As COVID-19 rages on, there are additional relief packages being considered in the Senate. Among them are The Health, Economic Assistance, Liability Protection and Schools (“HEALS”) Act and the “HEROES ACT,” short for the Health and Economic Recovery Omnibus Emergency Solutions Act.
There are many moving parts in an eCommerce business. As if monitoring sales on several different platforms isn’t confusing enough, add managing inventory, taxes, payroll, and marketing. All of this can be overwhelming if you don’t have processes in place to manage your eCommerce business.
Operating an e-commerce business means dealing with a lot of moving parts and invariably bookkeeping problems. The problem we see most often is organizing information stored in a number of different places, then consolidating it in one place to create useful data used to make insightful business decisions.
Every business owner is concerned with being profitable, particularly in this pandemic. Profit is not just the money you put in the bank. You need to cover the costs associated with being in business (rent, payroll, taxes, supplies, etc.). The amount left over is your profit margin. While there is no magic formula for making your small business profitable, there are several things you can do to increase your profit margin.
One of the toughest aspects of being a business owner is planning for upcoming expenses when you are not in the habit of forecasting revenue and expenses. You may want to hire another employee, purchase new equipment, or expand the location of your business. Many of these expenses are necessary in order to grow your business, but how do you know if, or when, you can afford them?
There comes a time in all successful small business operations when the business owner will find themselves wearing all of the hats: salesperson, stocking clerk, customer service rep, accountant, bookkeeper, payroll, manager... janitor. Each of these jobs are important, but at some point, owners will be spread too thin and need to make the call to bring in help. So, how do you know when the time is right for you?
For small businesses, every penny needs to be put to use in the smartest way possible. Here are a couple of tips to help you make those critical dollars stretch.
You may have heard people talking about scenario planning given the current state of the business environment. Should you be scenario planning? Before deciding whether you should, or should not, allow me to explain what it is.
One of the most exciting things a small business owner will do is hire their first employee.
Here are a few tips when you do so:
1. Budget for the Addition
I hear regularly "I want to improve my profitability."
Here is the P&L from a company that improved their return on sales to 20% from -3.6% the prior year: