If small business owners had it their way, they’d never have to worry about money. Their bank accounts would always give them the financial...
Dollar signs are a big part of what small business owners see in their eyes when operating a small business. These dollar signs represent both potential income for a company and any expenses it incurs. When there is plenty of money to go around, things are great. However, when money is tight for small business owners, it can be quite challenging.
Understandably, to have money, you need to save. But, the trick to a successful business is not just about saving money. It is also about actual survival. To survive, a business has to grow. If it does not grow, it stagnates, leading to eventual failure.
If your overhead is too high because of spending too much on extras and fancy offices, that can easily be resolved. However, if you've cut your overhead to the bone, then you must look other places.
You can't make good decisions for your business without accurate financial statements. If someone is inputting the wrong information, or putting it in the wrong locations, then you'll have financial statements which can't be relied upon. You don't need to know the intricacies of how each entry is made. You do need to know enough to question if the statements don't appear to be right.
As your brand moves into the next phase of its existence, the prospect of succession comes into play. When you’re prepared to retire, what...
In an economic climate where a small business may require a massive investment of capital in order to get off of the ground, being able to cut the costs of operations can be a major source of assistance to productivity as well as staying in the black.
Negotiate, negotiate, negotiate! Whether you are a new customer or an old loyal one, if you open a conversation and negotiate with your suppliers or vendors, most of them will likely respond by lowering prices.
Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee's pay.
Customer warranties can cost small manufacturers greatly because of repairs and replacements. It also puts goodwill and brand value at stake. And when handled...