It is a common complaint to hear that one does not make enough money. In most cases, we have found that it is mostly an issue of a lack of a budget and follow-through. A few years back, we were faced with a sudden change in circumstances which led to me combing through all of our monthly expenses and figuring out what was a “nice-to-have” expense and a “need-to-have”.
Have you reached a level in your business and do not know what your next step should be? Many small business owners do not have bookkeepers to provide accurate numbers, let alone sophisticated financial reporting and analysis capabilities. A large portion of business owners do not understand the relationship between the cashflow statement to the income statement and balance sheet.
We know it may seem like we are repeating ourselves…but on average, a person needs to hear a message SEVEN times before they remember it. Let’s face it…owning a business is overwhelming at times and the number of plates you must maintain spinning all at once can be a daunting task. We would like to give you a few pointers to take the guesswork out of how to pay yourself.
It’s June and there seems to be a surge of posts from proud parents because their son or daughter is graduating this year. Graduation is such symbolic event in a person’s life. It’s the end of one journey and the beginning of another.
Well people, the moment we have been all waiting for is fast approaching. Summer is at our door step. For many, summer means long days spent with the children, on a patio sipping on a cold beverage, attending concerts (hopefully this will be a reality soon) or just dialing it down for a few months while the sun is shinning. But for some of us, it means that this is the season of opportunity. Summer gives rise to so many great seasonal business ideas from landscaping to wedding planning.
You are a great plumber…maybe a great electrician or a great hairdresser…but maybe keeping your books in order makes you run for the hills. You forgot your receipt in your car…maybe you forgot them in your wallet or even your toolbox…The BIGGEST favour you can do to save you countless hours (or money if you are paying a third party) is to keep a separate bank and credit card account for all things relating to your business.
If you have ever read Stretch: Unlock the Power of Less – and Achieve More Than You Ever Imagined by Scott Sonenshein, you know that buying all the best gadgets does not necessarily lead to more profits. Knowing where to invest your money is synonymous with being a good business person. We would caution, however, that trying to cut costs on bookkeeping may in fact hurt your business in the long run and here is why.