You should always have some cash on you. Did you grow up hearing that, too? Cash can be easy, it’s convenient, there’s no technology that can go wrong with it. It’s also a pain to account for it as a business owner. There’s not a digital trail like there is for other payment methods.
This is perhaps one of the biggest questions in making financial decisions in your business, and one of the biggest benefits to having your financials in order. It’s a frequent topic in strategy calls with clients, and something we ask ourselves often.
It’s amazing to look back and see how much technology has changed in the past few years. The number of apps and platforms we work with just keeps growing as the tools get better and better for small businesses.
Congratulations, your business is adding its first employee! What are your best options for payroll services? Read through for the common categories, and my recommendation.
You know you need to track all of the money stuff; there is a thing called taxes…but how? Everyone says you should get QuickBooks…but should you? There is an easier way! Read on for instructions to DIY your books from a workshop I’ve done for freelancers, in way less time than you think it will take.
Sales tax is one of those things that seems like it shouldn’t be a big deal. Want to start selling a product? Simply collect the sales tax and figure out how to send it in. A lot of times people don’t even do that - they just make the sale and then worry about the sales tax later.
If you have a service based business, you have likely experienced scope creep. Maybe without even realizing it.
There’s a group that I think deserves some careful attention and thought as well: your suppliers, vendors, and contractors. How can you make it a great experience for them to work with you?
Do you want to get paid? Yes? Then let’s talk about how you get paid. The easier you can make this step, the easier it is for your customers/clients to pay you.
I’ve always believed in working with people who rock at their one thing. When my own Virtual Assistant (VA) mentioned to me that it drives her crazy seeing so many in the VA space trying to do bookkeeping and encouraged me to write a blog post on why that’s not a good idea, I thought it would be fun to bring in some collaborators who have learned this lesson.
What would you do if a key person of your team was suddenly incapacitated? What happens in your business if you are suddenly incapacitated?
Entrepreneurship is lonely, almost by definition. Investopedia says, “An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.” It’s an individual pursuit.
So you’re DIY-ing your business’s books. Want to know some of the most common pitfalls we see? Read on.
If I could wave a magic wand and be able to help every entrepreneur (especially the new ones) understand only one concept, it would be about how they pay themselves as the owner. I’m tired of seeing them not pay themselves, underpay themselves or pay themselves erratically. I’m tired of watching them celebrate milestone or profitable months in their businesses knowing they’re personally not making anything.
I have a conversation about bookkeeping software it seems every week! What’s the best? The answer, like most things, is it depends.
Here it is: credit cards absolutely rock for small businesses. Does this seem counterintuitive? After all, checks are still somehow ubiquitous and racking up debt isn’t a great strategy for sustained profitability. Yet, I wholeheartedly believe that small businesses should pay everything they possibly can on credit cards. Here are four reasons why.
Tax preparers are amazing, necessary professionals. I do not envy them the job of keeping up with the tax code and figuring out the best way to help their clients. There just needs to be a better understanding of their role.
Setting goals, especially revenue goals, can sometimes feel like plucking a number out of thin air. Should you do it based on percentage growth? Should you “go for it” and try to double or triple? A goal should be a stretch, but also realistic. How do you know if that’s true for the goal you set? These questions can be frustrating, especially for young businesses that don’t have years of history to help figure out trends.
Lately, I’ve had some really interesting conversations about preparation: how to recession-proof or future-proof your business, questions about having an emergency fund, etc. These are amazing questions to consider as a small business owner. Let’s dig into this. First, a look behind the curtain at which businesses are faring better right now and why. Then we’ll explore the lessons to be learned from this and how you can apply it to your own business.
Survival mode. Sometimes it’s for a little while. Sometimes it can be a longer while. Sometimes it’s not too bad and sometimes you’re not sure you can make it through. If you could figure out exactly how long you can last in survival mode and what levers you can pull to adjust that length, wouldn’t that make you feel better about making decisions?
I’m here to tell you to stop and make A/R a priority! Treat this as seriously as you would if someone was stealing money directly from your wallet, which is essentially what is happening. There are two main things to consider: What you can do ahead of time (your model) and what you can do after rendering services (your process).
A tagline is an excellent way to boost your brand, and present a clear message to your audience about the benefits you offer. It should stand the test of time and encompass the main thing you’d like to communicate.
“Do it now so you never have to do it again.” - Anonymous
This is one of my favorite quotes. It’s such a powerful way of thinking about delegation. Take the time now to figure it out, and then it’s off your plate! I like to think of myself as a quitter; I’m always looking for the next thing that I can pass off to someone who’s better at it than me.
Some thoughts on what I’ve learned over the past 10 years - one for each year. This is by no means an inclusive list, just what’s coming to mind right now as I reflect.