Cash Is Time Is Cash

Here is a simple economic truth. Fixed overhead continues to eat into your cash month after month. It doesn't differentiate facile, efficient businesses from slow, disorganized, quality-challenged ones.

A Great Product Will Fail Unless You Price It Right

One of the toughest decisions for a startup is how to price their product or service. The alternatives range from giving it away for free, to pricing based on costs, to charging what the market will bear (premium pricing). The implications of the decision you make are huge, defining your brand image, your funding requirements, and your long-term business viability.

Incorrectly Pricing Your Product or Service

Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that's similar or better than a competitor, you shouldn't devalue yourself.

Profit Is Not Cash

Each month, your profit and loss statement tells you whether you earned a profit or had a loss. It does not tell you how much cash you have. You must turn your profits into cash by collecting your receivables and paying the expenses incurred to produce those revenues.

Don’t Let Your Beliefs Limit Your Pricing

As a business owner, you want your prices to be fair to both you and your customer. But your price should also reflect the value that your customers are getting. Don't limit your pricing based on your fears of what customers will think. If you're still offering value, then you'll find the customers you need.

Business Travel Basics

A business trip is a good opportunity to do productive work for your business while earning substantial deductions. But it’s important to know the rules and limitations of deductions for business trips. You need to be aware of what constitutes a business trip, what things are deductible, and what you need to do to support your claims. You can combine business trips with pleasure trips, but be careful to ensure your trip still qualifies.

How Much Should You Pay Your Accountant?

Finding the right accountant for your business, but so is making sure you pay the right amount. You don’t want to overpay, but your accountant also needs to hit his or her own income targets. Depending on your business situation and accounting needs, there are several arrangements to choose from.

The “Forbidden Industries”

There are certain businesses mainstream lenders do not want to be associated with—and some of those industries would surprise you. Being in one of these “forbidden industries” can add another challenge to finding funding, and make some forms of funding impossible.

Red Flags to Avoid When Searching for Funding

Finding funding for your business is a long, involved process, but there are common “red flags” that underwriters monitor that impact your search. Here are some of the most common red flags underwriters will be looking for.

Improving Your Business Credit Score

Your business’s credit score is based on the same principles as your personal score. But there are scenarios where your credit score may not accurately reflect your business’s financial stability. If you feel that is the case, here are some steps you can take to improve your score.

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