Get instant
small business insurance quotes


Home >
 

Entrepreneurs must know how to manage budgets

Published:

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.

WHY Business Insurance Now?

Learn why thousands of small businesses trust Business Insurance Now as their insurance agency.

Take 15 minutes to see how we can help you protect your business.

  • FREE, no-obligation quotes.
  • Complete one online application to compare multiple quotes.
  • Fast response—typically less than 24 hours on week days.
  • We are a nationwide insurance agency covering 48 states.
  • We work directly with you to evaluate your insurance options.
  • We only work with the top business insurance carriers in the country.
  • Expert, licensed insurance agents to guide you through the process.