October doesn’t seem like the end of the year. Depending on where you live, it might not even feel like fall. However, December is just around the corner and October is the ideal time for small business owners to start their end-of-year preparations. It might seem excessively early, but hear me out. December is, essentially, […]
How to Decide Whether To Take On A Business Partner
Tips for Deciding To Take On A Business Partner First things first: Is a partner what you need? Take a step back and look at the big picture. Sometimes it’s better to hire a consultant whose services you can use on a consistent or as-needed basis. Or you can hire a contractor to take care […]
Should Your Invoice Be Due on Receipt or Net Thirty Days?
Invoicing seems like a pretty simple process on the surface. You send a customer or client an invoice for goods or services, and they send you the money. But if you’ve done a lot of invoicing, you probably realize that it’s not always that straightforward. You have decisions to make about how and when you […]
Allocating Investment Resources to Benefit Your Business
A few weeks ago, we talked about setting goals to invest in your business where you need to. But how do you know if you have advantageously allocated your investment resources to help you reach your goals? For example, over the past year, plenty of people invested in yoga pants as part of their “business” […]
How to Successfully Invest in Your Business
You want your business to grow and succeed. That’s a given. But how do you accomplish this? Wishful thinking won’t cut it. Obviously, you have to invest in your business. But how do you know which resources to invest in and when to do it? The answers aren’t obvious, and there is an overwhelming number […]
The Benefits of Account Reconciliation in Accounting
Account reconciliation is one of the least understood and most important parts of financial record keeping. Basically, reconciling is comparing your records to your bank statements and noting any discrepancies. Why should you do it? Reconciling your books regularly is a lot like cleaning your house regularly. If you clean your house on a regular […]
Best Financial Habits of Small Businesses
Some small businesses seem to have it all together—the entrepreneurial equivalent of the beautiful mom with the perfect kids. They have budgets, make profits, and know where every penny is—all of which helps them grow into big businesses. But how do they do it? How do they keep on top of their finances with any […]
Working with an Outsourced Bookkeeper
How much does it cost to work with an outsourced bookkeeper? If you have a small business, working with an outsourced bookkeeper or accountant can be the best way to get help with your financial records. People often ask me how much it costs to hire an outsourced bookkeeper and my answer always is: “It […]
Synching Income and Expenses in Your Budget
Unfortunately, most business expenses don’t conveniently spread themselves out evenly over twelve months. And income? Well, most businesses have seasonal variability so you earn more in some months than in others. Getting income and expenses to synch up is likely to be one of the biggest challenges in your budget process. But it can be […]
The Importance of Customer Service When the Going Gets Tough
Small business owners are always inundated with advice about how to grow their business and acquire new customers. Of course, that’s not bad advice, but what often gets neglected is the importance of retaining your current clients and providing them with good service. This is particularly true during tough economic times like the ones we […]