Financial problems: How to avoid them in your small business

financial problems

How can a business owner avoid financial problems? One of my favorite financial concepts is “rationalizing” a business. By definition, from our friends at Merriam-Webster, rationalize means: to apply the principles of scientific management to (as an industry or its operations) for a desired result (as increased efficiency).  Rationalization of a business’s operations is a simple concept. However, in my opinion, it’s not easy to implement because of ego.

Entrepreneurs work very diligently to grow their businesses by adding talented staff along with non-staff overhead (nicer office, computers, the list goes on, etc.). If a rapid growth strategy is not executed with a laser-like focus on financial metrics, here is the all-too-familiar scenario that unfolds: the anticipated revenues do not materialize and the business is unable to support the increase in staff and overhead.  That is also known as financial problems!

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Small Business Loans: 5 things you need to know

small business loans

One of the biggest challenges facing a small business owner is how to go about getting bank financing.  One of my blog readers asked me to write about the 5 most important things a business owner should consider when trying to obtain small business loans.  Thank you to Joe M. for the suggestion!

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Questions Before Making that New Hire: Important Things You Need to Know

new hire

Your hard work is starting to pay off.  Your business is growing and you want to make some new hires in order to continue growing and keep your customers happy.  Here are some important questions for you to consider before making those new hires.

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Tips for Small Business Success

small business success

For small business owners everywhere, here are 5 proven tips for small business success, courtesy of “The University of Hard Knocks.”

Tip #1  Cash is King.  This lesson should not need to be learned the hard way.  Simply stated, cash in your company’s bank account is the key to a good night’s rest for you.  Think about how you felt when there was a nice piece of cash in your company’s bank account.  Then, think about you felt when your company’s bank account was low on cash.  Which feeling did you enjoy more?

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