Kash is King - The Official Kashoo Blog

Accounting, business and technology insights for those who are blazing their own trail to success.

Strengthen Your Finances: Part One

Posted by Amrik Randhawa on June 15, 2012 at 1:00 AM

This month, we will be reminding you of important strategies you can employ to strengthen the finances of your small business. As always, the most important way to track of your income and outgo is by using the best small business online accounting system: Kashoo has been designed from the beginning especially for freelancers, SOHO (Small Office Home Office) owners, independent contractors, small businesses, and solo practitioners.

In Part One of this series, it’s first things first. You’ve probably heard and read many missives that encourage you to set concrete and measureable personal and professional financial goals. Well, everything you’ve heard and read is correct. You can’t hit the target if you don’t know what it is. You can’t reach your destination without a road map. You know all of the reasons why you should plan in writing your financial goals, so now is a good time to actual make those goals.

Of course, your goals will also be “SMART” goals. As you list each personal and professional financial goal, you should go into detail.
The goal should be Specific; with the reasons and benefits you will receive with the accomplishment of the goal.

The goal should be Measurable; decide exactly how much each goal represents and exactly when and how you will determine when the goal is met.

The goal should be Attainable; outline the exact steps (or objectives) that will lead to the achievement of the goal.

The goal should be Realistic; you should be both willing and able to achieve the goal within the timeframe you set. Becoming a millionaire in 30 days (unless you win the lottery) is not realistic, but becoming a millionaire in ten years could definitely be accomplished.

The goal should be Timely. There is a famous business saying: “A goal without a date is only a dream.” Many people dream about becoming millionaires, or even having a profitable business. But if there are no dates or milestones in place by which to make that dream come true, it stays a dream and you are no closer to achievement next year than you are today.

Write one set of personal financial goals, and another set of financial goals for your business. Then you can get to work achieving your goals.

About Kashoo

Kashoo Inc. (http://kashoo.com) develops easy-to-use accounting and bookkeeping software for small business owners around the world. Check out the company’s iPad app, ideal for entrepreneurs on the move. Founded in 2008, Kashoo is located in Vancouver, Canada. For more information about Kashoo, visit http://kashoo.com.

Topics: Small Biz Tips