Money is often tight for budding entrepreneurs. It is crucial that your hard-earned start-up money is not wasted, so make sure to keep in mind the working capital required for your small business to grow.
As the owner of a small business, separating your business life from your personal life is a must. One way that this can be done is to draw a bold line between one's personal finances and business finances.
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.
What if you first decided what profit you wanted in 2014 and then determined the revenues that you needed to generate those profits? What if you started at the bottom of your 2014 profit and loss statement and worked up?
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?"
The economy in the past few years has not been kind to businesses owners. Sometimes you can't cling to idealistic notions of how your business should be run, and hard tactics have to be implemented to ensure the survival of your company.
To have profitability you need to know where you are starting with profitability. That means calculating your net profit per hour.
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.
If you are wondering whether or not you really need to prepare financial statements when you already know your business is profitable, the answer is definitely yes. You may be convinced that your business is doing fine, but you will need proof for investors, creditors, shareholders, government agencies—and you will also...
As an owner or manager, your responsibility is to review accurate financial statements on a timely basis. This allows you to make good business decisions and spot minor issues before they become major crises. Here are seven easy-to-spot things to look for when analyzing your financial statements.