How to Set Financial Goals for Your Small Business | 23

Struggling to get your business finances under control? In this episode, I’m breaking down exactly how to set (and actually achieve!) financial goals that make sense for your small business.

We’ll dive into assessing your current situation (yes, even if you’ve got that dreaded shoebox of receipts!), creating realistic milestones, and building a practical action plan that won’t overwhelm you.

Plus, I’m sharing my favorite tools that’ll automagically make tracking your finances way easier.

By the end of this episode, you’ll have a clear roadmap for taking control of your business finances – no fancy MBA required!

Here’s a breakdown of the episode:

• Understanding Your Income
  • Identifying primary revenue streams
  • Analyzing client concentration and pricing structures
• Tracking Your Expenses
  • Differentiating between fixed and variable costs
  • Tools for expense management
• Cash Flow Management
  • Payment cycles and emergency fund needs
  • Growth investment requirements
• Setting Realistic Financial Goals
  • Aligning financial goals with lifestyle aspirations
  • Short-term vs. long-term objectives
• Creating Your Financial Action Plan
  • Weekly, monthly, and quarterly action steps
  • Recommended tools for financial tracking

Resources mentioned:

This page contains affiliate links, which means I receive a small commission if you make a purchase using this link. For more information, see my full disclaimer here.

• Finance Dashboard – spreadsheet based accounting system available for both Google Sheets and Excel
• Freshbooks – online bookkeeping tool
• Profit First – book I recommend for advice on setting profit margin targets
• Fearless Finances – Gain the knowledge you need to get a crystal-clear vision of your financial health. Includes forecasting and cash flow projection tools.
• Ultimate Business Budget Toolkit –  easy-to-use spreadsheet system for creating and managing your business budget.
• YNAB – budgeting app
• Thrivecart – shopping cart / payment software
• The Organized Business Toolbox is my monthly membership for solo entrepreneurs who want to feel in control and take imperfect action to move their businesses forward.

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Related episodes:

• Budgeting Tips for Solopreneurs: How to Manage Your Finances
• 5 Solopreneur Strategies for Smarter Money Management