Tow Professional

VOL5 ISS1 2016

Tow Professional is a comprehensive publication for the towing and recovery market. It is mailed directly to more than 29,000 decision makers including owners, presidents, CEO's and principals of towing companies throughout the United States.

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a look at where our tows came from to s ee how we were making money: 1. Body Shops 2 . Motor Clubs 3. Private Property 4. Dealers 5. Cities/Counties 6. Co-Part/IAA 7. Storage on Vehicles 8. Selling Junk Cars 9. Auction Cars 10. Yellow Page ads 11. Selling parts from Cars These were just a few ways we could generate revenue for our business. There are some unconventional ways to make money with your company and I will dis- cuss them in next month's article along with an actual budget that will allow you to take control of your business and get you out of debt in 2016. 20 Tow Professional | Volume 5 • Issue 1 | www.towprofessional.com I igh ful alk budg•et noun n oun: budget; plural noun: budgets 1. an estimate of income and expen- diture for a set period of time. "keep within the household budget" synonyms: financial plan, forecast; noun: Budget; plural noun: Budgets the amount of money needed or available for a purpose. "They have a limited budget" verb: budget; 3rd person present: budgets; past tense: budgeted; past participle: budgeted; gerund or present participle: budgeting 1. synonyms: allocate, allot, allow, earmark, designate, set aside "we have to budget $7,000 for the work" provide (a sum of money) for a particular purpose from a budget. too busy to write it down, or you are not s ure what you plan to do in the coming year. Get someone to help you. Your prod- ucts, services, budget, customers, market- i ng and sales plan, internal operations, management team and financial projec- tions must all tie together. You can use your budget as a business plan to show revenue and expenses monthly. A good budget allows you to look at your business and see if you are meeting your objectives. It shows you where you are making money, and where you are spending it. As I mentioned numerous times my wife and I would always create a budget at the beginning of each year because this was the easiest way to get a snap- shot of our business for the coming year. There are two parts to our budget. The first part shows the revenue streams and the second part would show the expens- es. We already showed some of our expenses for the coming year so let's take

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