Opportunity Cost Small business owners might not have the necessary knowledge and experience to manage their finances efficiently and effectively. Managing the books can be time-consuming and take focus away from other core aspects of running a business. Hiring a…
Small businesses are the backbone of the economy, but running a small business is no easy feat. Entrepreneurs face a wide range of challenges, from managing finances to acquiring customers, and everything in between. Below are some tips and strategies…
Starting a small business is an exciting opportunity, but it’s not without its challenges. From finances to sales to marketing, small business owners often wear many hats and can make costly mistakes that can hinder their success. Below are 7…
According to an article by Michael Flint entitled “Cash Flow: The Reason 82% of Business Fail”, the vast majority of small businesses fail due to poor cash management. While low employee morale, poor training, bad management decisions, and misguided marketing…
Think of sales as the muscles of your organization and cash flow as its lifeblood. Ultimately, cash flow is the sustenance that keeps you afloat by allowing you to cover your ongoing operational expenses. It primes you to take advantage…
In an uncertain economic environment where every dollar counts, the most marginal increases in revenue and overall business costs can have a significant impact on the bottom line. Forward-thinking businesses strategically cut unnecessary costs in a way that maintains market…
The importance of a company’s financial statements cannot be overstated as they provide vital information concerning business performance and overall financial health. Data from day-to-day bookkeeping entries which manage financial inflows and outflows is used to compile these mission critical…
There’s a well-known saying in the business world that if you’re not growing, you’re dying. This axiomatic truism applies to today’s fast paced highly competitive marketplace more than ever. As a result, it’s imperative to consistently focus on tried and…
Managing all of the tasks associated with payroll, including keeping abreast of the ever-changing legal and regulatory landscape, can be both a challenging and time-consuming affair. Setting up a proper payroll system not only streamlines your ability to stay on…
As a small business owner, it’s easy to get swamped with operational day-to-day demands and lose focus of the bigger picture. However, the ultimate success of your business depends not only on meeting the “in the moment” responsibilities, but also…