TUESDAY CHALLENGE: Do you need working capital?
Many small businesses suffer from a lack of working capital. Your challenge this week is to take a look ahead for the next 12 months and to determine the amount of money you need to do everything you feel is necessary to reach your yearly goals.
A good place to start is to create an action plan for the next twelve months. Make a list of all the things that you have to do that will bring you closer to your vision. No, you don’t have to reach your ultimate vision in the next 12 months, but you can list achievable goals.
Next, determine the amount of money that is needed to make those goals a reality. During this exercise, there are no restrictions placed on what has to be done or the funds needed to reach those goals.
Now, if you can achieve these goals with the capital needed, what will be the financial results? What will be your profit? What will you be able to accomplish growth wise if these goals are reached?
The next two parts of the challenge are easy:
- Determine how much cash you have to allocate towards next year’s budget and subtract that amount from what you will need. This gives you a realistic look at the amount of funds you have to find.
- This part is even easier. Put March 26th on your calendar and plan to attend our event next Monday evening at the Scottsdale Civic Center Library from 5:30 pm till 7:00 pm. I have invited Andre Wilson to be our guest presenter. His company helps small businesses find working capital. His talk, Where is the Money, will help you either now or in the future when working capital becomes necessary.
Please call me at 602-989-1592 or e-mail me Nick@stsrategicduck.com to make a reservation.
Tips & Advice by Nick Petra – CFP, Mentor, Founder of BizQuack and Strategic Duck
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