If your business requires expensive tools and machinery, you may find yourself in need of asset finance. Asset finance allows you to acquire or use assets without having to pay in full up front. It gives you the funding you need to purchase or lease assets you’ll need to operate your business while preserving your […]
Hiring your first employee is a defining moment for any business, and whether you’re expanding from a single-person business or growing into new markets, it’s more than just finding the right person. It requires thoughtful preparation, adherence to federal and state laws, and the creation of a strong internal framework to support new hires. Here’s […]
Investing in new fixed assets such as machinery, vehicles, technical equipment, or property can be a critical step in growing your business. You’ll generally need to choose between using cash reserves or seeking finance. While using cash avoids interest costs, financing allows you to spread the cost over time, keeping your cash available for other […]
Crowdfunding is when you raise capital from the ‘crowd’, or the general population. It’s usually facilitated by online platforms such as www.kickstarter.com and www.indiegogo.com (ask your industry networks or search online for what may match what you’re doing). It allows businesses the freedom to raise capital from a range of people: investors, customers, colleagues, peers, […]
Angel investors are usually successful entrepreneurs, retired business owners or corporate executives in search of investment opportunities with promising businesses. They’re looking for an investment they can get a return on their money, but often also contribute to an industry, region, town or business community. What angel investors will expect They usually seek a combination […]
If your business is facing a crisis and you’re not sure what to do next, there are three strategies you can consider. Strategy 1. Trade out of trouble Initially, focus on selling current products or services to your existing good customers, as it should be the easiest to do. They know you. Then contact the […]
Improving your bottom line isn’t just about increasing your revenue but also comes down to reducing outgoings where you can. Reducing direct costs can dramatically increase your profit on each sale while eliminating unnecessary business overhead. Here are some things to consider for optimising operational costs. Lower the cost of purchases Reducing what you pay […]
Safeguarding your business against fraud is important, particularly if your business accepts credit cards. While credit card fraud may always be a concern, it is something you can protect yourself against to reduce your risk of losses. Preventing the cause of fraud If you can and it’s appropriate, avoid the chance of any credit card […]
Many businesses need to raise extra capital or funding at some stage in their growth. The first task is figuring out how much you need, and what it’s for. For example, you could be aiming to increase capacity by investing in new equipment or expanding your facilities. Or you might be planning to buy a […]
Running a nonprofit requires a delicate balance between advancing your mission and managing day-to-day operations. One of the most time-consuming and detail-oriented tasks is bookkeeping. For many small to mid-sized organizations, internal bookkeeping can quickly become overwhelming, especially when staff wear multiple hats. Outsourcing bookkeeping can be a practical solution. It allows nonprofits to maintain […]
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Selling a business is more than negotiating a price with a buyer. It also involves meeting legal requirements, managing tax obligations, and structuring the sale to protect your interests and ensure a smooth transfer of business ownership. Whether you’re selling to investors, passing it on to employees, or transitioning to another owner, careful planning will […]
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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 […]
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Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how […]
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There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once […]
“Outsource your weaknesses.” So says start-up guru, Sujan Patel, when advising small business owners to get outside help for tasks like payroll and bookkeeping. And when you consider that 70% of businesses fail due to poor in-house financial management, Patel’s advice seems spot on. Unfortunately, many small business owners seek to keep costs low by […]
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When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while other times they share whether you want them to or not. While the advice is almost always well-intended, it’s not always good. In fact, sometimes it’s downright awful. Here are some tips that well-meaning […]
Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have […]
Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As […]
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Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. Each financial report offers unique insights into different aspects of your company’s health. This listicle will break down the essentials, helping you make informed decisions and ultimately steer your business toward success. 1. Balance sheet […]
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Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of […]