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Entrepreneurs must know how to manage budgets


Many entrepreneurs have an excellent business plan and are ready for their small business to experience massive growth; however, they may not know how to draft a budget, according to The Associated Press.

The AP said when creating a budget, there are numerous things that an entrepreneur needs to account for, which includes having enough money to purchase business insurance.

One of the most important things about creating a budget is knowing all of the costs that go into a running a business, such as state taxes, licensing and potential rent payments, said the AP.

Many entrepreneurs may not have the time to create a budget personally. Entrusting a bookkeeper to keep track of a budget is something that many entrepreneurs do. The news source said it is a smart practice to have a weekly or monthly budget report, making sure finances stay in check.

Fast Company reported there are some smart marketing practices that will not add to a business' budget. These marketing initiatives include social media programs, referral marketing programs, QR codes and initiating a daily deal campaign.

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