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.
It is known that most Americans leave several days of vacation on the table each year, but what about the business owners? We rarely break away from our beloved business for evenings and weekends, let alone a few weekdays. Pride and passion drive our vision, mission and ideally a strong bottom line. And this year, with normal vacations being cancelled and many people operating out of their homes full-time, it may be more important than ever to just give your mind a little space.
Here are few reasons why you should give yourself permission to vacation:
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.
Small business owners wear many hats, and it's easy to let things slip through cracks (like that great marketing campaign you were going to do for the holidays). It's nothing to feel bad about... when priorities shift, your attention and time needs to as well. There are plenty of tasks that can be tabled, but there are some that border on dangerous when delayed, and bookkeeping is one of them when you get too far behind. When you let it pile up, the details start to slip and are harder to reconstruct. So, we thought we'd share a few of our sagely tips that seem to be useful in keeping the time spent tracking your finances as efficient and effective as possible.
It’s that time of year, rounding out the fall season and sliding into the last few months of the year. We get lost in the day to day work and those unexpected events. Take a moment to take stock in what you and your business have right now and see where you are compared to where you started the year.
The selection process for deciding which bookkeeping tool is best for your business can be tedious and challenging to decipher in terms of features and benefits. If you've landed on QuickBooks®, congratulations! You've chosen what we at BudgetEase consider a necessary and highly effective tool to help make YOU more profitable!
2017 has been flying by for us and many of our clients find themselves in full swing, performing and thriving. At BudgetEase, we occasionally see the unexpected hit – illnesses of key people or unexpected changes in a client’s market.
So many small businesses think chasing the biggest companies with the largest accounts is the answer. Just because you earn a lot of business from a client doesn’t necessarily mean they are the most valuable or most profitable.
After attending a seminar about selling a closely held business, presented by Jim Aussem with Cavitch Familo & Durkin, I had to share some thoughts with you.