Online Options for Small Business Financial Management

online options

When it comes to small business financial management, there are a number of options available and each has a wide array of features and distinctions that separate it from the competition. It would be impossible to review every single small business financial management tool available, but below are some of the basics about the most prominent tools available.

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How to Protect a Family-Owned Business

family-owned business

At some point, every family-owned business is going to face some significant challenges. By their very nature, any family-owned business can draw emotion into the decision making and lead to big expectations and sometimes big let-downs.  At times, making the best decision for the business is not the same as making the best decision for the family and vice-versa. Here are 4 tips to help you protect a family-owned business.

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How to Run Your Small Business Effectively

run your small business effectively

If you are a small business owner, you may spend a lot of time thinking about how to run your small business effectively. There are so many things that go into it that they could never be entirely summed up in one place, but below are some of the most important things to keep in mind as you ponder how to run your small business effectively.

Diagnose Your Business Frequently

In a lot of ways, you could replace, “how to run your small business effectively,” with “how to run your small business efficiently.” Diagnose your business often and ask yourself what is working and what is not working. Try to emphasize the things that your business does well and improve those that it does not, while also de-emphasizing them whenever possible.

For example, if your business does a great job with local customers but struggles to effectively focus on those who are farther away, you should focus your marketing on the local area while addressing your regional or national issues.

Dream Big

You know how to dream, or you probably wouldn’t have started your business. It’s okay to spend time dreaming about your business and coming up with ideas to grow it. This is something you should do frequently, as it will not only inspire you, but is a great example of how to run a small business effectively. You need goals and a continual stream of ideas that can set you apart from competitors.

Don’t Get Bogged Down by Dreaming: Take Action

With that said, you can’t spend all of your time brainstorming for ideas. You need to make sure that you aren’t thinking too far into the future and that you are taking action on some of your best ideas. If you have five employees, for example, you may be justified in dreaming about growing to 20, but get that done before you start dreaming about being a Fortune 500 company.

Analyze Your Own Strengths and Weaknesses

In addition to your businesses strengths and weaknesses, know your own as well. Every owner has his or her strong points and areas in which they struggle. Figure out ways to spread out some of the work so that you don’t end up doing the things that you are not good at. In general, you should remember that nobody is perfect, but if you stay at it and remain dedicated to growing as an owner, you can continue to succeed.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

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How much office rent should I pay?

office rent

How much office rent should I pay?  This question has been asked repeatedly over the years by my clients.  Here are four lessons that were taught to me by mentors and teachers in corporate banking and business.

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