|
|
| Small Business Information |
|
|
|
|
Top 10 Record Keeping Mistakes Business Owners Make (and How To Avoid Them)
If you interviewed business owners of failed businesses, a majority will tell you that they didn't understand or feel comfortable dealing with the "book work". Your ability to understand and perform day to day accounting tasks in your small business is a critical success factor. Here are some tips to help you avoid the most common mistakes business owners make. Top 10 Record Keeping Mistakes Business Owners Make 1. Not having a record keeping system set up (the shoebox approach) 2. Procrastinating on invoicing customers 3. Sticking checks in a drawer and forgetting to deposit them 4. Not tracking carefully which customers have paid 5. Not tracking invoices that are overdue 6. Not following up to make sure overdue invoices get paid 7. Putting "book work" at the bottom of priority list 8. Sloppiness-not recording checks, recording the wrong amount, etc. 9. Abdicating all responsibility-"I have 'people' to handle that." 10. Creating an embezzlement friendly atmosphere-"I have 'people' to handle that whom I trust completely." How to Do It the Right Way So You Only Have to Do It Once ? Set up an accounting system that works for you The way you handle record keeping in your business helps to determine whether you have a healthy cash flow or you're always on the edge of financial disaster. Caroline Jordan is a small business mentor and consultant helping small business owners understand, diagnose, and improve cash flow in their businesses. For more information and resources to improve cash flow visit http://www.TheJordanResult.com/mastering.html.
|
|
|
|
RELATED ARTICLES
Starting an Aircraft Washing Service To wash an airplane there are many items you will need to keep in mind. The first is safety while working on the tarmac of an airfield. When moving any vehicle on the tarmac the driver should always maneuver the vehicle in square turns. The reason for this is so that the pilots of the other airplanes can predict the movement of your vehicle. A person should never drive their car or truck under the wing of larger planes. This can be dangerous because the top of the vehicle can catch a part of the plane and cause damage or if the plane is starting up. If a pilot does not see the vehicle when starting up his plane some loose part from the vehicle could come off and hit the prop or be sucked into the jet engine and besides it's just not safe. Do You Really Need a Toll-Free Number for Your Business? Do You Really Need a Toll-Free Number for Your Business? The answer is YES! If you run a home business, whether it's a direct sales business, a part-time venture, or if you work full-time from home, if you don't have a toll-free number, you could be leaving money on the table. Your Babys Ugly..and Youve Got Bad Breath I've got good news and bad news. The good news is that 98% of businesses are small businesses. That bodes well for the entrepreneurial spirit that has made our nation great. The bad news is that 80%, that's right, four out of five new businesses will fail in their first five years. Private Franchising is not Real a Real Franchise One major issue not being addressed right now in the regulatory definitions which guide consumers and lawyers in business opportunities and franchising is the new term being used; Private Franchising. The Federal Trade Commission decided it would revise its definitions of such opportunities in 1995, but failed to address this issue. The use of the term; Private Franchising has grown over the years. Common Sources of Financing for Small Business The choice of financing is an important determinant of whether a product reaches the market, or whether an existing business can survive. The choice of financing is an important part of being an entrepreneur and business owner, and the ability to raise cash when you have no or limited history takes skill and creativity. There are a number of sources of financing. The suitability of the alternatives depends on what stage you are at, and will change as the company matures from stage to stage. The following outlines the most typical forms available. 7 Cash Flow Secrets Your Accountant Never Told You Looking for ways to boost your cash flow? As a small business consultant, I make these recommendations to my cash strapped small business clients: 11 Things Small Business Owners Can Learn From Rudy Giuliani 1. Leadership Is Learned ? While many people appear to have an innate ability to lead, most learn from their life and business experiences, then put these lessons into practice. Giuliani wrote, "The greatest leadership you ever have is the ability to lead your own life." Outsourcing and Virtual Assistants: Small Business Saviors Work smarter, not harder Lack of Vigilance Can Harm the Bottom Line The easiest way to lift profits is to cut the fat out of costs. How To Start A Blind Cleaning Business Quickly And Easily Starting the blind cleaning business is one of the best marketable business ideas you could latch on to. If you give the requisite amount of time and dedication, there will be no cap on your earnings. No wonder, there is pleasure unlimited in being one's own boss. A lot of ambitious people like you have made successful entrepreneurs of themselves, as they mastered the principles of a successful blind cleaning service. The Perilous Franchise Agreement: What Did You Sign? Purchasing a franchise has become one of the most popular avenues for individuals looking to escape the rigid work day of a 9 to 5 job and take the leap into the world of independent business owner. After all, who doesn't dream of being their own boss and controlling the limits of their own financial future? For anyone looking to act on their entrepreneurial spirit, franchising can indeed offer many attractive qualities that can provide excellent growth and earning potential, as well as satisfy that longing for independence. On the other hand, individuals that jump into franchising too quickly without adequate planning can find themselves mired in financial and legal problems. Even the most sophisticated businessperson can fall into this trap and be left scrambling to understand exactly what they signed. Dispute Resolution; Competing With Other Franchisees If you are in a franchise and have a territory dispute with another franchisee you need to prevent a lawsuit use dispute resolution techniques to resolve the dispute. Competing with other franchisees is a subject that franchisors would prefer not to need to talk about. This is a real problem for some types of franchises. For instance mobile service businesses and home based franchises. 50 Ways to Save Money There are countless ways to save your business money. Unfortunately, many Australian businesses are overlooking them, or simply don't have the time to go searching them out. Analyzing Customers in Your Business Plan The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs. Pressure Washing Aircraft Hangers at the Airport If you are looking for a way to own your own business using a pressure washer or expand your current pressure washing business you might consider cleaning Aircraft Hangers out at the airport. Why Wash Aircraft hangers? For one it can lead to much more work cleaning all sorts of things at airports which is an encapsulated market. Larger airports have terminal buildings, staging areas, parking structures, fuel depots, retaining walls, security vehicles, airport shuttles, rent-a-cars and of course aircraft. If you get a job cleaning a hanger or several you will be seen by others who need services desperately. The Wrap on Ag Plastic While driving through Pennsylvania farmland, you have probably noticed an increased amount of white plastic bundles stacked in lines or piles along farm buildings or edges of farm fields. Sometimes referred to as "marshmallows" or "long white tubes", etc. these objects are increasing in farmer popularity and represent a changing trend in harvesting of farm livestock feeds. Financial Fundamentals - What Every Small Business Owner Should Know! Business owners rarely go into business to deal with the financial aspects of running a business. It's easy to understand why! You are passionate about the products or services you provide and want to focus your time there. The financial aspect usually falls to the bottom of the "desired responsibilities" list. It is critical to the long-term success of your business that you understand some of the Financial Fundamentals of being a business owner though. You don't have to be an accountant or financial analyst, but it is important that you have some key skills in your business toolkit to measure the financial aspects of your business. It's okay to outsource this activity so that someone else can do the work you don't like to do, but make sure you understand the output of the financial information. You'll need it to help you make informed decisions about your business. Remember! Accounting is not just about taxes. There's so much more to know about the numbers, so you'll know how your business is doing from the management perspective. Maintaining Your Carpet Extractor in Your Auto Detail Shop Auto Detailing: Maintaining A Commercial Carpet Extractor Trailblazer Interview with Diane J. Levin, Partnering Solutions Today is a Red Letter Day! It's special because today is the first edition of the Trailblazer Interviews. Business Development Is Not An Event Cash flow. To stay in business, you've got to keep a steady stream moving through your company.
|
| home | site map |
| © 2005 |