Wedding Professionals Blog

The Complete Wedding Budget Guide for Wedding Planners

Posted by Susan Southerland on Oct 2, 2015 9:00:00 AM

The Complete Wedding Budget Guide for Wedding Planners is a comprehensive product that teaches event planners many of the details of creating and managing a client’s wedding budget.

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Topics: Business Budgeting

Tip of The Week: How to Set Goals For Your Financial Future

Posted by Tammy Elliot on Mar 16, 2015 9:00:00 AM

 “The best way to predict the future is to plan it.”  – Peter Drucker

Are you a planner or a reactor?  Do you have your goals clearly spelled out and a road map to achieve them?  If so, congratulations!  If not, it’s never too late to begin.  Start by setting your goals for your business.  Sales goals, marketing goals, operation goals, staffing goals, image goals, market share, etc… For example, ask yourself, How many weddings do I want to do this year?  Break it down by month if possible.  Then ask yourself how you will meet this goal?  Do you have a sales plan that is strong enough to meet your goal?  Here’s an easy formula to create a sales plan to meet your sales goal: 

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Topics: Business Budgeting

Wed.Ed Wednesday: Tips for Building a (Solid) Business Budget

Posted by Tammy Elliot on Feb 18, 2015 9:00:00 AM

Your budget serves as your road map to success.   If you want to meet your sales and bottom line goals, a budget will help you get there.  It makes you more aware of how much revenue is coming in and how much is going out so you can make adjustments along the way. 

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Topics: Business Budgeting

Cash Is King: 10 Strategies for Positive Cash Flow

Posted by Tammy Elliot on Jan 14, 2015 9:00:00 AM

 

10 Tips for Increasing Cash Flow for Your Business: 

1. Know your business cycle.  When are your high and low demand times?  This impacts your cash flow and planning ahead will avoid cash emergencies.

2. Build a cash reserve of three to six months.  Save when business is booming.

3. Apply for credit when business is healthy.  It’s easier to secure credit terms.

4. Feed your sales funnel.  The more you put in the top of the funnel, the more that will come out the end of the funnel.  Add to your sales funnel daily.

5. Look for additional revenue streams.  Can you offer additional products or services as an upsell?

6. Inventory control.  Buy in bulk if you can save money and you know you will use the inventory.  Otherwise, think about costs vs. needs.

7. Plan big investments

8. Avoid debt as much as possible.  Ask for cash discounts if paying in full.

9. Increase your marketing activities and track your sales.

10. Review your financials monthly and make necessary adjustments.

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Topics: Business Budgeting