Last week, we kicked off our new blog series sharing key insights from BACP (Business Affairs and Consumer Protection) webinars—an excellent resource for entrepreneurs and small business owners in Chicago.
If you haven’t already, be sure to check out the free BACP Entrepreneur Certificate Program. By attending just six BACP webinars in key categories within six months, you can earn a certificate and strengthen your business skills.
This Week’s Topic: Cash Flow & Confidence: Budgeting for Your Business and Life
This webinar focused on building a strong foundation for managing your money—both in your business and personal life.
Here are the key takeaways:
Best Practices for Budgeting
✅ Separate Business and Personal Finances
- Open a separate checking account and credit card for your business.
- This helps you track income and expenses more clearly and stay audit-ready.
✅ Understand Your Costs
- Fixed Costs: These don’t change—like rent, insurance, or salaries.
- Variable Costs: These fluctuate—like utilities, inventory, or seasonal expenses.
- Track them separately to better understand your business’s financial behavior.
✅ Review Your Budget Monthly
- Regular reviews help catch issues early and keep your business on track.
Common Budgeting Mistakes to Avoid
🚫 Not tracking or monitoring your finances
🚫 Underestimating business expenses
🚫 Ignoring the need for an emergency fund
🚫 Not adjusting your budget when things change
Planning Ahead = Business Confidence
💡 Set aside money consistently in an emergency fund
💡 Reinvest in your business when possible
💡 Keep clean, accurate bookkeeping
💡 Understand the difference between business and personal expenses
🎥 Watch the full webinar replay here:
Need Support for Your Business?
As a Neighborhood Business Development Center funded by Chicago BACP, we offer:
- Business coaching and counseling
- Licensing assistance
- Referrals to additional support resources
- Access to our Business Empowered Program (formerly the Business Start-Up Training Cohort)