Profit Drain #1 – Not Knowing Your REAL Costs

Are You Charging Enough to Cover Your Costs AND Make a Profit? The purpose of being in business is to make more money than it costs to provide your goods and service, right? And “what should I charge?” can be a loaded question. You’re making money, but is it enough?

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7 Steps to a Better Business Budget

Many business owners have some expectation of what their expenses and revenues will be in coming months, but most have not taken the time to put together and use a real budget. In order to better understand your business, and maintain good financial stability – a business owner should consider the following when developing their…

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Afraid to raise your prices? Don’t be – and here’s why.

When we first start a business, the biggest question we often think is, “what should I charge?” We tend to start out where we’re comfortable and confident people will buy.  After a while we may find that we’re making sales easily.  That’s an indication to consider raising prices.  If you also find that you’re working…

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Tips To Keep Your Books Current & On-Point

According to a small business administration study, over 28% of businesses go bankrupt due to problems with the financial structure of the company, and in many cases this could have been avoided.[1] Understanding your accounting reports is essential in order to stay on top of business so you can manage your finances and make informed…

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Cash Flow Challenge

We all know that in order to grow, you’ve got to spend money. The challenge is, where do you get it from? If you think you’re ready to grow, think again. The signs may have been positive lately: revenues are up, you’re selling more services, and work in coming in faster than you know what…

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How to Sustain Long-Term Business Growth

For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you with a product or service. What makes you relevant, differentiated and credible?  Figure out what special benefit only you can provide.  It is important to identify your ideal customer and continue to…

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Budgeting Your Business Finances

I know I talk about budgeting a lot.  That’s because it’s important!  First, let me distinguish between two different terms – budgeting and forecasting.  Budgeting is planning the use of your financial resources month to month.  Forecasting uses historical data, comparing it to the budget, and making predictions for the future.  Both are very important…

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