3 Tips to Lead you to Financial Success for your Small Business

Owning and operating a business can be a challenge. There are a lot of expenses that you are responsible for. Unexpected things can happen, such as property damage or a bad quarter. For some unexpected things you can simply talk to an insurance agent, but not everything can be solved with insurance.

Businessman creates financial plan

In order for your business to be a success, you have to have a good financial plan. There are a few basic things you can do to help ensure that your business does well:

1. Budget

It can be a difficult task to budget for your business.…

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How to Take Your Finances from Receipts to Balance Sheets

Many people assume that finances can be a confusing and stressful thing to manage, especially if you’re not prepared or educated in how to manage finances successfully.

Doing business finances

Many people just throw their receipts in a box and then decide to organize these receipts when it’s necessary, such as when tax season is approaching. But this is not an effective financial method, whether for a business or for your personal finances. Having organized financial records is essential, especially when it comes to managing cash flow for business or for personal use.

Luckily, you don’t have to be a tax expert in order to manage finances.…

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7 Tips to Keep Your Books Out of the Red

It’s inevitable that at some point your business is going to run into financial trouble…

Even if you’re financially secure personally, and able to cover your businesses losses; that’s your money, not the business’s cashflow.

Your business is like a sinking ship? Stay out of the red!

If you have a bank or other type of financial backer who can take care of you when you fall short; the business didn’t generate that money, and it’ll still end up costing more when it comes time to pay the money back (i.e., interest or equity payments).

Take steps to make sure you stay out of the red to begin with. As martial arts legend turned IRS fraudster Wesley Snipes said in his very first box-office movie, Passenger 57: “Always bet on black!”

Snipe’s advice refers to a last ditch casino gambling effort when one’s down to their last c-note: to put your remaining cash on “black” at the roulette table in hopes of cashing in big (see urban dictionary) – i.e., a fifty-fifty chance.…

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