Almost every business person or working person for that matter is guilty of doing a balancing act every month end. Our income and expenditure can either break us or make us in this tough world of business, especially in harsh economic times, but prioritizing our needs and wants is key. We caught up with Financial Consultant, Letetia Superville-Barratt to get a few tips.
1- Superville-Barratt advises to have an idea of all your actual overheads each month. Be aware of your fixed overheads and variable overheads and always have a contingency for the unexpected.
2- The finance professional also says that you should have an estimate of how much income you need to generate to cover your monthly overheads and still have a little extra to go over into the next month.
3- Schedule your investment whether purchasing a new asset or expanding your business at the right time during your forecast periods. This way you won’t run into any ‘surprises’ as you would have planned properly for your business to absorb these costs.
Superville-Barratt says above all; you should always be practical.
Hope you find this blog post useful. As usual, please shoot us a comment and share if you do!
Until next time…
T&T’s Entrepreneurs Team