Budget Season
As we slide away from autumn into winter, many folks begin spending like mad, stocking up the gifts they’ll be doling out. And then January rolls around, and everyone tightens their budgetary belt, hoping to squeeze the bills they’ve wracked up into manageability. Yet, budgets should be done before the spending, not afterwards. Yes, hindsight is 20/20, but in budgetary concerns, you have to be eagle-eyed looking toward the future. So ’tis the season to budget wisely....
Read MoreThe key to writing an eye popping business plan
a) Keep it simple. The best business models are explainable in two sentences or less. b) Speak money. Investors or prospective employees want to see how, when, and how much money you will make them. c) Identify a market. What size is it? How much can you anticipate getting every year? The investor wants to know if your market is large enough to make him extremely wealthy and be the next best thing. d) Explain the excitement. If you aren’t excited...
Read MoreBest and Worst Case Scenario
In business the term “Best and Worst Case Scenario” is used to decide whether to proceed with an investment. This might seem complicated, but it is more complicated to jump into an investment without thinking through the various gamut of possibilities opened by that investment. So, take the time, and think out your investment by following the flow of the steps below. Decide financial goals. Short term Cash flow Long term Cash flow Long term appreciation Exit strategy Schedule...
Read More7 Steps to Fight the Good Fight
The business struggle to grow is a fight. Each growth achievement makes the company stronger and more likely to succeed. If you will be meeting your issues head-on, you want to learn how to knock ‘em down to the mat. Fighting, often, is most successful when there is a fighter’s attitude. So put up your dukes and follow these seven steps to fight the good fight: 1. See every challenge as an opportunity to grow stronger. Yes, you are fighting, but don’t...
Read MoreLet’s get to work
Creating the Financial Schedule for the New Year What is your Yearly Plan for your Business’ Financials? Here is a sample: Weekly/Bi-Weekly Ensure payroll is accurate, timely and cash is available Review outstanding bills and pay priority bills Pay bills and print checks to vendors Pay owners a salary/cash flow consistently Once per week have owner/executive sign checks Monthly 1st review all credit card bills 10th Bank reconciliations 11th Actual Income Statement Review 15th Send...
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