With the end of summer comes lots of fun and anticipation. Back to school, football, the end of the 3rd quarter, and a time to plan how the end of the year will look for your small business. And with the state of inflation, why not take advantage of Labor Day sales 2022 to tackle some big expenses for your small business?
Today I’m discussing why Labor Day sales 2022 can be a great tool for your business. Keep reading to find out how!
Read MoreHow many times over the past couple of years have you heard someone mention struggling with money-related stress?
My guess is, probably too many times to count. And for every person who did mention it, there are probably several others who were too embarrassed to bring it up.
As a business owner, maybe you’ve struggled with finances over the past couple of years. The global pandemic wreaked havoc on all kinds of businesses, big and small.
Read MoreYou probably started the year off with the best intentions for your business. As a responsible business owner, you set your goals when the new year rolled around. Maybe you wanted to hit $25k in revenue per month. Or perhaps you set your sights on expanding the services you offer.
A mid-year financial checkup is the best way to evaluate whether or not you are on target to hit your goals. And if you’re not, then it’s a good time to course correct.
Read MoreAs the old adage goes, “you need to spend money to make money.” But how do you know if you’re making the right decisions with your business spending?
Understanding expenses vs. investments is key. It’s important to be intentional about your business to keep your expenses from spinning out of control, but it’s also necessary to know when your business needs an infusion of capital to make meaningful strides forward. Keep reading to learn the 3 questions you should ask before every investment.
Read MorePlanning for college costs in advance can reap tremendous benefits for your child. Instead of having an average of $28,950 in student loans to tackle when they graduate, they can put their money to work for their futures. Without college debt they can use the money they earn to start investing in their retirements, continued education, or even begin saving for a home.
If you’re interested in how to avoid college debt and want to make sure your child isn’t one of the 43 million Americans with student loan debt, read on to find out what you can do to help!
Read MoreWhen you first set out as an entrepreneur, being your company’s chief financial officer (CFO) may not have been top of mind. But even if you’re not a numbers person, have no fear!
We’re here to help you avoid common small business money mistakes — and figure out what to do if you’ve already made them.
Read MoreAs a small business owner, you know the pressure to succeed can be… heavy. And because no one else can take responsibility for your business, that burden can feel both overwhelming and isolating — especially when you depend on your business to support your family and your livelihood.
I get it! With so much on the line, it can be easy to let fear take over when it comes time to make important business decisions. But ironically, this fear can actually prevent you from reaching the success you so desire.
As it turns out, there’s a name for this sense of fear in the world of business and finance: loss aversion. Keep reading to learn 4 ways to prevent it.
Read MoreMaybe you’ve gotten the hang of planning for your monthly business expenses. Your internet bill, monthly subscriptions, and software all have a place in your budget. And each month, you pay the bills on time. You’re feeling good! You’re a business owner, and you’re taking care of business.
But then, all of a sudden, another expense shows up. The yearly fee for your website. The cost to renew your LLC. After years of reliable companionship, your computer finally breaks down.
Unlike your fixed monthly costs, these expenses don’t have a spot in your budget. They don’t have a pile of money with their name on it, waiting to be spent. So how do you efficiently plan for them?
Read MoreBucket lists allow us to turn our ambitions into an action plan. By writing down our wildest dreams, we take them from our imagination and lay them out in plain English. Our dreams become that much more real and, by default, that much more likely to happen. It’s easier to see the actions we need to take to achieve the goals after we’ve written them down.
But what about a financial bucket list?
Read MoreAt some point, you may feel that your hobby is becoming more like a successful side hustle—or part-time business—than something you only do to relax or exercise your creativity. It’s important to properly distinguish between a hobby and a business because the difference can significantly impact your financial future, especially when it comes to filing taxes.
Read MoreWhen you run your own business, the line between what’s personal and what’s business-related can blur. But when it comes to finances, you’ve got to draw the line. Yes—your business and personal finances are intimately connected, but as a successful small business owner, you need to keep them separately organized if you want to live with financial ease.
Read MoreLet’s be honest, when it comes to building a profitable business, the learning curve is steep.
Navigating the new terrain will be easier if you focus on the right goals from the beginning. And one of the most important goals is to focus on is how profitable your business is.
Focusing on profitability will help to prevent your dreams from becoming a cash flow eating nightmare.
Read MoreIf you’re one of the lucky ones who continued to grow throughout the pandemic, you may find that your business has extra money in the budget as you’re doing your year-end financial reckoning. This can be a good opportunity to pay yourself more, increase the stability of the business, or invest back into the business.
It can also be a great opportunity to give back to your community and say thanks. If you’re feeling so inclined, here are six ideas for how to give thanks with extra money in your budget this year.
Read MoreRemember the old adage; businesses who fail to plan, plan to fail. By completing the steps in this year-end financial checklist, you can rest easy knowing that you’re creating a plan for success. You can’t improve what you haven’t measured, and this checklist will help you measure all the right things for year-end planning and improved forecasting.
Read MoreBoth new and seasoned business owners grapple with this problem every day, so you’re not alone. And luckily, there are things you can do to increase your business profit quickly and (relatively) painlessly!
Read MoreWhen you take the leap from employee to business owner, one of the most important things you need to consider is how you’ll pay yourself. Yet this is one area that new (and even some seasoned) business owners continue to struggle with.
Read MoreEssentially, there are three different professionals who can make your life easier when it comes to your business finances (there are more, but these three are the most common):
A financial business coach
A financial advisor who serves business owners
A bookkeeper or accountant
To choose the right professional for you and your business, you need to know what each professional specializes in, the services they offer, and how they can specifically help support your business financials.
Read MoreWell-done budgets can be so freeing. They can ultimately take a lot of the fear out of our finances.
Luckily, creating a budget for your business doesn’t have to be difficult or daunting. I’ve developed a simple five-step guide you can follow to create your own business budget right now and get more clarity on your business finances. Let’s get started.
Read MoreYou’ve made the leap, business is rolling in and one of the first questions usually is - “How much should I be spending on things like my website, advertising, social media, hiring experts, etc.? And also, when should I start doing that? At the beginning? After I have revenue? Take a loan? Use my savings?”
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