Regardless of the size of your company, deciding to open a business bank account shouldn’t be a question of if, but a matter of when. In an ideal bookkeeping world, every company would open a business account before conducting their first commercial transaction. But if you’ve yet to separate your company’s payables and receivables from your personal bank account, it’s never too late to make that happen.
Topics: Personal Bookkeeping, Outsourced Bookkeeping, Bookkeeping Service
More customers mean more sales, and an eventual increase in your profitability. But many business owners are so focused on going after fresh clients that they neglect the ones they’ve already managed to attract. Given that it typically costs five times more to acquire a new customer than it does to hang on to a current one, it can be well worth your while to explore the enormous income potential offered by previous buyers.
Topics: Small Business Sales, Growth Coach, Customer Relationship Management, Customer Experience
The goal of organizing your company’s digital filing system is to be able to find what you need, when you need it – even if it’s months or years from today. Whether you store files locally (on office desktops, laptops, or mobile devices), in the cloud, or with the help of a dedicated company server, good file management practices will save you time, money, and endless frustration.
Topics: Outsource Bookkeeping, Outsourced Accounting, Scaling A Business
Today’s labor market is the tightest in decades. And with millions of job openings across the nation, companies of all sizes are finding it difficult to attract and hang on to the talent they need. The quest for qualified staff is only expected to intensify going forward, leading experts to predict that business owners will have to ramp up their efforts to retain a solid and reliable workforce.
Topics: Scaling A Business, sourcing employees, talent acquisition, employee engagement
It seems to me that most small business owners number one priority and goal is growth. Everyone wants to grow their small business.
Topics: Financial Forecasting, Small Business Consulting, Scaling A Business, Growth Coach
Young and growing businesses rarely turn a profit – let alone manage to break even – right out of the gate. In fact, when we look beyond the estimated 50% failure rate for small businesses in their first five years, we find that it can still take the average surviving business several years to become profitable.
Topics: cash flow forecasting, Financial Forecasting, Cash Flow, Growth Coach
If you’ve been so preoccupied with running your business that year-end bookkeeping tasks have caught you off guard, don’t panic. Take a deep, calming breath and get ready to tackle those accounts with a plan for streamlining the process.
Topics: Year End Accounting, Outsourced Accounting, Outsourced Bookkeeping, Year End Bookkeeping
You have two choices when it comes to turning a bigger profit: increase your revenue, or cut your expenses. As a rule, we have far more control over how much we spend than we do over how much we earn. Which is why the most successful small business owners utilize dozens of practical methods for cutting costs and lowering their overhead. Here are three strategic money saving suggestions we think are well worth exploring.
Topics: Business Budgeting, Business Savings, Growth Coach
Did you know that almost every business follows a typical life cycle with regard to what it chooses to sell? The life cycles of products and services illustrate their growing or shrinking market positions, and are usually determined by how long they remain in demand.
Topics: Financial Forecasting, Small Business Growth, Growth Coach, Pricing
Tussling with time management? Struggling to move that new project forward? You’re not alone. A recent study listed managing project costs, hitting deadlines, and sharing information across teams as the biggest hurdles facing project managers in 2018.
Topics: Scaling A Business, Business Management, Growth Coach, Business Apps
