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Salt Lake City Bookkeeping Blog

What Exactly Is Strategic Planning – and How Can it Help My Small Business?

Posted by Leanne Armstrong on Jul 10, 2019 9:00:00 AM

A lot of entrepreneurs are unclear on what strategic planning really means, and how it can benefit their business. In its simplest form, a strategic plan is meant to help you determine exactly where you want your company to go over the next 3-5 years - and how it’s going to get there.

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Topics: Small Business Growth, Exit Planning, Strategic Planning, Growth Coach

Have You Structured Your Business to Optimize Growth?

Posted by Leanne Armstrong on Apr 17, 2019 9:00:00 AM

Scaling a small company can be challenging. But despite current politics and worker shortages, a record level of small U.S. businesses are reportedly growing their profits. Is yours one of them? If not, it may be because you’ve yet to structure your business to optimize growth.

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Topics: Small Business Growth, Strategic Planning, Growth Coach

From Open to Close: A Journey Through the Small Business Accounting Cycle

Posted by Leanne Armstrong on Mar 27, 2019 9:00:00 AM

From open to close, the accounting cycle is a series of steps that lets you collect and organize bookkeeping data in a way that clearly shows your company’s changing financial position. As a small business owner, you can benefit from a basic understanding of how the accounting cycle works, even if you don’t perform your own bookkeeping duties.

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Topics: Small Business Growth, Bookkeeping Professional, Growth Coach, Profit Coach

How to Leverage Product and Service Life Cycles to Predict Revenue Growth

Posted by Matt Roberge on Jan 9, 2019 9:00:00 AM

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.

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Topics: Financial Forecasting, Small Business Growth, Growth Coach, Pricing

How to Foster More Profitable Vendor Relations

Posted by Leanne Armstrong on Dec 5, 2018 9:00:00 AM

Like many strategic business alliances, the advantages of investing in better vendor relations aren’t always immediately evident from a bottom line point of view. But the reality is that regardless of the business you're in, suppliers and service providers play a key role in keeping your company profitable.

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Topics: Small Business Growth, Scaling A Business, Growth Coach, Vendor Relationships, Vendor Selection

Alternative Financing: Stop-Gap Solutions for Every Business

Posted by Leanne Armstrong on Nov 20, 2018 9:00:00 AM

Alternative financing may be your company’s best option when stop-gap infusions of cash are required. Unlike traditional bank loans - which can sometimes be challenging to qualify for - alternative funding sources like microloans, peer-to-peer financing, and merchant cash advances are relatively easy to come by.

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Topics: Small Business Growth, Growth Coach, small business loan

Employees Can Be Expensive - Read This Before You Hire

Posted by Leanne Armstrong on Oct 24, 2018 9:00:00 AM

Has your business reached the point where hiring an employee or two seems like the right move? Working with a regular team means you’ll always have someone on hand to perform key business tasks when they’re needed. But personnel doesn’t come cheap. Before making the decision to hire, take some time to explore what employees really cost – above and beyond the wages you pay them.

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Topics: Small Business Growth, Scaling A Business, Employee Costs

Are You Guilty of Undervaluing Your Time?

Posted by Leanne Armstrong on Aug 29, 2018 9:00:00 AM

How much is your time really worth as an entrepreneur? Getting a business off the ground and growing it to the point where it becomes profitable takes a significant investment of hours. But you can’t realize anything close to a realistic return on that investment if you consistently undervalue your time.

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Topics: Small Business Owner, non-billable time, Small Business Growth, Growth Coach

5 Financial Warning Signs to Watch Out For

Posted by Leanne Armstrong on Aug 1, 2018 9:00:00 AM

Your company’s financial reports provide important clues about the monetary health of your business. Some of these clues manifest as financial warning signs. Becoming more familiar with your company’s financial statements not only helps you recognize many red flags, it lets you use them to make decisions that will divert trouble down the road. Here are 5 common financial warning signs to watch out for.

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Topics: Business Budgeting, Cash Flow, Small Business Growth, Growth Coach

Customer Experience Matters To Your Small Business

Posted by Matt Roberge on Apr 25, 2018 9:00:00 AM

I hope that as a small business owner you believe that the customer experience still matters, even though you are small. The customer experience matters even if you are a solo business owner. And you might think that if you are the only employee that you are in complete control of the customer experience; I would have to disagree. Let's dive into the details.

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Topics: Small Business Growth, Small Business Sales, Customer Success, Customer Relationship Management, Customer Experience