Browsing Tag

expenses

8 posts
budget
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How to Create a Budget for Your New Startup

Some of the most groundbreaking products and services of the 21st century began as startups. Then, why is it that 90 percent of startups fail? While those launching a startup business may have a compelling concept or business idea, it’s difficult to develop stable, predictable cash flows without some financial structure and organization. Establishing a...
restarting your business
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3 Tips for Restarting Your Business During the Pandemic

Did your dream of starting a business seem difficult even before the pandemic? During the crisis, your existing business may have been ripped from your hands in an unforeseeable and helpless manner. As a 30-year business attorney, I have seen plenty of businesses both succeed and fail. As a result, I would do a disservice by...
cash flow
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What You Need to Know About Managing Cash Flow Post-COVID-19

Poor cash flow management has rung the death knell for many small businesses over the years, making successful cash flow management a very important part of building a sustainable business. Like many business owners, 20 years ago when I was running my own business, I didn’t take my entrepreneurial leap because I was particularly excited...
tax records
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The Benefits of Keeping Tax Records All Year Round

Although we think of tax season as that period between January 1 and mid-April, it’s an ongoing event. If you shift your perspective when it comes to tax records, you may find that not only is Tax Day less stressful, but so too are estimated tax deadlines throughout the year. Furthermore, you’ll have a better sense...
financial planning
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7 Steps for Building a Financial Plan for the Future

Every September, I begin the financial planning process for both my business and my household for the upcoming year. Most people don’t think they have the time to do this (or don’t feel it’s important), but I believe it’s an incredibly valuable exercise, and is one I actually look forward to it. That wasn’t always...
cash flow
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Understanding Startup Finances: Cash Flow vs. Profit

When you hear that a business is “profitable,” it’s easy to assume that it’s smooth sailing when it comes to finances. However, profitability is only one measure of a business’s financial health. Without sufficient cash flow, even profitable businesses can struggle to make ends meet, and may even be forced to close shop. In this...
Startup profitable
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10 Keys to Making Your Startup Profitable

Everyone who starts a new business knows they need to make it profitable. No new business can run forever on savings, investor capital and loans, so it is vital that every new business owner has a workable plan and a timetable for becoming profitable. Simply put, business profits occur when business income is greater than business...
Manage budgets
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6 Solutions to Help Small Businesses Manage Budgets and Savings

According to the Small Business Administration, statistics reveal half of all employer institutions survive at least five years and only a third survive beyond ten years or more. This is a far cry from the preceding notion 50 percent of businesses fail in their first year, but it is obvious that starting a business comes with a...