There are three expenses to everything you do with your business: Your money, Your time, and Your energy. The problem is most small business owners focus on only one thing: money. How much does such and such cost? How much will I save if I do this work myself? And that’s the trap of self-employment. [...]
There’s a lot of talk in businesses today about virtual assistants and it only goes to follow that small business owners are also looking to outsource the one task they all seem to universally hate: bookkeeping. I own a virtual bookkeeping firm, so I have to tell you that I’m not objective. I think virtual [...]
If you have a business, you know the importance of financial statements, or at least one of the financial statements at least one time per year. In the case of a true business structure like an S Corporation, C Corporation or Partnership (or LLC that acts like one), you are required to have financial statements [...]
For every dollar of sales, 10 cents goes to theft. That’s according to a study by the Colorado Springs Business Journal. The US SBA states that 2/3s of all of those thefts come from employees. Now, let’s make it even worse. The average small business embezzlement is somewhere between $150,000 – $190,000, depending on which [...]
There is one purpose of a business – to make money. But as good as a business, its purpose, its market, its price, nothing works unless you, the small business owner, are doing your job. How are you doing with these key indicators? How good are you at turning your assets into profits?For this question, [...]
Why did you get in business? Maybe circumstances forced you to go into business. You needed to find a more certain, quick to make money. It could have been a loss of a job or a concern there might soon be a loss of a job. Or maybe you needed to supplement the money you [...]
When you get your financial statements, here are eight questions to ask yourself. The answer will tell you where your business is headed and what you need to do more of and what you need to do less of. (These questions come from Keith Cunningham, author of “The Ultimate Blueprint.” Check out http://www.amazon.com/Ultimate-Blueprint-Insanely-Successful-Business/dp/098465920X Q #1: [...]
I’ve seen bad business owners ruin a good business. And I’ve seen good business owners turn around a bad business. It’s not the business that makes the business owner. It’s the business owner that makes the business. Here are three questions to ask yourself about your business: How effective am I as a business manager [...]
The only difference between a small business and a huge business is leverage. The industry can be the same. The product can be the same. The customer base, market, building, machinery…everything can be exactly the same. A big business knows how to leverage other people’s money, resources, networks, skills, time, systems and brains. In today’s [...]
One of the things I love about my virtual bookkeeping company Cash Flow Accounting and my blog at CashFlowAccounting.com is that I get to talk about my favorite subject – building businesses. For over 30 years, I’ve helped business owners and real estate investors pay less tax with their businesses. I love that part of [...]
