Develop a budget and financial projections.

 

Have a business account.

The number one rule of business is to keep a garden business account. This advice is typically treated as a trivial matter as most new business owners tend to use their personal accounts for business. However, this can quickly escalate into a big issue, especially when computing and paying your taxes.

If for nothing, remember that having a business account is more professional. It also makes it easier to track your expenses and cash flow and helps develop banking relationships that can be helpful as you scale. This includes instances where you might need financial aid or scholarships to complete a business program or certification.

When choosing a business account, ensure that you choose a banking service provider that meets you and your company’s needs. For instance, some banks might have a video KYC process to mitigate security risks, provisions for a credit card with valuable perks, an easy financial aid process, and a reasonable loan amount and process. Alternatively, you can use PC financial and get a PC money account, which works like a debit ATM card and rewards you each time you use it.

Develop a budget and financial projections.

When it comes to budgeting and making financial projections, you should build your financial estimates from the bottom up using your thorough budget and sales forecasts as a guideline. This projection needs to contain a breakdown of estimated costs per department, such as HR, legal, marketing, office leasing, SaaS development services, and other professional services. This will ensure that you are not caught off guard and are prepared to scale your business as you grow.

For instance, if you intend to have a digital solution or mobile app for your business, you’ll need to budget for a SaaS developer or SaaS development company. This dedicated team will help you develop a UI and UX design with a mobile-friendly user interface that’ll benefit your customers and improve your business’ scalability prospects.