Surefire Ways to Keep Your Business Afloat During a Financial Crunch

Owning your own business is not as easy as some people think. It is actually a 24-hour job, especially when you’re just starting to grow your business because you have to think about so many things, from marketing plans, employee schedules, stock supplies, and more.

Keeping business afloat during crisis

But, of course, the financial rewards and the fulfillment that you get from managing something that is entirely your own cannot be beat. This is the main reason why there are many businesses in the world. Owning your own company is very rewarding, although it does entail a lot of work.

Some companies that are more stable, who want to grow and expand even more, consider going public.…

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Startup Financial Management: 8 Tips for Staying in the Black

Are you managing a startup with little or no sales as yet? Running on a lean skeleton crew of employees banking on your promises of success?

Small business accountants

At this stage, it might seem most important to just do everything possible to keep the doors open, but that’s the wrong kind of thinking. Working on a day-to-day approach is the same as saying “We might not make it.”

In order to keep your startup in the black, or get it to that point if you’re not even there yet, you need to put systems in place that will help you both presently and in the future when sales start to pour in and potential investors start to show interest in your company.…

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How Can Small Businesses Optimize Financial Management

Many small business owners find managing their finances to be quite challenging. You might know how to deliver an exceptional product or service, but if you lack both the experience and knowledge in managing business finances, your small business won’t be as successful as you’d hoped it to be. The main reason financial management tends to be daunting is that it’s common for small businesses to make a financial mistake or end up falling into a financial pitfall.

Financial management optimization

These types of mistakes usually bring the worst types of consequences, mainly because even the smallest or the simplest of financial mistakes can have the potential to ruin your entire businesses if you let the problem go unattended.…

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Know Your Numbers: 4 Critical Tips on Managing Accounting for Startups

If you’ve got a startup, you know there’s already several areas of business to cover. Marketing, sales, accounting are all areas you’ll handle, even if you’re not proficient in them.

Know your numbers by managing accounting better

But how can you manage accounting for startups when you have little to no experience in bookkeeping or financial management for a business? Can you ensure company growth regardless?

Research shows that 9 out of 10 startups fail within their first year. Careful bookkeeping practices can protect your company and ensure safety and prevent this statistic from happening to you.

Check out these tips and see how it’s possible to take your company from startup to success.…

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3 Financial Education Tips for Kids

The area of financial management is one of the most critical aspects for a successful and well-lived life, but sadly, it is one of the most neglected things especially to the millennials.

Financial management education for kids

The numbers don’t lie. A survey revealed that most young millennials (18 – 24 years old) had less than 1,000 in their savings accounts. Worse, almost half of young millennials had zero dollar saved. Investing? Don’t bother talking about it when saving up is not in their vocabulary.

The above calls for a serious discussion on money management.

We seldom see parents and guardians discussing how to manage wealth and resources to their kids properly, and when they finally grow up and they decide to teach them, it has become too difficult or simply impossible.…

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How to Improve your Business’ Credit Score

While business confidence levels in the UK have remained relatively high in recent times, it appears as though the looming spectre of Brexit is finally beginning to take its toll. Most tellingly, the ICAEW Business Confidence Monitor showed that sentiment declined sharply at the beginning of the fourth quarter, falling to -12.3 in October. To put this into perspective, it’s the lowest level since April 2009, when the country was managing the fall-out from the great recession.

business credit score

While entrepreneurs may be growing increasingly concerned as Brexit approaches, however, it’s important that they take practical steps to safeguard their ventures. One of the most important measures is to improve (or at least consolidate) your credit score, so following are some simple steps to help you achieve this goal.…

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Supporting Employees through Financial Difficulties

While many of us still think that people who are working can’t really get into financial difficulties, it’s no longer the case. Employed people are just as likely as the unemployed to be struggling with personal debt, especially as wage rises aren’t keeping up with inflation now.

Facing financial trouble

The average amount of personal debt in the UK is £30,000 and in the US it’s $140,000. While for some this may be manageable, for others it’s an all-consuming nightmare than affects their home and work life.

Employers have a duty of care to employees here

You may, as an employer, believe that it’s not your problem if an employee is struggling in this way, but it is, at least partly.…

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4 Smart Tips to Create Financial Buffers in Your Business

If you own or manage a company, it’s essential that you give yourself financial buffers whenever possible. Business income and expenses are always in a state of ebb and flow, and you don’t want to get caught having to pay for something business-related when you don’t have the money and can’t get the capital easily to secure some necessary part of your company structure.

Tips to create financial buffers in order to protect your business.

Financial buffers can be in several different realms. You need to make sure that you manage your inventory properly. You should protect against legal situations. Your company needs to be prepared to scale up and down. And, there are lots of financial benefits to outsourcing as you need it.…

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How To Reduce Stress In Your Financial Life

No one ever said that dealing with finances was easy. In fact, without knowledge or practice, it can actually be extremely difficult.

Stressful financial life

Balancing incomings, outgoings, necessary costs and debts can seem like a never-ending juggling act and as a result, stress is a fairly common response. While you could turn to a payday loan from a Wizzcash lender in the case of a financial emergency, keeping track of your finances for the most part can help reduce stress considerably and ensure your budgets are kept to at all times.

Here, we’re exploring how you can reduce stress in your financial life.…

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Why Healthy Relationships are Financially Sound

There’s a time in every couple’s life when things move from dating to planning marriage, kids and an entire life together. Besides love and happily ever after, this step forward involves a wide series of changes in a couple’s life.

Money heart

Moving together means sharing not only the house but also the current expenses. Who’s paying for what could soon become a problem in a couple’s dynamic. Because talking about money is less fun than planning the next night out. So, before saying ‘I Do’, partners should take some time to discuss finance.

Knowing what to expect from your partner in terms of financial stability is essential when planning to build a family.…

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