POSTS TAGGED : financial management

5 Potential Business Expenses

If you’re going to start a business this year, you probably have come up with a plan already. Having a comprehensive plan in place is one of the most critical things you can do if you’re going to find success within your niche.

Business expenses management

However, while you might have thought about expenses such as employee salaries and what it will cost to rent a brick-and-mortar location, you might have forgotten about certain other potential expenditures.

We’ve compiled a possible expense list for you to peruse. It’s probable that you won’t need everything on this list, but it’s more than likely you’ll need at least a couple of the items we’ll mention.…

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How Small Business Leaders Can Make The Most of Their Budgets

It’s no secret that we’re going through a volatile time and small businesses are feeling the sharp end of it. The key to surviving and – dare I say it – even thriving in the coming months is to make the most of your resources.

Business budgeting

Given that the pandemic has cost the average small business over £11,000 in lost takings and extra expenses, having a budget and optimizing it is essential. Especially when, as the pandemic hit, most businesses only had enough spare cash on hand to last two to eight weeks.

So, moving forward, how can business leaders ensure that every pound of their budget is well spent?…

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Simple Yet Profound Ways to Cut Costs Amid COVID-19 Crisis

As the economy continues to struggle and many businesses are faced with prolonged dips in sales, many SBOs are getting creative to stay afloat. This includes cutting costs and reorganizing expenses based on new developments.

Expense management and cost cutting

The 2 Levers of Profitability and Financial Sustenance

Whether it’s a small business, global organization, or your own household, there are two levers that impact your profitability and financial sustenance:

  • Increasing revenue. The first (and most obvious) choice is to increase revenue. If you sell more products at a higher profit margin, you generate more revenue. Plain and simple.
  • Cutting costs. The other lever is to cut costs.
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Dig Yourself Out Of a Financial Hole With These Handy Tips

Being stuck in a financial rut can feel overwhelming at times. It’s like, no matter what you do or how hard you work, the situation never seems to change. There are ways to dig yourself out of a hole and in this post, we’ll look at some great tips on how to get back on top of your finances.

Personal financial planning

You Need a Plan

Sometimes all it takes to get on top of your finances is a plan on how to do it. You might want to consider enlisting the help of a financial adviser or an accountant. They’re experts at helping people with their finances but not only that, a fresh mind that’s not personally involved in the situation will usually see things more clearly.…

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What Is a Pay Stub? Important Pay Stub Laws to Know

“What is a pay stub?” It’s one of the most useful documents you can have.

Whether you’re an employer or employee, making pay stubs is crucial because you can use them for several things. They help when it comes to getting a loan and they can help you monitor your finances.

Pay stub laws

If you want a pay stub example, think of a piece of paper that shows how much you’ve made and spent on taxes. Knowing what they are and what the laws are regarding them will help you whenever you decide to make them.

Keep on reading to learn more about pay stubs.…

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Save Your Business From Financial Crisis With These 7 Tricks

Whether you’re a budding entrepreneur or the mastermind behind a renowned franchise, all companies run the risk of failure, whether it’s due to the economic downturn or a shift in the market.

Business people surviving financial crisis

From successfully managing cash flow to applying for an emergency loan, we’ve rounded up 7 ways you can save your business from a financial crisis.

1. Take an objective look at your business model

First things first: step back and take an objective look at your business to identify the underlying issues at play.

A simple SWOT analysis will help to underline your company’s strengths, weaknesses, opportunities and threats.…

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5 Top Tips to Keeping Your Small Business in Good Financial Health

5 Top Tips to Keeping Your Small Business in Good Financial Health

There are many motivations as to why we all start-up and sun our own businesses and no matter if it’s a local mom & pop store or the planet’s largest corporation, one thing we all have in common is the desire to make a profit. Even charities and not for profits need to ensure good financial health, as any surplus after running costs can help further their cause.

Managing small business finances

So the way to do this is to monitor your finances and notice any issues and deal with them promptly.

Regularly Do Your Book-Keeping

The first thing any business should do is not neglect regular book-keeping as this is the main tool to enable you to see how you are performing.…

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Surefire Ways to Keep Your Business Afloat During a Financial Crunch

Owning your own business is not as easy as some people think. It is actually a 24-hour job, especially when you’re just starting to grow your business because you have to think about so many things, from marketing plans, employee schedules, stock supplies, and more.

Keeping business afloat during crisis

But, of course, the financial rewards and the fulfillment that you get from managing something that is entirely your own cannot be beat. This is the main reason why there are many businesses in the world. Owning your own company is very rewarding, although it does entail a lot of work.

Some companies that are more stable, who want to grow and expand even more, consider going public.…

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Startup Financial Management: 8 Tips for Staying in the Black

Are you managing a startup with little or no sales as yet? Running on a lean skeleton crew of employees banking on your promises of success?

Small business accountants

At this stage, it might seem most important to just do everything possible to keep the doors open, but that’s the wrong kind of thinking. Working on a day-to-day approach is the same as saying “We might not make it.”

In order to keep your startup in the black, or get it to that point if you’re not even there yet, you need to put systems in place that will help you both presently and in the future when sales start to pour in and potential investors start to show interest in your company.…

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How Can Small Businesses Optimize Financial Management

Many small business owners find managing their finances to be quite challenging. You might know how to deliver an exceptional product or service, but if you lack both the experience and knowledge in managing business finances, your small business won’t be as successful as you’d hoped it to be. The main reason financial management tends to be daunting is that it’s common for small businesses to make a financial mistake or end up falling into a financial pitfall.

Financial management optimization

These types of mistakes usually bring the worst types of consequences, mainly because even the smallest or the simplest of financial mistakes can have the potential to ruin your entire businesses if you let the problem go unattended.…

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