Understanding how cash moves in and out of your business strengthen your ability to make good business decisions. How you spend or save your cash affects your company’s financial health as well as your ability to market, develop your products and team, and take time away from work. Unfortunately, it’s not unusual for small business
Have you noticed your suppliers are raising their prices? Is the cost of operating your business starting to rise? What you’re experiencing is inflation. Here’s an example of inflation I’ve seen recently. It was common even a year ago to have a housekeeper charge $25 CAD per hour, now the going rate is $40 CAD.
Owning a small business means collecting, managing and paying taxes even if you are a self-employed “solo entrepreneur”. Determining what to save for your taxes varies depending on your unique business needs. A surprise at the end of the year is never nice. One of the wisest financial decisions you can make for your small
New entrepreneurs are often surprised by just how expensive it is to build and run a business. Without careful planning, your start-up money can evaporate before you have had a chance to make your first sale. To prevent this, know and understand the full start-up costs for your small business. Plan for every dollar you
The startup stage of entrepreneurship holds a strange duality; you are excited to pursue this new venture and nervous that it may not work out. Perhaps you are itching to quit your job and dive into this business, but you haven’t made the leap yet because of the financial security your day job offers. You
Happiness in business… is that an oxymoron? Whoever is happy in their business must not be trying hard enough! Business owners should give every last bit of energy to their company. After all, the more you work, the more profits you’ll have, and the happier you will be, right? Red flag! This is not true!
Your expenses are where you have the most control over your small business finances, although it may not feel like it all the time. Here are some ways you can reduce expenses in your business. 1. Negotiate with your suppliers Are you getting a fair deal? Do your suppliers have your back? Have you negotiated