TC: HOW MUCH MONEY DO YOU NEED?
Small business owners often work without a budget and without a clear plan of the amount of money they need to reach their most important goal. The “what I would do if I had money” is something most small business owners keep as a dream. It is seldom written down much less an in-depth study of what would happen if the money was available to make that goal a reality.
Your challenge for this week is as follows:
➊Complete a serious analysis of your business with the goal of determining what single action, on your part, would yield the biggest results. Spend the necessary time to list all the action items you have been thinking about.
➋ Once a single action has been identified, do the following:
- Write a paragraph as to why you selected this action item. This is a very important step because it shows your enthusiasm and belief in growing your business.
- Develop a detailed action plan that would make this a reality. Include validation research.
- Put a monetary figure that is required for full implementation.
- Describe the benefits of this implementation
§ Detail the time line for completion
§ Detail the bottom line additional revenue including pay back of the capital and profit
§ Customer benefit
§ Time saver
§ Etc.
➌ Determine the risk factor with the implementation of this action item.
With this documentation, the next challenge is to determine where the investment will come from. There are many possible sources: outside investors, partners, family loans, home equity loans, credit card loans, friends, grants, etc.
The key to achieving this action item is the initial planning steps as outlined above and then having the persistence and stamina to persevere until it becomes a reality.
As always, BizQuack is always available to chat.
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Tips & Advice by Nick Petra, CFP – Founder of BizQuack and StrategicDuck
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