Increased competition can stall business growth, especially for small and medium sized businesses. Without strong sales, a company’s future is at stake. Growing your business is not easy; the dedication and perseverance needed can be overwhelming. But understanding how to manage growth and profitability is key to ensuring longevity. (more…)
Your small or medium sized business can suffer quickly, with long-lasting repercussions, if even one payment is missed. Your cash flow depends on a steady stream of reliable payments from your clients. How do you know when it’s time to hire a collection agency to deal with your outstanding invoices, and what sorts of things should you be doing before that step is even considered? You have legitimate receivables that need to be collected for the sake of your company’s financial health, and a collection agency is a great option when you can no longer do it yourself. (more…)
Whether it’s the seasonal ebb of low cash flow, or a more pressing problem that is weighing on your business, money crunches are tough for everyone involved. Your debts may be too high to correct, or your margins too low. Perhaps it’s your current sales volume. More than a need to simply chase invoices and offer incentives to entice prompt payments, these times of negative cash flow are more complicated and more detrimental to the health of your company. And cash flow management is as important as liquidity. (more…)
Did you know that a quarter of business failures are due to an interruption to cash flow? 40% of small-to-medium sized business owners say they would stop doing business with customers who paid late, while 90% said they would pay their own suppliers on time if their customers paid bills by the due date.(more…)
Have you ever found yourself confused and frustrated when dealing with bookkeeping? Arguably the most crucial departments in a business, the process needs to be smooth.
Accounting is one of the basics in a business, and certainly one of the most important areas to master if you want to run a successful firm. Checking and analyzing your firm’s financial information can feel daunting, and can bring extra costs and stress. Among business owners, it is one of the most hated tasks! So stop dreading the accounting process, and think seriously about automating your accounting business with some or all of the tasks associated with bookkeeping. (more…)
The best way to evaluate the success of your business is to use key performance indicators, or KPIs. These indicators are core metrics which are used to monitor progress toward financial results and main goals within a company. The values which are used to assess success can help you make key decisions about your own business’s development and growth. (more…)