3 Financial Questions Any Business Owner Needs to Ask

There are many questions involved in the early stages of planning your own business. You don’t just need to ask yourself what you’re going to sell, how you’re going to take your product to market, or which audience you’re going to target. You also need to think about how you’re going to market yourself, ensure a profit, and pay your employees.

Managing small business finances

While all of the queries popping up at the beginning of your journey can be complex, the financial questions are the ones that many entrepreneurs struggle with most. Fortunately, the more prepared you are to handle these questions, the more confident you’re going to feel when the time comes to bring your venture to life.…

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Why You Need a Personal Finance Plan (And How to Achieve It)

Did you know that a whopping 80 percent of Americans have some form of consumer debt? Or that, not including mortgage debt, the average American owes about $38,000?

Personal finance plan

Whichever way you slice it, you’ll end up with one conclusion: people need to do better in their personal financial planning. Sure, not all debt is bad, but in an ideal world, no one wants to have any debt.

The key to financial success is to have a solid personal finance plan. Continue reading to learn how this plan will help.

Practice Better Money Management

Are you always running out of money before your next paycheck hits your account?…

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Business Finance: Why Taking The Short Route is Often The Deadly Route

Starting a business from scratch and getting it to move forward on its onward journey requires a solid business financing guide in order to make it into a successful enterprise. Most businesses start with help of friends or using family property as collateral, but eventually, if the venture has to stand on its own two feet it will need continuous financing till it attains sustainable growth.

Financial planning

Business planning

Even after the business is up and running, the management will still have to ensure that future growth plans do not get affected by inadequate financing, else the business is destined to fail.…

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How Can You Unlock Your Financial Potential? It Starts with Credit, According to Colin Yurcisin

We’re expected to pay taxes, make payments, take out loans, review interest rates, and manage credit cards the moment we’re thrust out into the world after high school. It can be a heavy amount of information we are expected to learn once we hit the age of 18, considering our basic education does not cover the ins and outs of financial literacy today.

Business credit financing

More important than loans or rates is one measurement of financial trustworthiness that can make or break your future, according to finance entrepreneur Colin Yurcisin. It’s known as credit.

When individuals fail to pay back loans, accumulate more debt than they can pay off, and make poor financial decisions at a young age, they impact their credit score in a damaging way.…

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Master the Art of Financial Planning With These 8 Tips

The importance of financial planning cannot be overemphasized. It is a continuous process aimed at enabling people to make sound financial decisions.

Financial planning

The consequences of not planning your finances are dire. That’s why it is important to ensure that you have a financial plan in place – if you want to attain financial freedom.

The good news is that there are many companies and individuals who offer financial planning services.

If you’re residing in Melbourne, Australia, a good starting point is by looking for Melbourne financial advisor North East Wealth. Although you can do it by yourself, working with a professional almost guarantees the success of your plan.…

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4 Painless Tips to Set Up Your Family for True Financial Success

Early to bed and early to rise, makes a man healthy, wealthy, and wise. If only it really was that simple. Yeah, that may have worked for your grandparents. But, these days, saving money to help your family get ahead financially is an ongoing challenge.

In some ways, it’s never been harder. But we must carry on and keep trying. The very future of our families depends upon it.

Family financial planning for success

By now, most people know that cutting expenses, paying off debt, saving some money, and investing smartly are the biggest keys for long-term financial success. Understanding that is pretty easy. Doing it?…

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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 More Easily Manage Cash Flow for Your Business [INFOGRAPHIC]

Every small business has different needs and operations expectations. Managing accounts payable and accounts receivable is a balancing act that accountants perform on a daily basis. Closely monitoring and managing cash flow can help offset payments to venders and overhead expenses and allow you to focus on developing your business.

Business owners should establish habits that allow them to easily track and manage both accounts payable and receivable. Doing so can help reduce the chance of late fees and allow your business to grow more quickly. Read the infographic below from Citizens Bank for 16 different ways to manage cash flow and keep your business in check.…

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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!”…

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