1. Keep your business account separate. Your business account should be used for business expenses and to deposit the accounts receivable only. Do not mingle your personal or household finances with business; it will make tax information more easily accessible.
2. Estimate your earning potential. Project the number of business approaches to prospects and the average sale per approach. Factor in what you want to earn per hour and know exactly how much it costs to produce your product or to bring your service to your customer. You can then estimate how many sales you will make over the year and what your income may be.
3. Set goals and priorities. Charting your course in financial matters, as in all other areas, depends on knowing where you want to go otherwise you can easily get lost. Set both short term and long term goals both personal and business and be sure to write them down.
4. Make sure to track your GST charged and spent. Remit GST payments and income tax installments as well as income tax returns on time. The penalties for late filing are steep.
5. Have an emergency fund. An important part of financial planning is to prepare for unexpected events so you are not forced to take on heavy credit card debt. Fund this account with monthly savings which can be used for your annual expenses or vacations and income tax installments. Making money in a new business can be challenging and an emergency fund will keep money relatively liquid and secure, to help during business slow times.
6. Set a budget for each aspect of your business, office costs, marketing, advertising, etc. Re-evaluate and adjust your plan and measure your progress to make sure that you stay the course.
7. Protect your income and assets. The good news is we are living through serious medical problems; the bad news for the unprepared is living through serious medical problems brings an added expense. For Self employed individuals if we don’t work we don’t make money. I encourage you to investigate different types of insurance to protect you and your family, such as term insurance, critical illness insurance and income replacement plans such as disability insurance
8. Invest in RRSPs. Most entrepreneurs are busy concentrating on building their business to the exclusion of future planning especially since we don’t have the benefit of an employer sponsored retirement plan. Although RRSPs are intended for retirement they can also be used in an emergency.
9. Have an up to date will and power of attorney. If you have minor children it is important to appoint a guardian for them, and plan to allow for the additional financial burden on the guardian looking after a larger family. Estate & Tax planning will ensure Canada Revenue Agency is not one of your beneficiaries
10. Don't rely on someone else. Throughout the years women have rarely been encouraged to interest themselves in financial matters; money was something that was often taken care of by fathers and husbands. Financial planning should be a family affair, so make sure you and your spouse are on the same page. We all have different money personalities and most of us are either Spenders or Savers. Conflict arises when spenders marry savers but when spenders marry spenders we are heading for a rough financial ride. Couples with different financial personalities can create a workable plan but they need to acknowledge their different spending habits first.
Are you prepared for the unexpected? In many instances, death, divorce, job loss, illness or some other unforeseen event can change a woman's situation overnight. No-one wants to think of divorce, but unfortunately approximately half of all marriages now end that way and there are always financial consequences. Women live longer than men and the divorce rate is at an all time high, so chances are pretty good we will be on our own at some time in our life. Stress causes a lot of health and marital problems, and as a matter of fact money is the number one cause of arguments between spouses or partners. Getting your finances in order and planning for your future will create success and balance in all areas of your life.
“It is good to have an end to journey toward; but it is the journey that matters, in the end”
Ernest Hemingway
Kim Castle
With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation.
BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them?
If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website
George Ludwig
George Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance.
Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson.
His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more.
George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website
Cheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com
Subscribe to Sharon's articles(Visit Sharon's Website)
Sharon has over 25 yrs experience
in the financial services industry.
She holds the Certified Financial
Planner (CFP) and the Financial
Divorce Specialist (FDS)
designations. Sharon is a member
of the Academy of Financial Divorce
Specialists and has completed
training to help divorcing couples
reach a negotiated settlement
around financial issues. Sharon is
instrumental in helping and
supporting her clients to gain
clarity and direction. She works
with women experiencing transition
in their life, whether from job
loss, the loss of a life partner,
or a relationship through
separation or divorce. Sharon
provides education and guidance and
takes the time to get a clear
understanding of her clients’
goals. She makes a difference in
people’s lives by designing a
Financial Plan which includes all
aspects of Financial Planning
including building wealth,
protecting clients and their
families against illness and death,
cash flow, retirement and tax
planning. She has always put her
clients’ needs above her own with
encouragement and support no matter
what obstacles life throws in their
way. She has helped many families
achieve a comfort level in their
financial lives, knowing she is
looking out for their best
interest. Sharon is also an
experienced speaker on topics
relating to women such as “Insights
to Financial Transitions”, “Worry
or Wealth”, “Financially Planning
Your Divorce” and more.
Sharon Alderson is a Silver author on EvanCarmichael.com
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