3 Reasons Entrepreneurs Need Legal Help

It may be common sense that an entrepreneur needs an accountant and/or bookkeeper on their startup development team. But another crucial team member is just as important: An attorney. In business, mistakes can be expensive and as an entrepreneur, although you’ll know many of the regulations that apply to your business, there are so many you can’t possibly remember all of them. Depending on the type of business you run,…  Read more

The Power of Core Values in Business

As a business owner, you’re the architect of your business’s vision and culture. But in the hustle to develop products, chase sales, and keep the lights on, some of the foundation often gets lost in the mix. Core values—those guiding principles that shape your company’s identity—are more than just words on a wall or a statement in a handbook. These aren’t just buzzwords to sprinkle throughout your website – your…  Read more

Return on Investment vs Cost: How to Weigh Them When Making Business Purchases

Deciding to purchase something to help your business is a big decision. It can be difficult to part with hard-earned money, especially in the early days. To understand the right time to invest by purchasing something for your business, you must calculate whether the Return on Investment (ROI) would be profitable. The cost is the amount of money you spend making the purchase, plus any indirect costs (such as training…  Read more

Effective Strategies for Boosting Your Startup’s Cash Flow

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more

Is Bitcoin Worth Considering as a Payment Method?

For many small business owners, the offer of low payment fees is a very attractive proposition. Bitcoin – a digital currency that allows low-cost peer to peer payments – offers an interesting alternative to traditional payment methods. When you buy or sell with bitcoins, fees are set by bitcoin users. Typically those fees are much lower than the 2-3% transaction fees incurred in a typical credit card transaction. Before you…  Read more

Avoiding Bankruptcy: Top Reasons it Happens and Ways to Prevent It

Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business…  Read more

Questions to Prepare for When Pitching to Investors

If you’re looking for people to invest in your business, be prepared to answer some important questions. Investors look for smart investment opportunities—that means they want to find out as much as they can about you and your business before they make a decision about whether or not to invest with you. It’s vital to have well thought-out answers to investors’ questions. Give them evidence you’ve thoroughly examined your business…  Read more

When and How to Raise Your Prices

It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to reevaluate its rates regularly to stay competitive (and to stay in business).   When…  Read more

The Benefits of Outsourcing for Small Businesses

For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and…  Read more

5 Signs You Have Cash Flow Issues

Whether it’s for personal use or for your business, cash flow is important. The movement of money in and out keeps everything running smoothly, and you have to know where you stand. But what if it seems that your cash flow isn’t really, well, flowing? If it seems that you’ve tightened your belt in every area and still coming up short, you might have cash flow issues. Here are some…  Read more

What is a Balance Sheet and How Does it Help me Manage my Finances?

You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how…  Read more

Are Your Phone Habits Helping or Hindering Your Success?

Let’s talk about your smartphone habits. It may not be a pleasant topic to discuss, but it does matter. How you use your phone can have a huge impact on your life and on your business, especially for productivity. Sounds dramatic? Not at all. These mini pocket-sized computers are with us all the time and the constant flow of notifications can interrupt our workflow incessantly. Your mobile habits significantly impact…  Read more

How to Manage Small Business Inventory

When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort…  Read more

Tips for Choosing a Business Credit Card

It can be a challenge for new business owners to find a bank that will approve them for even a small business loan. Most will see a young company as too high a risk to qualify for corporate lending. A credit card can serve as a short term solution for small scale financing, offering entrepreneurs a “foot in the door” with a lender. Think of it as a chance to…  Read more

Easy Steps to Prepare your Family Business for the Next Generation

The future of your family business may seem like a problem for tomorrow or sometime next decade, but forward-thinking business owners know they need to plan for the future today. The steps you take now to prepare your company for the next generation will go a long way to determining how successful it remains after you retire. It’s tempting to think that things will automatically work out for the best—especially…  Read more

The Common Time Waster That Stops Your Business from Growing

Being a small business owner can be fantastic. You get to be involved in every aspect of your business, from marketing to event planning, from sales to employee development. Being involved in so many areas of your business saves you from boredom and allows you to use skills you might not have known you had. There is one area that many small business owners hate to be part of but…  Read more

Managing Work-Life Balance as a Small Business Owner

As a small business owner, it can be incredibly difficult to maintain a healthy work-life balance. The obligations and responsibilities of running your own business often take priority over any personal pursuits, no matter how important they may be for your overall well being. But, with the right strategies and mindset in place, it is possible to strike an effective balance between working hard on your business and making time…  Read more

Essential Bookkeeping Practices for Start-ups

Starting a new business is exciting, but it also comes with its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It’s not just about keeping things tidy; it’s about understanding the financial health of your business and meeting all your tax obligations. Don’t underestimate the basics Some…  Read more

The Ultimate Guide to Improving Business Cash Flow

In the business world, cash flow remains the lifeblood that keeps your operations running smoothly. Whether you’re a start-up finding your feet or a seasoned business, maintaining a steady cash flow can be quite a challenge. But a few small changes can make a world of difference to your cash flow and overall revenue. So, let’s dive into some practical strategies you can implement to boost your cash flow. Get…  Read more

5 Key Steps to Prepare for the Successful Sale of your Business

If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step…  Read more

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