Tag: financial

  • How to Research a Business Customer’s Creditworthiness

    How to Research a Business Customer’s Creditworthiness

    Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to your business, as cash flow could grind to a halt if these customers don’t make their payments. Even worse, they could declare bankruptcy and bow…

  • For Best Results, Start Your Strategic Planning Early

    For Best Results, Start Your Strategic Planning Early

    Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…

  • Are Your Employees Ignoring Their 401(k)s?

    Are Your Employees Ignoring Their 401(k)s?

    For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping your employees engaged with their…

  • Financial Statements Tell Your Business’s Story, Inside and Out

    Financial Statements Tell Your Business’s Story, Inside and Out

    Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.…

  • Estimates vs. Actuals: Was Your 2018 Budget Reasonable?

    Estimates vs. Actuals: Was Your 2018 Budget Reasonable?

    As the year winds down, business owners can be thankful for the gift of perspective (among other things, we hope). Assuming you created a budget for the calendar year, you should now be able to accurately assess that budget by comparing its estimates to actual results. Your objective is to determine whether your budget was…

  • Keeping a King in the Castle with a Well-maintained Cash Reserve

    Keeping a King in the Castle with a Well-maintained Cash Reserve

    You’ve no doubt heard the old business cliché “cash is king.” And it’s true:  A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply executing its own strategic plans. One way to ensure that there’s always a king in the castle, so…

  • A Midyear Review Should Go Beyond Financials

    A Midyear Review Should Go Beyond Financials

    Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way, and reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to stop for a breather. A midyear…