accounts should be set up to automatically reflect the type of business that you are running.
As a business owner, you should take advantage of the classes that are held through your city's business and economic development chapter. Most cities provide basic training in financial management and small business accounting. Most often, they will bring a banker or financial consultant to a meeting to talk to a group about the importance of business accounting and financial management.
You need to keep good financial records for tax purposes and for obtaining future financing. Many business vendors will request your corporate profit and loss statement before extending credit to your business.
And if you are ever thinking about selling your business (setting up an exit strategy) then properly kept accounting records are a must to maximise your selling price.
As a SOHO business owner, it's imperative that you set financial goals and objectives so that you won't be seeing red!
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