Small Business Finances

Finances are important no matter what you do or who you are.  For small businesses, though, it could make or break your business.  If you don't manage them properly, you could face fines or even go under.  You also don't need to break the bank to hire someone to do your finances year round, either.

A few good tips would be to consult with an accountant before you start your business.  Determine if your field requires a lot of hands on accounting, or if it would be more beneficial to work your accounts just a few times a week or month.

Once you have determined how extensive your accounting needs are, budget for those needs accordingly. There are many companies that you can outsource your accounting needs to and many out there specialize in small business structure.

If you are more comfortable hiring a full time accountant, do your research.  Get references and also it is recommended that you hire an accountant who is CPA (certified public accountant).

Many small businesses can function just as well with some small business accounting software.  When doing this, research each one and read reviews.  Find one that is easy to use, but also does all the functions you require to ensure your business' assets are protected.

More blogs are to come with information on small business finances, so stay tuned.

Small businesses failing before they start, WHY?

Small businesses can and should be successful.  So why do so many fail before they even start?

           Entrepreneurs might be getting in over their heads with a business idea that they just didn't think every detail through.  And how can they? There is so much that goes into starting a business, that it is nearly impossible to get it all taken care of.  That is truly a natural part of the process.  The real problem, though, is that business owners forget to go back to those details.  Or just don’t know how.

           If you are an entrepreneur or already a business owner, here are some details you might be forgetting (in no particular order)

1.       Proper bookkeeping/accounting/financial management

2.       Continuous marketing/advertising

3.       Client/customer follow up

4.       Updating and following your business plan (or having one all together)

5.       Creating a set of policies and enforcing yourself and your employees to follow them

6.       Consistency on how you run your business

7.       Having a defined set of goals for your business, and ensuring you reach them

8.       Personal development

9.       Quality customer service (people want to know what you have to offer them, not what they can do for you)

There are so many more, but most other details can fall under one of the bulleted items above. Next blog: talking about proper bookkeeping/accounting/financial management.