Your task is to decide whether the true potential for profit is worth the actual risk you would be taking.
A financial plan is different from your financial statements.
While you may opt to employ a professional financial planner, developing your own financial plan is a perfectly feasible practice.
Most financial planning experts recommend following a six-part process to develop a robust plan for the future of your finances. Perhaps someone can help you look clearly at your options without letting your emotions influence you.
For this job, you can use simple spreadsheet software or tools available in your accounting software.
Don’t assume sales will convert to cash right away.
Instead of looking at what’s already happened, you make projections for the coming months, forecasting income and outlays.
Your projections will act as an early warning system, helping you to plan for cash flow dips, identify financing needs and pinpoint the best timing for projects.
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