If you run your own small business, you probably understand that the customers are not the only thing that keeps you going. You may have plenty of money coming into your business, but until you know how to manage your funds, you’ll never have a truly secure operation.
Money management is especially important when your operation is small, because the margin for profit is probably not as favorable as a big business. Here are a few helpful tips to get your business on the right track when it comes to managing money.
Get a qualified bookkeeper
Hiring a bookkeeper for your business is an excellent investment. With a trained and certified public accountant, you won’t have to worry about managing your payroll, tax preparations, accounts payable, accounts receivable, and much more.
It’s worth the investment to get a few extra winks at night, not worrying about your organization’s finances. CPAs are also qualified to help your business in legal matters regarding your money as well.
Create a cash flow budget
Creating a cash flow budget for your business will help to ensure that you know where your organization’s money is going, and where it is coming from. Managing your finances proactively will make it easier to keep your business running.
A few of the most common components included in a well-rounded cash flow budget are accounts receivable, cost of goods, debt repayments, and operating expenses. Research more ways to create a functional budget for your business, and get to work today.
Don’t mix personal and business finances
Never mix the business finances with your personal finances. Mixing the two blurs boundaries for yourself and those with whom you work. Don’t put your personal life at risk for the organization.
Design separate business and personal budget outlines, so business loans don’t get used for personal payments and vice versa. Your CPA will thank you when it comes time to sort finances for tax purposes.
Always negotiate with vendors before signing a contract
Never take a vendors offer at face value. Vendors are accustomed to bargaining with clients, so don’t just settle for the first offer thrown on the table.
Examine terms like late payment penalties and grace periods for making key decisions. Try to dig for a better bargain. The worst they can do is say no.
Make frugality the standard for your business
Frugality should be the standard for all you do with your business. There is a distinct difference between cheap and frugal. Cheap suggests low quality.
Frugal suggests being careful with your spending. Make wise and conservative decisions with your products and operating services on a daily basis in the interest of saving as much money as possible.
There are countless frivolous lawsuits filed against big businesses every year, and most of them are thrown out of court. There are, however, those insane cases that make the news and make our minds go loopy.
Lawsuits against big businesses began gaining popularity in the 1990s. It all began when an elderly woman was awarded nearly $3 million for being burned after she spilled a hot cup of McDonald’s coffee in her lap.
Since then, there have been numerous silly stories to tell concerning lawsuits against some of the world’s most dominating big businesses. Here are a few of those crazy big business lawsuits that are worth noting.
Excuse me, there’s a finger in my chili
Wendy’s suffered a lawsuit from a woman named Anna Ayala. She sued the fast food chain, saying that she found a 1.5-inch tip of a finger in her chili. She even took the story to the press.
When the local authorities began investigating where the random finger originated, the woman quickly dropped her lawsuit.
It was clear that she was up to no good and had most likely planted the finger herself. Talk about a personal injury lawsuit at its finest. This 2005 case set the tone for even more frivolous attempts to strike it rich.
Hey that’s my water bottle idea
A few years later, two Wisconsin men sued Pepsi for allegedly ripping off their idea for a water bottle design. The men claimed that in 1981 they had told someone about the idea, and fifteen years later, the Aquafina water bottle was released.
They sued PepsiCo, asking for a mere $75,000. The judge ended up granting them a $1.26 billion default judgment, but later allowed Pepsi to have the decision vacated. Due to “misplaced” paperwork, the case will have to be tried again.
Stress from work made me rob that store
A man robbed a gas station with a sawed off shotgun one night, and went to prison on a ten-year sentence. While in prison, he sued his former employer, the Department of Public Aid in Illinois.
The man contended to the court that the stress he suffered under the rule of his tyrannical boss caused him to rob the gas station. In the end, he was awarded nearly $6 million total in damages, back pay, and front pay.
Your beer does not make the ladies love me
Anheuser-Busch was sued by a man for emotional distress and financial disparity, because their beer did not bring him the success advertised in their beer commercials. In 1991, Richard Overton was asking for $10,000 to cushion his burdens.
Sadly, his case was dismissed in court.
What is your "why"?
If you've encountered any self-help book, guru, or Instagram page in the last decade, you've likely come across this question. We're obsessed with the concept of "why" we do things particularly as they relate to our so-called "passion."
The "why" is the reason -- the essence -- behind our motivation for doing the right things on a daily basis. Yet, have we ever really thought about what our "why" says about us.
Think about -- why do you really get up in the morning? Is it because you can't wait to jump out of bed, have your feet hit the floor, and start another fantastic day?
Or is it more because it's your routine, you have to fight traffic, you have a family to support, and you need to make money? Oh yeah, and the only way to make said money is to pump out another 50,000 TPS reports today?
Your "why" needs to be so much more than a cliche if you ever hope to get out that day-to-day drudgery. The last thing you want to do is become numb to it and descend into the pit of "whatever." That's a life sentence chained to a desk from 9-to-5 you will never escape from!
What are we to do? Well, take a look at how I've reworked my life to more closely align with my "why." It will take effort on your part, but it's definitely something you can work towards every day.Read more
It's that time of year again! It's Amazon Prime Day! And I want to share my affiliate links with you for the best deals for 2018 Amazon Prime Day.
Now, I know the official start time for Prime Day is Monday, July 16 at 3 pm Eastern, but you're missing out on some great deals right now. And you have been since late June, early July. But, hey, I'm here to help you catch up.
Oh, and Prime Day ends on Tuesday, July 17th. So, it's like 36 hours of deals and 6 hours longer than 2017 Prime Day!
As a Prime member myself, my wife and I easily justify the $99 per year to remain members. The FREE 2-day shipping alone sold us mainly because we used to send holiday and birthday gifts to family from out of town.
They're doing a 30-day trial for Amazon Fresh, so we figured let's give it a shot. That said, for an extra $15 per month, it more than covers the gas to get to the grocery store each week.
If you’re a newbie blogger, you’re likely overwhelmed by all of the things you need to do. Then again, you could also be in a situation where you don’t know what you don’t know like with how to boost your on-page SEO.
Are you spending countless hours going down the Google rabbit hole trying to figure out one little problem with your blog? Or maybe you’re confused how anyone has success with blogging.
Look, put research aside for a moment because I’m going to make your life easier. When it comes to SEO, you don’t need to get overwhelmed.
Well, SEO can be a daunting task with everything the experts say to do. What you need to understand, though, is that SEO (like social media) is evolving. You just have to keep going and make changes where you can. It’s never going to be perfect.
Keep up with changes as they come and learn everything you can. But, you’re just one person. You need to focus on the areas where you will have the most impact with less time or monetary investment.
How can you accomplish this with SEO? Simple. Make “on-page” SEO your primary focus.Read more
Have you always wanted to start a blog for your coaching business, but you’re just not sure where to begin?
I get it. If you’ve never started a blog before, it can be intimidating.
However, it doesn’t have to be. Much of what I learned over the years in blogging is self-taught. It requires a time and monetary investment on your part.
I can certainly help you get started and get your blog up and running. That said, you’re also here to see what’s possible.
Check out these 25 blogs below and see what your own could potentially look like. While aesthetics are great, you also want to keep an eye out for how these blogs engage the reader and what kinds of calls-to-action (CTAs) they have.
Let us know your thoughts in the comments. Also, be sure to check out our FREE 5-Day Beginning Blogger’s Email Course. You’ll be ready to go with your own blog in no time.Read more
Are you a life coach? Do you blog?
No matter if you're a seasoned life coach or you're just starting out, you need to have an established online presence to showcase your expertise. If you're not communicating with potential clients in some way online, you are truly missing out on thousands of dollars of income per week, per month, and per year!
Before I continue on, I already know what some of you are thinking. But, Dave, I'm in Facebook groups, I tweet, I engage on LinkedIn, and I comment on websites. Isn't that enough?
I wish I could say yes. I'm sure you and others do well by only focusing on social media and other sites. But, it's not enough just to post a message here and there and call it lead generation. You need to be much more proactive
Quite frankly -- you need to be a content creator. And the easiest way to get started is with your own blog.
Let's explore the reasons why you as a life coach need a blog. Then, I'll share with you a way you can get started today.Read more
Remember when you just graduated college? The very last thing you ever thought about was student loan debt.
After all, you were so excited to take on the world. You thought you had a plan for your life and, if you were lucky, you had a job lined up before graduation.
No, you didn't worry about budgets. You probably didn't even know what debt was. Wasn't a bill something your parents paid?
Then, you get your first paycheck and it's not as big as you would hoped. Taxes and all other fun stuff rob you of that juicy gross income. Further, you get smacked with a student loan bill that you may have not even realized existed.
When Anna and I were just starting out, we neglected to keep a budget. We paid for the big television package that had all the interesting business channels that we enjoyed watching. Yes, we are news and financial nerds.
One Saturday night, in particular, we sat down to watch some TV before bed and on came Dave Ramsey on the Fox Business Network. His opening line was (which is all too familiar to us now) was about living like no one else, so that someday you can live like no one else.
That line really stuck with us. And it lead to a big mindset shift for us.Read more
Let's get something straight: not all debt is created equal. There is good debt, which gives you an opportunity to make money and there is bad debt, which you continue to dump money into with no expectation for return. While the differences can be subtle, anybody trying to become more financially literate must know the fundamentals behind good debt vs bad debt.Read more
Do you consider yourself a non-conformist? If not, do you have the desire to be a non-conformist?
Either way, according to Kevin Hong, author of The Outlier Approach: How to Triumph in Your Career As a Nonconformist, that's not necessarily a bad thing. Kevin shares his personal experiences and those of others he interviewed to help us moved beyond the status quo.
I had a chance to talk to Kevin and I think you will be interested in what he has to say. His wealth of knowledge and experience can go a long way into helping you build a better life and legacy for your family.
And, now here's Kevin.