POST CATEGORY : Finance

Trim Your Business Expenses During This Economic Downturn

trim business expensesDuring this economic downturn, some small businesses are struggling to stay ahead.   Maybe you need to consider trimming your expenses to keep more money in your pockets instead of flying out of the window.   I came across this list of suggestions to help you secure your business finances, “78 Ways For Your Small Business To Save Money In This Economy”.

The list is divided into different  categories such as Technology, Overhead, Office Items and Office Space, Advertising, Insurance and Finances, and Travel.   It also offers a lot of great resource and article links to help you along the way.   Even if your business is not struggling at this time, this list can still be of good benefit to you.  …

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Airing Your Accounts Receivable Problems In A Public Manner

accounts receivableAs pointed out in the Wall Street Journal article “Web Site Lets Businesses Expose Deadbeat Customers“, there is a new way to vent your frustrations towards non-paying customers.   The website, Uradeadbeat.com, gives you an avenue to post complaints about customers or businesses that owe you money.

I can’t seem to decide where I stand on this idea.   On one hand, this may be a good way to get someone to respond to you that normally you could not get into contact with.   If they get upset, maybe they will contact you and you will be able to work out some sort of payment schedule.…

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Smart Ways To Finance Your Small Business

When a business consultant found no angel investor interested in funding her dream venture – $30,000 to start her small practice – she came up with a brilliant idea.

She promised her first ten clients a full refund on their fee at a follow-up consultation (six months later) provided they paid her upfront for the first visit. Temporarily at least, her problem was solved and she ended up signing quite a few clients.

The thing is that if you are new in a business and without any track record, you may find it difficult raising capital from lenders or investors. The chances of getting VC funding for such a venture are as bright as getting struck by a bolt of lightening!…

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Useful Tips for Small Businesses on Usage of Business Credit Cards

Another large credit card company this week launched a business credit card to specifically meet the needs of small business owners. This launch is yet more proof of how fast the small business segment is growing and contributing to the U.S. economy.

According to Ruth Davis, Vice President, D&B Small Business Credit Products, “The small business segment is still underserved and many small business owners continue using their personal cards for business expenses instead of business credit cards. They are still unaware of how critical building and managing their business credit is to the success of their businesses.”

For small businesses and entrepreneurs, D&B Small Business Group recommends that:

Small businesses should use a business credit card over a personal credit card.…

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Over Half Do Not Have Accounting Software

Over Half Do Not Have Accounting Software

More than half of U.S. small businesses do not use accounting software.

AMI Partners, Inc., a research firm that specializes in global small business market research, notes this in a recently-published study, entitled “Small Business Accounting is Big…and Getting Bigger”:

“U.S. small businesses (SBs; companies with 1 to 99 employees) spent approximately US$410 million on purchasing accounting software solutions in the last 12 months, and this figure is expected to cross the half-billion-dollar mark by 2008. The nearly 6% annual increase in accounting-software-related dollars augurs well for industry-leader Intuit (with their QuickBooks portfolio) and Microsoft, which recently jumped on the small business bandwagon with its release of Small Business Accounting 2006.

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BUSINESS INDICATORS AND WARNING SIGNS

Do you employ a method to determine the pulse of your business? How many times have you asked or heard someone say; “How did we get in this situation”? When you go to the doctor, he usually will ask a lot of symptomatic questions to help him sort out the possibilities, to determine what brought you into his office. Why then couldn’t we use the same approach to managing the future of our businesses? You can easily practice the same fundamental logic.

For many managers the use of the monthly financial statement and the sales backlog are their only yardstick or indicators of how they are doing.…

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