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Advice for the Entrepreneur: Lee’s Tip #165

02 Feb 2016 Uncategorized

This tip is for online sellers who are tired of surprises, but tend to bury their head in the sand. If you’e flying by the seat of your pants, you’ll have a lot of unexpected challenges during the year. Things you don’t expect, like a bad sales month, can throw you into a tailspin.

I keep an annual cash flow projection. I do it myself using Excel, based on last year’s sales and expenses and any new ones revised or thrown in for the new year. I have it set up for 12 months. It works great, and each month, I record the actual expenses and income as they come in. You’re able to see months in advance to know when you’ll need to take action.

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