Managing Your Cash Flow Can Save Your Business!
Cash flow in its most simple terms is the movement of cash in and out of the business in the form of all income, all expenses, and all cash disbursements. A Cash Flow Report shows this movement during a specific time period, usually a week, a month, a quarter or a year. Monitoring the cash flow of your business by running a Cash Flow Report is important because it tells you not only how much cash you received during a specific period, but also how much total cash you have available to meet the needs of the business.
Essential Reporting Running Your Small Business Like a Big Business
One of the first lessons I learned in business and in life for that matter, is that if you want to reach a goal you must act as if you have already achieved it. In business this means that if you want your small business to grow to be a big business you must manage it as a big business from the start.
Top 5 Qualities to Look For in a Business Partner
I recently received an email from a reader of The Bergen News, she is young entrepreneur seeking advice for a clothing business she wishes to launch. This week’s article is a response to one of her questions regarding the process to select a suitable business partner.
How to choose the right business partner is not an uncommon concern among aspiring entrepreneurs and is definitely one that should be considered very carefully before moving forward. Your choice of business partner could be the difference between success and failure.
“Now” Is Always the Best Time To Start a Business
What do companies like GE, HP, Microsoft, CNN, Hyatt and Burger King have in common? They were all started in economic downturns by entrepreneurs whose passion, commitment, and ability to execute far out-shadowed the temporary economic obstacles.
For those connection ready entrepreneurs who choose to see these times as an opportunity instead of an obstacle, here are 10 tips to ensure you get started on the right foot:
Entrepreneur Turns Financial Setback Into Author Success!
My friend and fellow entrepreneur Kevin Daum is no stranger to success or to setbacks. After the mortgage meltdown forced his Inc. 500 mortgage company, Stratford Financial Services to close, Kevin turned his setback into success. In his recently released book “ROAR! Get Heard in the Sales and Marketing Jungle” published by Wiley, Kevin shares his years of marketing, sales, relationship building and connecting skills in a fun and entertaining story based on the four sons of Passover.
Solopreneur: On Your Own, But Not Alone
Andrew Carnegie once said “no man will make a great a business who wants to do it all himself or get all of the credit”. In other words, if you want to be successful as an entrepreneur you are going to need the help of others. This is especially true of the sole proprietor entrepreneur aka the Solopreneur.
So where can a Solopreneur turn to for help in getting their business to the next level? I have outlined 5 resources for Solopreneur assistance to help keep you on track and moving forward:
Entrepreneur’s Network Your Way to Business Success
Thanks to the web there are a myriad of options available to small business entrepreneurs to connect, network and market their business. Professional networking sites such as LinkedIn and personal networking sites such as FaceBook are helping small business owners, entrepreneurs and professionals connect and network with colleagues, customers and friends. However, as a small business entrepreneur one of the most effective means of marketing has always been in person connecting and networking.
Successful Entrepreneur’s Know The Value of a Budget
In good times and bad, the successful entrepreneur is the one who manages his/her resources and capital most effectively. A budget is the primary tool for assisting business owners in managing their financial resources. A properly created budget can assist in not only managing sales and revenue targets, but also in creating them. A budget allows a company to compare where they are right now against where they thought they would be and gives them the necessary data to make real time and often preemptory adjustments.
Successful Entrepreneur’s Know The Importance of Financial Projections
Financial projections are used by both established and start-up businesses to estimate the financial performance of the business at some point in the future. For start-up entrepreneurs, creating one year, three year and five year projections form the cornerstone of the business plan and drive many of its major considerations. Connection Ready entrepreneurs know the importance of staying close to the numbers and use financial projections and quantitative analysis as an integral part of their business planning and execution strategy.
“It all comes down to the numbers”, says Kevin Keene of MBA for a Day Inc based in Wellington, FL. “In this economy more than ever, all businesses whether start-up or currently operating, live and die based on their ability to make accurate assumptions and projections of future revenues and expenses.”
Three Critical Steps to Leverage Technology for Your Small Business
Small business owners who invest in technology can make their lives simpler and more efficient. According to Lou Pacelli of LGP Financial Services in Paramus NJ, one area where small businesses fall short the most is on using the technology, this is especially true in the accounting and bookkeeping areas. Many clients have QuickBooks or other financial programs, but never input the data. Yet oftentimes technology investments without proper planning and selection processes have the reverse effect by increasing costs and reducing efficiency. This painful outcome can be avoided by focusing on three critical steps in your technology planning and selection process.
