You’ve probably know what you should do to make your business a success but do you know what you shouldn’t do? No one wants their business to fail or fall into financial difficulty so it’s important to ensure you avoid the traps before it’s too late. Following the five pointers below is a sure-fire way to put your company out of business.
1. Never change
If you’re unfamiliar with the term ‘change’, then you’re heading for trouble. With technology and consumer markets changing all the time, it’s crucial to keep up so you know exactly what your target market wants. This helps you stay one step ahead of competitors and ensures you plan for the future. Stay focused by keeping in mind business goals and strategies to ensure your business evolves. Ever heard of that saying, ‘failing to prepare is preparing to fail’?
Don’t forget to regularly update the company’s website, blogs, social media channels and overall design. If your website still looks like it did in 1999, then to many visitors, it will look outdated and off-putting, regardless of how great your products or services are.
By Mike Bertrand, Founder/CEO of MoneyStream - and as a special offer to MyCorporation customers, try it free for 90 days.
It’s a common joke among small business owners: I’m the CEO and the sales guy and the billing department and I make the coffee. As the founder of multiple successful software companies, including personal finance management service MoneyStream, I’ve certainly used that line more than a few times.
Of course, we don’t complain about making the coffee. Hey, someone’s got to do it. But there has to be a limit.
I’ve been fortunate to work with numerous entrepreneurs over the years. One of the pitfalls they fall into is the wasted timed on low-payoff work like running to get office supplies. Meanwhile, they short the activities that drive growth, such as negotiating a lucrative contract or persuading an existing client to grow their business.
Managing your personal and business finances is not low-payoff work. But it’s not your core competency either. Fortunately, you don’t have to be a CPA to properly manage your finances. Here are a few tips for saving time on financial management.
By Keith Tully
When it comes to proper budgeting and accounting, what most people tend to overlook is the prevention and preparation aspect. Without adequate planning, all the right data in the world won’t help once your bank account is over drafted all thanks to a simple oversight. Keep these five easy tips in mind for maintaining a healthy company bank account balance and eliminate the risk of potential company cash flow problems in the future.
While big business may have access to bank lines of credit and even government bailouts, small businesses usually don’t have the same financing resources. When an emergency strikes and you need cash, you need to understand how to finance your business through a rough period.
Emergencies may include major equipment failures, serious cash flow shortages due to customer defaults, unexpected lawsuits, tax liabilities, or a myriad of other situations. Regardless of the cause, you need to find cash fast to rectify any situation that threatens the stability of your business. Following are some creative methods to get financing quickly.
In the first year of your business’ life, the success of a small company hinges on lowering its overhead expenses which can make all the difference between insolvency and survival. To ensure that your business stays as financially lean as possible, take the following six tips into account when creating and establishing your company budget.
Cut Your Staffing Costs
Owning a business often seems like jumping from one crisis to another, but there’s a difference between putting out fires around your business and actually fighting a fire in your business. Being prepared for the emergencies that will occasionally rise up can mean the difference between succeeding or failing as a business. As a business owner, it is vital to be ready for some of the most common business emergencies, which can range from physical to financial.
Cash Flow Interruption
As a Certified Financial Planner™ practitioner, new clients come to me because they want advice on specific issues like:
What can I do to get better control of the cash flow in my business?
How can I develop a budget that allows me to spend and save?
Can I afford to get office space?
Am I on track to retire?
How should I invest my portfolio?
How can I get ahead in my financial life?
I bring up the definition of insanity – doing the same thing over and over and expecting a different result. As I begin to answer these questions, my clients realize that most financial decisions they must consider somehow relate to making a change. They become more aware of what’s getting in their way and begin to reflect on the notion that something has to change. Continue reading