Financial Advice For Entrepreneurs

In my gang

I spend a lot of time in attending various meetings. I can even say that I am not at the meeting or preparing for the meeting.

Now I regret very much that I want to find the valuable time wasted in various meetings.

The most valuable asset of an entrepreneur is his own time. Every minute you spend on those irrelevant things is a waste of time and money.

When I first started my business, the consultant said to me, "time is not enough."

This is a real insight. If you spend a lot of time in meaningless meetings, you will find that your financial situation is very bad.

Bad things may fall on you, so be prepared to take precautions.

If you are not ready for start-up capital, do not quit.

Before you have enough strength to start a business, there is no reason to give up your income source.

For unmarried entrepreneurs, I suggest that we should reserve at least three months' living expenses.

After you start your business, the funds in the account are guaranteed to last for about 6-9 months, because bad things are very likely to happen. Customers will have to pay a certain amount of time to pay the bills. In times of hardship, they must have their own life-saving money.

One of my consultants once told me that there are three reasons for a company's failure: 1., capital turnover is not effective, 2. capital turnover is not working, and 3. capital flow is not working.

I am optimistic. He is very realistic.

But he said so.

It is the most important financial indicator that you should first learn how to manage your business.

If you don't know where your money comes from, where you go, you are very dangerous.

It is very important for a start-up enterprise to make a budget conscientiously.

If you are an early entrepreneur, you are likely to spend a lot of time trying to imagine your product concept, instead of finding potential target customers to test and demonstrate your product, rather than just dreaming. This is a waste of time.

To avoid such a mistake, a feasible timetable should be worked out at the beginning to clarify the tasks and deadlines at each stage.

Setting up phased tasks can clearly show you how to achieve the ultimate goal step by step.

If you are the first to start a business, you must have a lot of work to do, and you will be in a bit of a hurry.

Many entrepreneurs believe that making records is not important for business planning, communication with customers, etc.

However, it is very important to do these records every month, and you will not be in a bad mood until you really need it.

When you want to file a tax return or submit a report to the bank, if you don't have the previous record, you will be very bad if you lack relevant information.

So, instead of wasting time and working backwards, it is better to do well on the first day.

。

I suggest that you use Quickbooks and other online bookkeeping software in the first few months to record simple accounts of your business.

If you don't have time to do this, you can hire a bookkeeper.

Then, your information will become more and more complex, and you will have to ask for an accountant when you declare tax.

Of course, if you can do this yourself, there is no need to hire these professionals.

When I was working in a bank, I took the benefits of medical insurance, parking subsidy, and 401 related plans as a matter of course.

After you have opened your own company, many of these benefits are gone.

So before you hand in your resignation letter, take the time to think about your medical insurance and pension insurance.