Performing a SWOT analysis when you start creating or building your business is an important key to the success of your business. A SWOT analysis is a strategic planning method that is typically used for any major decision making situation. It consists of analyzing and determining what internal and external factors have both positive and…
Many contractors tell us they use a variable markup or margin to price their jobs. There is a widespread belief that using a variable pricing methodology works best. The mindset is that sometimes you have to adjust your price to get the job. It might be a widespread belief, but too often we’ve seen contractors…
I almost didn’t right a blog this week. Why you ask? Well if I can be real – I didn’t feel like it. It’s the first week of school, I had to do my blog, my video & my ezine, I had to prepare for my last a business development class early next week, I…
Have you spent the last four months pouring over spreadsheets and trying to track down missing receipts? Did you vow that you’ll be more prepared for tax time? It’s not too late to start! Handling your business books may be the last thing that you want to do, but procrastination will only make it worse.…
As a business owner, it is key that you understand the financials in your business and what they say about your business. But so many business owners really don’t have a clue. I’m sorry if that sounds mean but it’s true. There is more to running a business than making deposits and paying expenses. You…
Petty cash funds are funds that are kept on hand at your business office and is used to reimburse employees for small expenses. Sometime it is misused as if it were an extra bank account. Keeping track of petty cash is a key control for small business owners. Failure to do so will leave your…
There are two basic forms of accounting that should be used to track your revenues and expenses – cash basis and accrual basis. Cash basis means that you recognize the income when you receive it and you recognize expenses when you actually pay them. Accrual basis means that you recognize income when you have the…
When most people think of job costing they think of construction businesses. But you can us job costing in any business that has multiple streams of income that are significant to that businesses bottom line. Job costing is all about assigning the proper costs to individual project or jobs, to help determine its profitability. In…
A business plan is no easy task. It is the most important document a small business owner should have and the one that most small business owners don’t have. A traditional business plan is minimally 20 pages long and can takes months to prepare. And that’s why most SBOs don’t create one. But what if…
Have you ever had to pay out of pocket for a job or business related expense that you were unable to receive a reimbursement from your employer? To most Americans, unreimbursed employee business expenses are one of the least understood areas of the tax code. Many of us believe it is an automatic deduction and…
