S2E53: Three Essential Steps in Financial Planning for a Small Business
In this podcast episode titled "Three Essential Steps in Financial Planning for a Small Business," financial expert Anna Steinfest and host Dr. Michael Troyer provide critical advice for small business owners who want to survive and thrive in the current economic climate.
The first essential step is to develop financial projections that accurately reflect the business's revenue, expenses, and cash flow. Steinfest and Dr. Troyer discuss the importance of creating multiple scenarios to account for different outcomes and provide guidance on how to create projections that are realistic and useful.
The second step is to plan for contingencies. Steinfest and Dr. Troyer stress the need for small business owners to anticipate and prepare for unexpected events, such as a sudden drop in revenue or a supply chain disruption. They offer practical tips for developing contingency plans to help businesses weather unexpected challenges.
The third essential step is to learn to monitor and adjust. Steinfest and Dr. Troyer explain why it's crucial for small business owners to regularly review financial performance and adjust their strategies accordingly. They provide guidance on how to use financial data to make informed decisions and pivot quickly when needed.
Throughout the episode, Steinfest and Dr. Troyer share real-world examples and practical advice for small business owners. They also offer additional resources and recommendations for businesses that want to learn more about financial survival strategies.
Overall, "Three Essential Steps in Financial Planning for a Small Business" is a must-listen for any small business owner who wants to ensure the survival and success of their business in today's challenging environment.