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5 Ways to Recover Faster After a Financial Setback

5 Ways to Recover Faster After a Financial Setback

You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5...

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Building an Effective Financial Plan for Your Small Business

Building an Effective Financial Plan for Your Small Business

Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business. Although many business owners are aware that...

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6 Money Management tips for First-time Entrepreneurs

6 Money Management tips for First-time Entrepreneurs

Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to...

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Signs You’re Underpricing Your Services

Signs You’re Underpricing Your Services

When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business.  Figuring out how much to charge is stressful, but it’s worth it....

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If my business is making a profit, where is the cash?

If my business is making a profit, where is the cash?

Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure.  Here are three reasons profitable businesses have little money...

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7 Practical Tips to Trim Your Overhead Costs

7 Practical Tips to Trim Your Overhead Costs

Every small business owner knows how challenging it is to cut down expenses without somehow compromising internal or external quality. Regardless of the nature of your business, the first step to reducing your overhead costs is to take the time to go through every single expense you have. Next, assess which ones are necessary for your business to operate smoothly,...

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Financial Tips for Business Survival

Financial Tips for Business Survival

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really becoming quite apparent nearly a year into the pandemic. The seriousness of the disease prior to the roll out of the...

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Smart money tips for business owners

Smart money tips for business owners

Small business owners know how important it is to save money.  It’s evitable that you’ll need to tap into your savings for an unexpected expense, emergency and it certainly comes in handy during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to...

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Business lessons learned during COVID-19

Business lessons learned during COVID-19

If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn from the response...

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Financial Planning Tips for Your Small Business:

Financial Planning Tips for Your Small Business:

Has your business survived the economic scars of coronavirus? If so, consider yourself lucky. If your business made it through some of our country’s toughest of days, your mantra should be “I am a money magnet.” Kudos to you! Remain consistent and plan well for your future financial health. Many small businesses received some financial aid from SBA and other...

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Planning and Budgeting for an Uncertain 2021

Planning and Budgeting for an Uncertain 2021

We are into the last quarter of an unprecedented 2020, it’s the time when CFOs begin preparing financial planning for the next year. The ongoing year with all its devastating economic effects seems ages away before we can call it off. Coronavirus caused economic recession globally, significantly affecting small and medium enterprises. We all learned a few lessons amid the...

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Cash is KING: The importance of cash flow for businesses

Cash is KING: The importance of cash flow for businesses

Small businesses run on cash and knowing where cash is and where it’s gone is among the most important things a business owner can know. The cash flow statement enables the owner, managers, bankers and suppliers to view the company’s operations from a cash perspective, so they better understand how smoothly the operations are running, where growth funding is coming...

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