| |
| |
|
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.
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
Small Business - A Thing Worth Doing Is Worth Doing Badly A thing worth doing is worth doing badly. Yes I know that it should be 'well'. Are You Running Your Business or Is Your Business Running You? Being a small or home-based business owner can be loads of fun and very rewarding.You may have decided to go into business because of your need for personal freedom or to fully unleash your creative genius. The Single Most Powerful Small Business Marketing Tool On The Planet Let me get right to the point. The single most powerful small business marketing tool on the planet is a marketing plan. The 5 Traits of Baby Boomer Business Owners As a practitioner and student of Small Business Marketing, I was recently contemplating ways to enhance my business. I found it fascinating to realize that over 95% of my customers and hot prospects were Baby Boomer's who own a small business. How to Raise Your Fees and Thrill Your Customers Think the best way to get more customers is to have the lowest prices in town? Think again. Think the best way to create a successful business is to try to appeal to everyone? Wrong again. Common Mistakes When Planning Your Medical Spa Everything starts with a business plan: If you don't have one. Write it. Small Business Success - It's a Matter of Confidence I was floored! I couldn't believe what they were saying! But there they sat -- three of the biggest film stars of our age -- telling the world they had issues with confidence. I was watching an interview where Meryl Streep, Nicole Kidman and Julianne Moore were talking with Oprah Winfrey. 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. Challenging the Gospel of Growth -- Must Business Grow to Survive? A cherished business doctrine is that growth must be a primary business purpose: "grow or perish" is a mostly unquestioned truth. At South Mountain we favor certain kinds of growth, but not expansion for its own sake, which author Edward Abbey described as "the ideology of the cancer cell. The Role of the Business Model and Strategy for Business People will always stress that having a well researched business plan is key before you start your business. Although creating a business plan is often an important step in the evolution of a business, particularly if you need financing or you are not experienced at running a business, it is not necessarily the essential first step. 3 Ways To Make Certain Your Business Fails Most small businesses incorporated in 2005 will fail by the year 2007. No matter the industry or the economic times in which the company was initially conceived, the fact remains that businesses fail on a daily basis due to general lack of knowledge and know-how. What is your Motto? Company mottos can easily be printed on a business card.Sometimes you wonder if a company motto is remembered by anyone in the company. Essex Accountants: Top Things to Look For One of the most common horrific mistakes a business can make is hiring the wrong accountant. Once hired, it can be very costly to hire a replacement accountant due to the nature of the job which inherently and directly impacts your bottom line. Is Your Business Legally Prepared? It is imperative to have your business legally prepared. How you ask? You need to have a business license, a home occupation license, if running your business from home, a city or county license, (depending on what State you live) plus you need to register your business as fictious if you are not using your name as a business. Small Business - Would You Still Need An Accountant If You Didnt Need A Tax Return? After over thirty years advising small business it still comes as a surprise to see the number of small business owners who are only interested in their financial results when it is time to do their tax return.Many still think that their accountant is there to 'cook the books' at tax time!It is not surprising that almost invariably the business owners who approach their accounting in this way are those whose business is not doing well. Small Business Marketing Secrets: Look Like Sizzle, Be The Steak You've heard marketing and advertising gurus quip, "Sell the sizzle, not the steak." Advertising initiatives best reach their target audience with benefits and the "wow" effect, not the value or features of their product or service. Consistency Builds Trust You know your prospects need what you sell. You know they want what you sell. Five Simple Software Tips for Small Business Owners The start of a new year is a time for a clean start. Resolutions are made, you clear your files of last year's paperwork, and you swear you are going to start the year off keeping your financial house in order. Pet Grooming Business Do you like animals? Would you like to work for yourself? Pet grooming could be the career for you.A grooming business is more than just washing dogs. Start a Resume Writing Service for Profit The resume writing service serves an important role in the economy. Many qualified candidates have a difficult time marketing themselves to employers and turn to a professional writing service for assistance.
|
|
|
|
|
