Business Finance News From Brookelyn

Archive for August, 2010

A friend once complained income from his business always ran out before the save. If any one can be saved, their number was small. In fact, a project that he has received quite a lot. Supposedly, the business can run smoothly and be happy despite life’s not in order. However, the opposite happens.

This may have been experienced by some people who started the business world. Moreover, if the business belonging to types of family business. At the start of business, when a project, money was always just out to support the family. Terminology, when it pleased, forgetting everything. Forgot to pay electricity, telephone, internet, transportation, and so forth.

And one thing that always forgotten is the record of all activities and transactions. Not many small businesses do. In fact, the listing is an important basic step that must be done to advance the business. Then, how to manage a good financial business?

1. Determine the Financial Portion
The easiest way to manage the financial business is to agree early on how many servings of money to be used according to the money it needs traffic. For example, how much money will be used to pay salaries, operations, and how profits will be used to develop the business and to save.

For starters, you could try dividing the portion of 30:30:30:10. The portion of 30 percent for salaries, 30 percent more for operations, such as office rent, electricity, telephone, fax, transportation, and others. Then another 30 percent to expand the business, and the remaining 10 percent for personal savings.

So, for example, revenues amounted to USD 20 million, Rp 6 million (30 percent) immediately cut in early to save as salary, USD 6 million for operating costs, USD 6 million for the costs of business development, and Rp 2 million for personal savings.

Distribution pattern with the structure of this percentage is not absolute. You are allowed to specify their own. Noteworthy is the discipline in share based on an agreed value at the beginning. In this way, you’ll more easily manage the financial business.

2. Separate your Personal and Business Accounts
Once the portion is determined, the next step to do business financial records. Indeed, if the business is still small, we tend to often equate the money received in the effort and money for personal purposes. In fact, we usually keep the money in an account number.

In fact, if the financial business and personal finances were merged, you will have difficulty in monitoring any income or expenditure that has been done. By making the separation between the financial records of business with personal finances, it will be easier to distinguish between funds flow from operations with the use of the money for personal purposes.

In addition, the separation of recording can also provide clearer information about the financial situation of the business running. Moreover, some banks are currently providing service products that can support your business financial records.
3. Do not easily Seduced
These are the main points as a form of self discipline. And, indeed the main key is to manage the business of financial discipline in complying with the portion of the percentage that we set for business and personal finance.

Temptation usually comes when it is often many orders. Goods were not already too important to be like “asking purchased”. There are times, when large amounts of money coming in, we suddenly feel the need of this and that. One of them, buy clothes in order to make it look more reasonable when meeting with clients.

It does not hurt to fulfill that desire. But with the note, you should be able to distinguish between needs and wants. Before you buy something with a business reason, ask first, whether it is an urgent need or desire that can be postponed. Well, this answer will help you determine where money could be used.

Where possible and have sufficient funds, you can use accounting software for business financial records. With this software, financial records could be made more professional and neat. That way, you also do not have an opening for barge business taking money for personal needs.

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Age 20 years for women in general are now starting a career and a job. This is when young women began to earn. Furthermore, the financial needs begin to increase as the age and status of single or paired (with or without children).

The financial needs of women began to increase after marriage, childbirth, educate children, to retire. After a period of retirement age, you are no longer productive, it means no more income productive age appropriate. With appropriate financial planning stages of your life, you can get a better financial condition though no longer productive.

Prudential’s share ways to manage finances, as outlined in the book titled “Managing the Fund for Women Tips: Investing in Your Future.”

Single people aged 20-30 years
Should begin to recognize your financial condition in the early career and work, while you are still very productive. You must already have an income, but check back to how much expenditure or liability, such as personal loans, credit card bills, or help the needs of the family.

Do not forget, there are expenses associated with your wishes. For example, want to have a private vehicle, laptop, vacation, continuing education, get married and honeymoon.

By understanding the sources of your income and expenditure, continue preparing a monthly budget. Allocate finance under the post and scale of your priorities. We receive a monthly salary, simply take 10 percent for savings (read: Tricks Without Spending Salary Guilt).

Begin to familiarize yourself to be disciplined and committed to manage your finances from the age of earning.

Couples aged 25-35 years
Since getting married, you and your spouse had total income increases. Personal expenses can be more efficient because it is borne along. But still allocate a reserve fund amounting to 3-6 times the monthly expenditure. Also, start looking for the right investment products as required. Of course, before you have first have a savings.

Insurance needs are also important for those of you who have more funds. Polar life insurance for the head of the family.

If two heads have different wants and needs, then communicate and set long term goals together. For example, you and your partner will want to honeymoon. Preparation of pregnancy and childbirth have also started planned financially for a young couple, including other needs such as vehicles, homes, and children’s education. Set the priority of needs and how to plan finances.

Couples aged 30-40 years with children
In the case of desires and needs, you and your partner must be adept at distinguishing the two things that often disrupt the financial stability. Set priorities together, what need would you and your partner dahulukan? Education costs, home, family holidays, happy children, or helping a parent?

Seeing the higher costs due to inflation which is always increased every year, be sure you have a small family savings. Householders should start with life insurance guarantee life. If husband and wife work, plan for investment as well as “saving” your retirement future.

Manage finances by setting priorities and allocating funds from monthly income, can save you from financial ruin. At least you have a reserve fund, savings or investments that could be sold if there has been an unexpected condition. Such as critical illness, layoffs, or even forced to divorce. As a woman, you also need to be financially independent.

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