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Download 4 Year Profit & Loss and Cash Flow Template

With RealEasyBooks 4 Year Profit & Loss and Cash Flow Template (Excel format) you enter only a few assumptions about your business and get a complete 4-year (1st year by month) forecast of Profit & Loss and Cash Flow.

To download it click here. (Also see Article below.)

Articles

Tips on Budgeting and Business Planning

5 Tips on Budgeting:

• Think of a budget as a useful tool—a written financial plan that helps you set goals and measure progress.
• Start by coming up with a sales revenue target. Make it your best estimate.
• Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
• Forecast variable expenses (items such as travel and commissions that vary according to the level of sales) and fixed expenses (items like taxes and rent that stay the same, regardless of sales). Subtract these expenses from your gross margin to arrive at your estimated net income (before federal taxes). 
• Break your annual budget into quarters and monitor your progress every three months to detect problems and make corrections.

5 Tips for Effective Business Planning:

• Clearly define your business idea and be able to succinctly articulate it. Know your mission.
• Examine your motives. Make sure that you have a passion for owning a business and for this particular business.
• Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.
• Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that affect your business.
  
• Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows.

A Small Business's Best and Most Cost Effective Marketing Strategy!

Three little words "Word of Mouth" describe the best sales friend of any small business. This is not a major business “secret” but many businesses don’t take the very simple and inexpensive steps to ensure it is working for them. Here are 6 things you should be doing in your business to maximize word of mouth.

1). Business Cards & Brochures - Help people remember your business so they can recommend it to their friends and others. Help them with; business cards that have all your contact information. Be sure to use both sides of your card. Have an easy name/logo to remember and make sure it appears on everything you mail, produce or give away.

2). Under Promise and Over Deliver - Review the way you describe your product or service and make sure it doesn’t imply things that are beyond the scope. Then figure out inexpensive “extras” that the customer receives when they purchases your product or service. These can include improved delivery time, extra features, follow up, extra care, samples or other benefits.

3). Exceptional Customer Service - Customers will talk to their friends about an example of good customer service. Good customer service will get talked about, especially in today’s climate where we see many signs of poor customer service. Please note that they may also spread the word about a bad experience, therefore, you can look at this as a defense against bad "press". Remember, this requires training your employees so that your customers are greeted and are made to feel appreciated, what ever the circumstance.

4). Ask Your Customers for Referrals – Your existing customers may know someone else looking for a similar service or product. This is proactive word of mouth and may also give you good feedback on whether your customers are happy with your service.

5). Discounts for Customer Referrals - Offer your customers discounts if they refer customers to your business. As an example, a pool service company might offer one free month of service for every customer a current customer refers to them.

6). Keep Your Name in Front of Customers – Secure your customers name and address and their e mail address and periodically sending them something of value like useful information or inexpensive items like calendars or note pads. You cannot get word of mouth promotion if they can't remember your company name or contact information.

Source: Silicon Valley SCORE (www.SVSCORE.org)