There was a time when the international market was open only to large companies with the capital and infrastructure necessary to operate across several time zones. Today, technological innovations and emerging customer bases have not only made it possible, but desirable, for smaller businesses to go global.
Small businesses are hamstrung by limited funds, a handful of employees, and a limited capability to actually expand to reach new markets. Because of this, thinking of new, cheap alternatives to increase sales is crucial.
If you know what's happening to the cash flow in your company, you can make decisions that will improve profits and cash flow long term. Here are three easy small business bookkeeping tips that will save your sanity and help you get started.
Too many entrepreneurs confuse actions with momentum and results. We all know someone who repeatedly tells us how "busy" they are, when it's hard to see what they get done.
Owning a small business or start-up most likely means you're wearing many, many different hats. One minute you're the receptionist; the next the stock-boy; then, the delivery man; and the sales rep; and the human resource director, and on, and on, and on.
Are your profits falling? Are your employees disengaged, unproductive or unhappy? Sometimes it is tough to pinpoint exactly what is draining time or resources for your company.
It's known as the "lost week"—the week in between Christmas and New Years. Unless you're in retail, chances are your business is almost dead during that week, so it's tempting to take the week off.
Payroll Compliance is a challenge that many small businesses struggle with. Payroll done by business owners themselves mean that they need to have the know-how to comply with the Internal Revenue Service's strict rules regarding accurate reporting & deposits.
We're big advocates of just trying something and seeing where it goes. Our blog is a good example of that approach. It's very "Lean Startup"?—we just decided to do it one day, and we did it in about an hour. We tweeted it out and it took off from there. Here's how other organizations can do the same.
Just because you are a "small business" doesn't mean you shouldn't be thinking big. Your plans for expanding your enterprise may include opening a second location a few miles down the road or increasing your product line, but you should also consider how you can take advantage of the global marketplace.