<img height="1" width="1" src="https://www.facebook.com/tr?id=1168427849921758&amp;ev=PageView &amp;noscript=1">

Salt Lake City Bookkeeping Blog

4 Reasons Why Goal Setting is Easier than You Think

Posted by Matt Roberge on Dec 7, 2016 9:00:00 AM

One of the very best reasons for setting goals, whether in business or in your personal life, may just be the fact that if you don’t know where you’re going, you could end up somewhere you don’t want to be. Mapping out your objectives not only keeps you on track for where you want to get to, it lets you tweak your direction as events and circumstances within your business change and evolve. Goal setting is a powerful process that can help entrepreneurs to navigate their way through brand new territory. And the very process of setting a goal often serves as a highly motivating force that can assist in defining exactly what it is you want to accomplish.

Read More

Topics: Financial Forecasting, Business Goals, Strategic Planning, Growth Coach

Business Is Unprofitable? Proceed With Confidence

Posted by Matt Roberge on Sep 26, 2016 9:00:00 AM

At some point, your small business may become unprofitable. Maybe not overall, but during a month or a small period of time, you will most likely post a loss.

That can be a stressful situation for a small business owner. When your business is unprofitable, you have a decision to make: give up or proceed. Passion and the desire to succeed will push most business owners to proceed, but they often do so with hesitation.

When your business is unprofitable, here is how you can proceed with confidence.

Read More

Topics: Financial Forecasting, Small Business, forecasting, business venture, business investment

10 Answers to Your Questions About Forecasting

Posted by Austin Walker on Aug 16, 2016 8:30:00 AM

Forecasting is basically the use of historic data to predict future events, and the wisest business owners make full use of the financial data at their disposal for everything from planning for upcoming expenses, to allocating budget funds.

Read More

Topics: Financial Forecasting, Small Business, expenses

Cash Flow: The Secret Small Business Killer

Posted by Matt Roberge on May 10, 2016 8:30:00 AM

Properly managing your small business cash flow is critical if you want to succeed. Even if you are just a startup with no revenues, but you have raised money, cash flow is still incredibly important.

Read More

Topics: Cash Flow Management, Accounts Receivable, cash flow forecasting, Financial Forecasting, Cash Flow

The Best Way To Understand Future Cash Flow

Posted by Matt Roberge on Apr 21, 2016 8:30:00 AM

An inability to manage cash flow can kill a small business. One of the biggest reasons for small business failure is a lack of cash flow management. 

Read More

Topics: Cash Flow Management, QuickBooks Cash Flow, Financial Forecasting, Cash Flow

How's Business? Outsourced Bookkeeping Helps You Answer

Posted by Matt Roberge on Apr 19, 2016 8:30:00 AM

How Do You Measure Business Performance?As a small business owner, you hear this question all the time: How's business? A very typical response is: Great, but I'm just so busy. Most business owners are just busy being busy, but I wonder: How many of them know how their business is actually doing? I will explain how an outsourced bookkeeping service can actually help you understand how your business is doing.

Read More

Topics: Financial Forecasting, Scaling A Business, Business Vision, Growth Coach

If You Don't Know Your Numbers You Don't Know Your Business

Posted by Matt Roberge on Feb 23, 2016 8:30:00 AM

I Need To Know My NumbersI was watching CNBC's The Profit last night and Marcus Lemonis said something brilliant.

Read More

Topics: Financial Forecasting, Financial Reporting, Grow Your Business, Scaling A Business, Growth Coach

[Infographic] Run Your Business like a CFO

Posted by Austin Walker on Feb 3, 2016 8:00:00 AM

Chief financial officers (CFOs) tend to have a lot of different roles within a company. For small businesses, the role is even broader. However, most of the time, a company can't afford a CFO or doesn't need one for a good portion of its start-up cycle. That doesn't mean that the company can't benefit from the different roles that a CFO plays. They implement budgets, create forecasts, and are generally the forward thinkers steering the ship, financially. According to HBR, they are the "financial stewardship of the enterprise."

A good budget generally uses the past like a building block and integrates business goals into the numbers. But by spending too much time looking into the past, an owner will project what has already happened rather than prepare for what is going to be needed for the future. Although a budget should be completely realistic, it's OK to be a little off. Cash flow within the business can increase or decrease by certain accounts due to unforeseen circumstances throughout the year. These circumstances can be scary, but the budget can help you to be prepared for these unforeseen expenses. Entering the budget into QuickBooks month by month will also help you compare the budget to the financial forecast.

Read More

Topics: Financial Forecasting, Business Budgeting

Is Your Business's Financial Forecast Red, Yellow, Or Green?

Posted by Matt Roberge on Jan 26, 2016 8:45:00 AM

Moving your business where you want to go is a lot like driving a car; it can be easy at times and absolutely crazy in other situations. Growing up on the east coast, I'm naturally an excellent driver (at least in my own head). When navigating along the road in your car, you face similar situations as when you are moving your business in the direction you want to go. Getting where you want to go depends upon how you deal with the constantly changing environment and it requires making good decisions.  

Read More

Topics: Financial Forecasting, Financial Reporting, Grow Your Business, Outsourced CFO Services, Growth Coach

[Infographic] Growth Through Financials

Posted by Austin Walker on Jan 13, 2016 9:45:57 AM

Growing a small business can be one of the biggest dreams of any owner or entrepreneur. It doesn't come easily, though, without some proper practices that help to increase the success of the business growth. For instance, company owners may want to look at making sure that the model they have is scaleable. If the model is not scaleable, the increase in clients and business could actually hurt them more than help. The growth process has to be managed in such a way that looks at how to scale the business responsibly, how to make marketing and sales dollars effective, analyzing financial reports, and making adjustments based on those results.

The actual cost can be different among all businesses, even if they are in the same industry. To get a better grip on how much it's going to take to get marketing and sales on the same page, Brad Sugars, a contributor on Entrepreneur.com, conveniently gives us the formula to calculate a customer's lifetime value. With the lifetime value, we have a better idea of how much target customers can be worth to the company, and how much money can be spent to acquire new ones. For most companies, it is about 5-6 times more expensive to acquire a new customer, when compared to growing revenue from clients who are already paying.

A tactic that is common but can be foolish is giving the marketing department a cut of last year's revenue. If a company is growing, it can be expected that the marketing budget amount should at least mirror the amount a company is  planning to grow. For example, if the business would like to grow an additional 12% next year, on top of the 5% of revenue that marketing is currently receiving, the budget should be increased to match the 12%.

A marketing expert can be utilized to understand how much money should be invested in your growth, and can also help plan for where that money is going to go and what should be accomplished.

Read More

Topics: Financial Forecasting, Small Business Coach, Growth