budget
Published March 31st, 2008
Building a budget for your business will take time to put together. However, it can be easy to move away from following the budget. Below are some ways to help you stick with the budget you spent time developing.
First, if you have never done it before living within a budget can be difficult as well as educational. For instance, knowing how to reasonably trim your expenses, or how much of a cash reserve to keep on hand will take time to develop the skills. Learning along the way, adjusting when appropriate will become easier as you practice.
Next, you... Read more
Tags: Accounting, budget, building a budget, Finance, Finance and Accounting, financial planning, larry Slusser, money, tips
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Published March 11th, 2008
Most business owners don’t feel the need to have a “rainy day” or “emergency” fund until business is slow or an unexpected expense is incurred. Instead of having to scramble over some “fast cash” for the business, why not slowly build up a savings account that holds several months worth of operating cash? Even if your business is a start-up and you feel that every dollar is already spent before it’s earned, having a “rainy day fund” is a good idea - and you don’t need a lot of cash to start.
If money is tight, set a goal to... Read more
Tags: Accounting, budget, Carrie Hinkel, Finance, Finance and Accounting, financial planning, rainy day fund, saving money
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Published January 30th, 2008
One of the quandaries in running a small business is keeping your accounts up to date. Depending on what size your business actually is, you may be fine with a simple spreadsheet on Excel, or a similar chart. However, larger medium-sized businesses may need something a little more intricate. Therefore, it may be a good idea to take stock of your business accounting needs, and see if it’s time for an upgrade.
Pen vs. Software
Prior to computers, all invoicing and accounting was completed via ledger books, and although it may seem surprising to learn, some companies still work this... Read more
Tags: Accounting, accounting software, budget, computer applications, danny brown, Finance and Accounting, money, software
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Published January 14th, 2008
Debt. It’s the word many small business owners hate to hear. It’s a reality for most businesses to incur debt to finance operations, at least in the start up years. Although many small businesses are denied credit in the first few years, others have bankers and credit card companies begging for their business, especially those companies whose owners have substantial personal assets to attach.
I hear the following from small business owners every day:
"It doesn’t matter. I get to write it off."
"You can’t operate in this industry without a big line of credit."
"I need a corporate credit... Read more
Tags: Accounting, Angie Mohr, budget, debt, Finance and Accounting, finances, Numbers 101 for Small Business, small business debt
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Published January 14th, 2008
In part one of this article, "Managing Your Small Business Debt", we looked at debt service and the role it plays in your business’s finances. In this article, we’ll look at how you can calculate your cost of borrowing in order to save your business money.
Another useful measure of your company’s debt is to look at the overall cost of borrowing. Comparing the blended cost of borrowing over time tells you whether it is becoming more or less expensive for the company to acquire capital.
You may have financing from several different sources:
* Bank loans
* Lines of... Read more
Tags: Accounting, Angie Mohr, budget, cost of borrowing, debt, Finance, Finance and Accounting, interest rates, loans, Numbers 101 for Small Business, small business loans
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Published December 28th, 2007
If you are running a business selling products online, you are aware that shipping costs can make a large dent in your bottom line.
In this article, we will look at some ways in which you can trim your shipping costs and make your business a lot more profitable.
* Save A Penny, Save A Pound. Remember that shipping is not all about the carrier, the postage, or even the weight. If you are selling a lot of items, then odds are you are spending a lot of money each year on smaller, unnoticed items such as packaging materials.
Look... Read more
Tags: budget, cutting costs, Leeia Ladipoh, money, saving money, shipping, shipping costs, tips
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Published December 10th, 2007
One of the hardest things for any small business is controlling the finances, and for start-ups or recently established businesses, this is even more true. This is where bootstrapping can make all the difference, and if you’ve never heard of the term, you’ll wish you had earlier when you see the savings it can make your business.
If you haven’t heard of bootstrapping, it’s fairly straightforward - think of it as the equivalent of making your business successful with very little cost involved. In this respect, it could be seen as “pulling up your socks, strapping on your boots and... Read more
Tags: Accounting, bootstrapping, budget, danny brown, Finance, Finance and Accounting, money, small business
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Published December 3rd, 2007
If you are just starting a home business, you are well aware of how quickly the costs can add up. You’ll want to save every penny to put toward the business. Marketing costs, operational costs, and then making ends meet can be frustrating.
One of the most important parts of owning and operating a home office is purchasing office supplies. It is surprising how much money can quickly be spent on pens, paper, lamps, desks, and other home office necessities.
Here are some tips on finding high quality, bargain office supplies:
1. Look for the office supply store sales. Each... Read more
Tags: Accounting, budget, Finance and Accounting, home office, saving money, supplies, tips
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