Finance Tips For Small Businesses & Entrepreneurs

28 April 2008 Written By: Jim KukralComments: Comments

Make money teaching a class at Prfessor.com

I’m bad with finance. I mean, really bad. It’s the weakest part of my game. So I always look to the experts to help me out. I ask a LOT of questions and I let them do their jobs.

In today’s video, I get get some finance tips for small business owners from Elizabeth from Growupstrategies.com. Enjoy.

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  • Love all your applications with video-now do a 'how to' do how you got everything up on video-it's probably So Easy for you at this point. :) Emjoyed watching Eliz as well.
  • Thanks. I have a "tell all" free guide coming out shortly. Keep an eye on this blog for the release date.
  • Great interview - I love watching Elizabeth's videos! She really has some great stuff to share!

    Jim, why do you switch video players? Is this a strategy you recommend, or are you just trying the different ones out?
  • Yeah, I need to pick a player and stick to it. I'm just testing them all out. Which ones do you prefer?
  • I love YouTube for the potential reach, but, I'm finding that I really love Viddler more for what it provides. Easy uploading that seems to take care of itself for you - longer (bigger) videos are no problem, and the community there, although smaller than YouTube - is really cool!
  • You get a bunch of Gregorian monks together for the opening jingle? It makes me want to sit quietly and bow my head.
  • Ha, yeah. No, actually, a guy named Cliff where I work did it. Recorded all 4 tracks separately then mixed them together.
  • Hi Jim! I was inspired to respond to your post today as it relates to finances and give a little advice of my own. The biggest problem most entrepreneurs face when it comes to finances is that most owners don't know what their financial statements are, let alone how to use them. As your guest Elizabeth mentioned, cash flow is the key. We have all of our clients pull together a 90-day projected cash flow statement. This is a day-by-day estimate for the next 90 days of what they think their cash position will be. Might sound complex at first, but it's actually pretty easy. Start with your cash balance today. Next, project all your incoming cash by day (or perhaps by week to start if you can't pin it down to day) based on your Accounts Receivable and projected new sales. Add this to your beginning cash number. Next, subtract out your projected expenses by day. Things like payroll, Accounts Payable, rent, utilities, software licenses, etc. Basically what you want to do is capture all the cash inflows and outflows for your business. What we tell all of our clients is that "if you can't do it on paper, the chances of you doing it in real life are pretty slim as well!" If you'd like a sample of the spreadsheet we give to our clients, let me know and I'd be happy to send you a copy.

    -Adam Sonnhalter
    www.AskTheBizCoaches.com
  • PDA
    Much more relaxing and easier on eyes. I love videos over text :D
  • Thanks dude!

    Yes, I do have a "Money Meeting" with myself every week, just 15-20 minutes, where I go over a marketing & sales report for my business (tracking stats re website, eZine, blogs, video, inquiries, sales, affiliates), and check to make sure nothing wacky is going on w/ my bank & merchant accounts.

    Just start small, in bite-size steps, and you can gain control of your cash flow & small business finances!

    ~ Elizabeth
  • Yes, I do have a “Money Meeting” with myself every week, just 15-20 minutes, where I go over a marketing & sales report for my business (tracking stats re website, eZine, blogs, video, inquiries, sales, affiliates), and check to make sure nothing wacky is going on w/ my bank & merchant accounts.
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