FOR many small businesses, growth is the barometer for success. But expansion can present challenges and one of the critical issues in any company when it is experiencing a healthy level of growth is cash flow. You can have the most amazing service or product in the world, but if you run out of cash,…
As the owner of a business, it is very important for you to have a system that you follow to track your revenue and expenses. A routine system that through which every transaction flows. I like to call this the Financial Flow System™. This system should be followed consistently and done weekly or monthly to…
As the CEO of your business it is your responsibility to know what is going on in your business. And not just from what’s going on in operations. You need to know what your finances say about your business. A big part of being the CEO of your own company is understanding the numbers in…
Managing cash flow is THE MOST IMPORTANT aspect of running a business, in my opinion. You need cash to flow into your business so you can pay the costs associated with running your business. It touches almost every part of your business. That’s why cash is king. It rules everything. And managing it can be…
Getting your financial house in order takes a lot of work. It takes a lot of focus and understanding to get everything organized in a manner that will help you understand how your business performed during the year. It’s not the easiest thing to do but it’s also not the hardest. If you put your…
One of THE MOST pressing issues business owners face is managing cash flow. The more cash that comes in the door, the more costs that have to be paid. And as your business grows it can become overwhelming to try and manage it all. “Which expenses do I pay right away?” ” Which costs can…
I constantly hear people say that they keep going over budget. They are frustrated and discouraged because they put so much into create and implementing a budget, all to find themselves constantly overspending. Usually when this happens, I find that the same reason exists regardless of the person or company. 1. Underestimating costs. This is…
As a business owner you want to be sure that you get paid timely. You also want to ensure that those payments actually get processed. The solution to that is to accept credit card payments. But you don’t want to have to pay those fees, EVEN THOUGH THEY ARE A COST OF DOING BUSINESS. Let…
Choosing an accounting software is like buying a car. There are so many makes and models and they all have similar yet different bells and whistles. And let’s not mention the colors and how pretty they are. So how do you choose? Well you are going to have to roll up your sleeves and start…
As a business owner, you want to be able to accommodate your clients in various ways. One of those ways is how you accept payment for your products or services. It would be a terrible thing to lose a sales because you don’t accept a certain payment method. There are basically only three forms of…
