It’s All About the Benjamins, Baby

Posted by on Sep 24, 2012 in Blog | 2 comments

We talk a lot about networking, marketing and sales here but let’s face it.  If our finances aren’t in order, we can’t ever hope to run a profitable business, have a happy life, or (as they say) get ahead.

I found this article on some end-of-summer financial strategies for the small business owner.  I know you’ll like it.  I have a few other ideas for you.  Realize, please that I’m not a CPA, Attorney, or any such thing so please check this over with your professional team.

1.  Start with a team of professionals:  No one can do it alone.  If you’re running a business, let alone a household, you don’t have the time to do it all, try as you might.  What’s more, you don’t want to because you don’t know what you don’t know.  Interview and then hire professionals to help you with the finances.  Start with a CPA.  They can help  you tremendously and they will generally refer you to other qualified professionals that you might benefit from like Financial Advisors and Attorneys.  They might even offer bookkeeping services or refer bookkeepers to you, if you don’t already have an accounting staff.

2.  Get a handle on your receivables:  Years ago, one could probably give credit freely to clients and not worry too much about getting paid.  These days, getting paid can be a nightmare.  If your receivables are growing with late payments from your customers, you’ll need to get  handle on it quickly, or else you’ll be out of business fast.

3. Invest wisely:  It’s easy to get the expense creep in a business.  Expense creep is my term for those “little” recurring charges…$5 here, $10 there and next thing you know, you’ve got a ton of money going out each month for “subscriptions” to services that you don’t even remember.  I like to check on all of those type of expenses at least quarterly and ask myself if I really, really need and/or want them still.

4.  Sales cure everything:  In the words of Mark Cuban,” sales cure all.”  I believe that the answer to many of a company’s financial woes is a lack of sales.    Not enough money, sales will fix it.  Need to hire help, sell more.  In a bad mood, make a big sale. I think you get the picture.  Combine networking (of course) and other sales generating tactics and voila, more sales!   So get out there, girl and “git it” cause it all begins with you.

 

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2 Comments

  1. Love Mark Cuban and love his “sales cure all”! it’s so obvious, but sometimes we get so caught up in the day to day of our business that we lose sight in what we need to do to build it. Without sales, there is no business.

    • So true, Miriam! And YOU know how to get those repeat sales by taking such good care of your customers!

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