Running a small business is much different than operating a Fortune 500 company. You may have limited resources when it comes to how much...
Spending: Regardless of the size of your business, it is always a concern. Unfortunately, many businesses focus on spending only when income is down;...
Is your small business retaining all the revenue it's earning? Understanding the source of your revenue stream, the paths it takes, and any potential revenue breaches along the way is critical to the long-term success of your business.
Money management is one of the most important skills a young person can develop. Unfortunately, many people lack even the most basic money management skills for one reason or another. The below books are a list that every 20-something should read.
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.
Small business owners need to be savvy and come up with real ways to reduce their expenses and increase their cash flow. In simple terms, less money needs to be leaving your account and more money needs to be coming in. It is an obvious statement to say that you need higher profits, but so many companies are missing opportunities to do just that.
Raising the minimum wage to $10 or more per hour puts a tremendous burden on small businesses. They're already hurting from decreased revenues as households reduce spending due to high unemployment.
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.
The next time you need computer hardware and software, a copier, or vehicles, you're likely to ask yourself the question, "Should I lease or buy it?"
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...