Healthy profit margins are one of the best indicators of long-term business success. As an investor, I’d much rather take my chances on a company with 25 percent profit margins versus one with 3 percent, because that additional profit percentage means more cash that can be reinvested for growth or used to fix mistakes. Over the past six years, U.S. companies have seen their profit margins squeezed because of inflation. Usually when we talk about inflation, it's consumers who are feeling the … [Read more...]
Increase small business profits without raising prices
Consultants, engineers, accountants, designers and other professionals who make a living by essentially selling their expertise all have a huge problem that effectively chokes their business growth. That problem is time—there are only 168 hours in a week, and no amount of creativity can get around this fact. Professionals are basically in the rental business. They rent the use of their brain for a certain amount of time to solve problems or develop responses to client requests. Even the most … [Read more...]
5 steps to clean your small business finances
This winter was brutal in every sense of the word, and most people are looking forward to spring. The American Cleaning Institute reports that more than 80 percent of Americans plan to spring clean their homes, a ritual that dates back to the 1700s, when the first days of spring allowed you to open your windows and doors and let out the winter dust and dirt. For small-business owners, the process of spring cleaning small business finances is one that should be applied to your finances as … [Read more...]
Make your small business look good despite bad finances
Clients expect consultants and other professional services providers to be successful. If you're good at what you do, then you should have the bank to back it up. But given the financial turmoil of the recent past, there are many talented, hard-working people who are still trying to spend less than they make, negotiate their underwater mortgage and rebuild their credit scores. Their small business finances and personal finances are in bad shape and this can hurt them. It’s difficult to … [Read more...]
Why Obama’s Budget Proposal Could Increase Small-Business Taxes
President Obama recently presented his federal budget proposalfor fiscal year 2015. The president envisions the government spending $3.901 trillion and collecting $3.337 trillion, leaving a deficit of $564 billion that will be financed by adding to the national debt. Many elements of the new budget have been proposed in previous years by President Obama but weren't approved by Congress and thus were never enacted. The same fate will likely befall most, if not all, of the … [Read more...]
Small business owners set personal earings goal for success
The Personal Earings Goal or PEG formula How much money do you need to pull out of your business each month to cover your living expenses? That’s a question most business owners ask themselves. Typically you pay yourself a salary and from time to time take out an owner’s withdrawal directly from the company’s equity to help cover surprise expenses. Many small-business owners try to set their total cash withdrawals based on what the business can afford. However, rather than focus on what you can … [Read more...]
2014 Is A Make Or Break Year For These 7 Startups
2014 will be an important year for many popular startups as founders will need to prove that a cool idea can also make money. 2014 Is A Make Or Break Year For These 7 Startups: Several companies have launched recently that offer innovative services and cutting-edge technology. Some of these companies have resonated with users, investors and the press to create a perfect opportunity for growth and long-term success. Many of these companies, though, still haven’t proven that they have viable, … [Read more...]
How To Protect Your Cash Against Rising Inflation
Inflation rates have been low, but that's about to change in 2014, because of rising inflation. Protect your cash now before rising inflation takes it away from you. The greatest risks to your business are those that go largely ignored by owners. Inflation is one of those forgotten risks. It hasn’t been on most businesses’ radars because inflation has been kept under control for the past five years, averaging only 1.6 percent annually across key consumer goods. However, history and economics … [Read more...]
How Online Risks Could Destroy Your Business
Your business probably has insurance against accidents and natural disasters, but when it comes to everyday online risks, you're on your own. The Internet is as risky as it is necessary to your business. Global e-commerce revenues surpassed $1 trillion last year; 144 billion emails are sent each day; more than 1 billion people are actively engaged on Facebook, and the majority of data collected for business purposes is relayed over the Internet. But the Internet has always been fraught with … [Read more...]
How to Access the Hidden Cash in Your Business
Small-business owners may have money trapped needlessly inside their companies. Forget getting a loan; free the cash you already have. Access the Hidden Cash in Your Business. Over time businesses can acquire a significant number of valuable assets: manufacturing equipment, transportation equipment, vehicles, office buildings, industrial real estate, retail stores—the list goes on. Even a business with less than $10 million in revenues could easily amass $5 million or more in assets. In most … [Read more...]
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