Business- THE CHIEF STRATEGIST WAY!
We focused on start-up cost elements a couple of weeks ago which led us on to explaining Insurance element of your cost.
I hope that you were able to glean some insight as to how insurance works and how you can leverage it both in budgeting and for your business operation.
Today, we’d focus on projected income and expenses in your business plan.
Its important that you prepare an income statement, this will serve as a compass to help you determine how much operating cash you will require before opening your business and as well as the operating cash you will need before the business start yielding returns.
So ensure that you understand your cost structure and realistically plan your income.
The wisdom is, don’t underestimate your expenses and overestimate sales, ensure to strike a balance.
Kind of tricky isn’t it? particularly if you are just starting out in that line of business and have no prior experience to provide map.
Well, every journey, project or decision has a starting point. Just ensure you do a thorough ground work, be real and objective with your income plan and has you go on you’d understand the terrain better and adjust.
I’d see you next week BHG on how that balance can be striked.
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People | Insurance | Sustainable Value
Rewarding Q2, 2016 it is still.
Have a Collaborating Week. Good morning!