Tag Archives: finances

Finances

Managing the Finances of Small Business

Managing the Finances of Small Business

 

“Success is neither magical nor mysterious. Success is the natural consequence of consistently applying the basic fundamentals.”

                                                                                                                                                                                                                               Jim Rohn

Learning What Matters In Business

The basic fundamentals Jim Rohn speaks of in this quote has to do with the basics of business:

Clear Vision
Clear Mission or Purpose
A Strategy
and
A Budget

The Clear Vision is about having true clarity about what your business is going to look like – next month, next year, in five, ten or more years. You need to be able to talk about this vision in a way that makes sense to others, and inspires those around you.

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Customer Service Finances

Accounts Receivable and Customer Relations

clock sitting on pile of coins

Having accounts receivable- i.e. money owing to you by customers for services rendered, has an upside and a downside.  The upside is that you actually have clients.  The downside is that your company’s available cash flow is diminishing.  It is difficult to collect amounts due when you have lost track, can’t find the invoices, or perhaps didn’t do an invoice, and you don’t actually know how much you are owed or when it was due after the last notice. If this sounds familiar, read on.

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Finances

Stepping Back to Move Forward

The unfortunate truth about the bottom line is that many business owners are running businesses without a clear and unobstructed eye on the bottom line. They are pulled in so many different directions, faced with so many challenges, that the terms treadmill, rat race, unremitting change, ongoing transition and fast-paced changes in market demands barely describe how owners and executives feel. The day-to- day, week-to-week, and month-to-month issues may keep them running and out of breath mentally and, sometimes, due to stress, physically.

The bottom line in any business or organization is what keeps the doors open to provide service or operate the business, keeps employees paid, maintains quality of service, ensures product is available, and keeps the owner solvent in his or her attempts to run the business. Often the focus is on personally surviving rather than clearly focused on the business; and, sometimes, the focus is on the business at the peril of personally surviving.

How to achieve balance in your life as an owner, executive or manager while ensuring that the business is solvent is one of the greatest challenges anyone at the top faces.

There is a figure being bounced around at the moment of a 70% failure rate when it comes to successful management today. Where does your business stand in this analysis?

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