5 Tips for Effective Financial Planning as a Female Entrepreneur

Taxes| Money| Mindset| Finance Management

June 21, 2023•2 min read

"Setting clear financial goals can help you focus your efforts and make informed financial decisions"- Mandy McGowan

As a female entrepreneur, financial planning is crucial for the success of your business. Effective financial planning can help you manage your expenses, increase your profits, and achieve your business goals.

With that said, here are five tips for effective financial planning as a female entrepreneur:

1. Set Realistic Financial Goals

Before you start planning your finances, set realistic financial goals for your business. This could include increasing your revenue, reducing your expenses, or investing in new equipment or marketing. Setting clear financial goals can help you focus your efforts and make informed financial decisions.

2. Track Your Expenses

To effectively plan your finances, you need to know where your money is going. Keep track of your expenses using a spreadsheet or financial software. Categorize your expenses into different categories such as rent, utilities, supplies, and marketing. This will help you identify which areas of your business are the most expensive and where you may be able to cut costs.

3. Create a Budget

Once you have a clear picture of your income and expenses, create a budget for your business. Start by listing your income and expenses for the next few months. Allocate your income to each expense category based on their priority and necessity. This will help you avoid overspending and ensure that you're allocating your resources effectively.

4. Plan for Taxes

As a business owner, you're responsible for paying taxes on your income. Plan for taxes by setting aside a portion of your income each month. Keep track of your expenses and deductions to ensure that you're paying the right amount of taxes and avoiding any penalties.

5. Review and Adjust Your Plan Regularly

Finally, review and adjust your financial plan regularly. Keep track of your income and expenses on a monthly basis and adjust your budget as necessary. If you're consistently overspending in a particular category, consider reducing your expenses or finding ways to increase your revenue.

Entrepreneur finance coach holding a cup of coffee, seated in a chair, ready to provide expert guidance and support.

Effective financial planning is essential for the success of your business. By setting realistic financial goals, tracking your expenses, creating a budget, planning for taxes, and reviewing and adjusting your plan regularly, you can manage your finances effectively and achieve your business goals as a female entrepreneur.

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Mandy McGowan

Well hello there. I see I have piqued your interest enough to make you say who the heck is that Mandy lady…I have been an entrepreneur for just about as long as I have been an adult. I spent much of my time working in the accounting and tax industry and gained a wealth of knowledge and skills that have helped me truly manage the financial aspects of business and life. I get entrepreneur finance because I am an entrepreneur. I understand that a bad month in business usually means a bad month in personal finance also. Our income fluctuates, it is never guaranteed, and we hustle every damn day to earn our money. Which makes any sort of financial goal a little more difficult. I have been an entrepreneur with a wildly successful business but I was broke. I have been an entrepreneur who didn’t know how I was going to feed my kids at the end of the day, standing in line at the grocery store, praying the electric bill hadn’t cleared yet so I could buy groceries… because feeding my kids was more important than having lights on at night. I am an entrepreneur who knows the importance of budgeting and planning and saving and doing it all in a way that doesn’t make me want to run and hide or make me feel like I CAN’T do the things I want to. I geek out with spreadsheets and finance and numbers and money. I love sharing my geekiness in a way that allows you to ‘get it’ and how it will work for you. It isn’t one size fits all when you are an entrepreneur, so helping you find the way that works for you is my goal. So now that you know more about me, reach out and say hi!