Like many start- ups, Maureen Murphy was uncertain about what her revenues and expenses might add up to when she started Murphy Marketing in Santa Monica, California. Lacking a realistic budget kept her mail order catalog consulting firm from growing. Murphy finally put her business on a simple bookkeeping software program. Suddenly, I could see I wasn't being extravagant. When I began targeting higher financial goals, I achieved them.
Cash is king.
To maintain cash flow until his crops matured, Hsu sold ginseng for other farmers. He also borrowed from relatives and friends until Hsu Ginseng Enterprises could qualify for a loan. You need a marketing plan. After writing their business plan, Kathy Donoghue and Judy Nevins thought they were ready to start their Tampa, Florida, consulting and training business, Another Alternative. Although the business plan included a section on marketing, the partners soon learned the value of creating separate, more in-depth marketing plans for each new service, geographic area and industry they targeted.