Are You Spending You Money Right?

 

The idea of building a better future is a good start. It’s just a matter of how you can make that possible. Taking that leap from being an employee or stay at home mom to an entrepreneur can truly be risky and scary. So, as I have always advised my clients, it should always start with a good set of goals and a great business plan. However, having a solid business plan may not be a guarantee that your business will not fall off the cliff due to overspending. Why? Because there are things that you, as an entrepreneur should look into to ensure that you are walking through the right path. And it is unfortunate that there are entrepreneurs who rarely realize the mistake until it gets them down the hole. Missing out the overspending for months or years can significantly affect the business which could lead to its collapse.

 

Strengthening Your Financial Power

Entrepreneurs may find themselves on the brink of bankruptcy without even realizing where they did wrong. In their minds, they have made everything possible for the success of the company and yet could not find where the errors are. Sleepless nights and troubled days can lead anyone to a nervous breakdown. Fortunately, with an in-depth analysis and willingness to change your “unrealized” bad habits, you can save your striving business and slowly reach your goal.

How do you prepare your company from sudden bankruptcy?

1.      You know how technology can be a tremendous help to a business. And you can see how many people have embraced building a business online. And during these times, the internet, I could say, is the biggest savior to all of our striving fellow countrymen. However, one should also be aware of how to set a limit in spending on technology. For instance, Facebook has become the primary social media used in building and promoting online businesses. Through sponsored ads, individuals are likely to see from their news feeds certain products or services that they are likely to avail of. For businesses, in order to get across the right people, they have to set their target market as well as the amount that they are willing to spend on marketing. As a business owner, you get to control all of these. Now, you just need to establish a set budget for a certain number of days or weeks and how extensive would you want your products to be advertised. I have heard others spending Php5000.00 a week for featuring their products and yet they just earn about Php20,000.00 a month. Maybe for some, having a small loss at the beginning would be okay, but of course, if you will just be posting those ads without much thought about the kind of products or services that you offer, then you are just losing money and wasting your time. Be wise in introducing products that can solve people’s problems and at the same time create interesting posts that can easily lure mere onlookers into customers.

2.      Let’s say you have started your business for some time and you have noticed that you have reached your ROI. So, what’s the next step? Is it to travel? Purchase the latest iPhone? Expand the business or place it on an investment perhaps? There is no right time than now if you think you have the money to invest in another business or real estate or the stock market. Here’s one thing you should know about investing. Although this seems to be a good source of money, you need to ensure that you only deal with legitimate companies and that you have the EXTRA money for it. I have seen others wanting to start an investment because they offer can be quite tempting, but if it would end you up having difficulties managing what is left on your bank because of other obligations, I suggest that you only pursue this step if you have stabilized your business well and that taking out a certain amount from your bank account would not affect your regular spending needs in the business and your family.

3.      Have you noticed how many celebrities suddenly created YouTube accounts for the past months? It is because their careers have severely suffered during the pandemic. Not having tv shows or movies doesn’t mean they have to stop doing what they do. Good thing there is YouTube to help not only celebrities but as well as ordinary people. If you have a good following on your social media accounts, you can turn it into a “money-machine”. Simply create outstanding content that would tickle the minds of your followers. With this, it can be a good source of engaging with more customers in the future. This may take a lot of work since you can only start monetizing your site once you have reached a certain number of subscribers and the number of hours watched by your virtual audience. Not bad, right? Monetizing your digital presence can do wonders for your company. With your company’s wide exposure on the internet, there are people who might just plan on raining on your parade. Therefore, make sure to maintain a clean image and that you entrust your social media accounts to the right people.

 

It’s a total waste of time and effort in building a business if you will just let things fall out of hand. Avoid bankruptcy by creating back up plans on how to continue your business when interruptions such as the pandemic occur or to explore areas on how you can expand your business without overspending.

 

If you are just starting with your business now, don’t be afraid of all the risks that happen in the future. What matters is that you have set your heart in mind in creating a brighter future and to empower yourself with the right skill set to support your business all the way.

 

Let the Christmas Spirit inspire you to prepare a dynamic business plan and innovate ideas that can stand out and win the hearts of many customers. 

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: [email protected]

FB Page: Armando Bartolome

Linkedin: https://www.linkedin.com/in/franguru/ 

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