If you are a creative-artistic entrepreneur – your need for a Business Money Plan (or commonly referred to as a Budget) is a necessity for your best business creative good. This isn’t just for reasons of some business advisor or accountant telling you that you need it – you should want to need and rely on it as part of your “creative stream.”
While I know it sounds like a cliché to “have a budget for your business” but all too often it is not clearly understood why a money plan for your creative business money needs to be in place.
Consider some of the more profound reasons of why a business money plan should be central to your entrepreneurial path and your creative well-being… please especially note that it goes beyond just the actual figures…
Allow yourself to experience the fulfilling aspects of your business money plan to allow yourself to:
Connect with having enhanced confidence about handling your creative business money
It is challenging to have confidence about something you know little about – right? Planning, whether personal or business is so misunderstood but it truly is one of the most important.
In order to have real, true confidence, you need to should have the business skills that will make your creative business run smoothly – your money plan is one of those facilities that you should have a basic understanding of.
Bring about command of your business destiny through understanding proper money handling practices
While many creative and artistic entrepreneur’s cringe at the idea of “bookkeeping, accounting and anything number related” it is through these systems that you keep your business on a good course. Proper money handling practices is part of this. How do you intend on dealing with a payment system in terms of accepting payments, matching them to billings and reconciling the bank every month? It sounds easy enough, but to put a system in place that is manageable, practical and that can be kept up on a regular basis, takes an awareness that needs to be learned.
What you have set-up for money systems in your business are primary to enable you to get the information out of your business that you require. This will greatly help your ability to make operational decisions, allow for the proper filing of various tax returns while placing you in a strong position to best make future (strategic) plans for your business.
Achieve better money and financial results
It is important to be able to measure how your creative business is performing financially. It is impossible to keep it in your head! In order to see if you can improve, you need to know exactly what progress the business has made over time for both the benefit of short and long term decision-making.