What Is Financial Planning?

It is the development and implementation of a plan for the achievement of ones overall financial objective.

Why Is Planning So Often Neglected By Most Of Us?

1. We are Lazy and just don’t do it

2. We think it cost to much

3. We feel like our businesses are too small to have a plan

4. We just simple forget about it

5. It’s too hard to actually do it

How Can I Plan For My Success?

1. Gather information

a. Write down what you are spending and what you are making in profit

b. Make sure you know the difference between the two

c. Profit – Expenses = Net Income

d. You will need to forecast what you expect to make in profit and your expenses. So that you can obtain your forecasted Net Income

2. Identify your objectives

a. Write down what you are planning for your business

b. Put these items in the order of importance to you

c. Put them in a time line. Separate them into a 3-6 months section, 6 months to a year section, a 1- 3 years section. 

d. Basically set them up in the time line that works best for your situation  

3. Analyze your present situation

a. Write down where you are and where you want to go with your business venture

b. Consider other alternatives, if necessary

4. Develop a plan

a. Take all of the information you just finished compiling

b. Organize it

c. Put all simulator information together

5. Write your person business plan

            a. Write everything you have organized

            b. Take about a week to tweak your plan

6. Implement your plan

a. Start taking action

b. Achieve everything you desire

7. Review your plan

a. Review your plan often

b. Make changes as needed

                  c. You are never finished with your plan

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~~~~~ Top Five Questions For The TL ~~~~~

1. How can I get a grant to start my business.  I want to open an Orthotic and Prosthetic facility.  I am a Certified Orthotist.              

      Amber H. - Gulfport , Mississippi

      To help you find grants for your business I recommend you visit

      www.sbasmallbusinessloans.com , this site is filled with information about grants
      for starting a business. 

2. Where can I find articles, magazine articles and a website?  I also need the names of people that wrote them.

      Michelle P. -   Fort Wayne , Indiana

      A good place to start looking for business start up articles is                  

      www.tlmanage.com/article.html

3. How do I start an Internet business?

      Shaunna  - FL

      Go to How To Start Your Own Business, 12 Steps To Starting A Successful
    Business at; www.tlmanage.com/12stepstostart.html

4. We have been in business 10 years now.  To celebrate this fact do you have any data on women in business success rates ie.  What’s the likelihood for women to make it 3, 5, 7, 10 yrs?  Any other data you have would be greatly appreciated. 

      Kirstin M. - Toronto , Canada

      Visit The Center for Women Business Research at; www.nfwbo.org/topic.html.

      This site has several articles about women in business and also a nice amount of

      statistics as well. 

5. I’m looking for information on getting grants for women in small business.  My friend has started a Nurse Staffing Agency and I’ve been told there is ways for her to receive help with money from grants.  We just don’t know where to start.

      Dennis  - Houston , Texas

              Dennis, review the answer to question one.  This site will be very useful to you as
          well.

You can ask one of our consults a question about your business start up concerns.  We will publish the top 5 questions in the TL Newsletter.  You must be a member to view any replies.

http://www.tlmanage.com/question.html

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~~~~Setting Up Your Debt Reduction Strategy~~~~

It has been said time and again, if you don’t take care of your business, no one will do it for you.  What in the world does that statement mean?  It means exactly what it implies. Take Care Of Your Business Or It Will Never Get Done!  You and only you can and will take care of you.

You Have To:

· Figure out where you are going and how you are planning on getting there

· Set Goals daily, monthly and yearly, basically always set goals

· Figure out your objectives

· Figure out how you are going to meet them

· Build and protect your estate

After you acquire all of the before mentioned objectives, you will finally be Taking Care Of Your Business.

How Can You Reduce Your Total Debt?

· Stop worrying about your interest rates

· Change your bill paying strategy

· Start with your small balance bill first, this is your target bill

· Your target bill is the bill you are paying off at that time

· Pay the minimum balance on all of your other debts

· Put the rest of the money on your target bill

· Once your target bill is paid off.  Start paying on your next target bill.

· In just a matter of time you will become debt free.

This method of paying off your debt one target bill at a time is really effective.  Every time you pay off a bill you will have the personal satisfaction of knowing that you are absolutely finished with it.  The balance is Zero on the debt.  And you are the one that did it.

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A Short Course In Human Relations

The six most important words: “I admit I made a mistake.”

The five most important words: “You did a good job.”

The four most important words: “What is your opinion?”

The three most important words: “If you please.”

The two most important words: “Thank you.”

The one most important word: “We.”

The least important word: “I”

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See you next issue. :-)
All the best,