A key skill of a successful business leader is debt management. Since it’s only natural for a small business to take on more debt as it grows, it’s very easy to unknowingly take on too much. Debt can be very advantageous if used correctly. Once it becomes excessive, however, you start to get an unnerving […]
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The fact that cash flow remains the most common cause for small business failure makes it seem impossible to master. Yes, cash flow problems are arguably inevitable. But here’s what a lot of people forget: There aren’t too many variations of them. Most business’s cash flow problems are caused by the same things. When a […]
No matter which industry you are involved in, certain rules must be followed by all small businesses. These are the universal guidelines for managing and protecting business finances. Right at the top of this list is the need for a substantial emergency fund. If you were to ask nearly every small business owner for their […]
There are certain rules for keeping and courting clients, one of which is professionalism. Clients are more likely to work with you if your small business gradually builds a more reputable image. But this just segues into another question: What exactly makes a company professional? There’s a sleek website, active social media presence, punctuality, but […]
Budgeting is without a doubt one of the most boring and tedious tasks of running a small business. This is partially because something so important should logically be at least a little exciting, and you don’t reap the benefits of sticking to a budget until much later on. These benefits, however, are quite plentiful as […]
A small business cannot grow without proper budgeting, which is one of the most annoying and, unsurprisingly, most frequently neglected responsibilities of business owners. But you must know where you stand from a financial standpoint in order to avoid unforeseen pitfalls and pursue lucrative opportunities. Should one such opportunity could involve, say, a small business loan, […]
Many small business owners believe that data tracking is a key ingredient for success. By keeping tabs on progress and performance, you can distinguish what’s working from what isn’t and make informed decisions about how you use your time and money in the future. But data tracking isn’t as simple as merely calculating different amounts, […]
Common sense tells you that businesses that earn more money end up spending more money. But if this is the case, wouldn’t these businesses eventually run themselves into the ground since it should only be a matter of time before cash flow becomes dangerously unstable? It seems logical until you remember that the main purpose of expansion is not only increasing revenue but decreasing spending in several departments as well.
Most people would be shocked to learn that there are tremendous benefits, yes, benefits, to being in debt. You see, business debt can be broken down into two types: manageable and unmanageable. The latter refers to debt you are struggling to pay back without endangering the survival of your business, whereas the former refers to debt you can safely chip away at on a regular or monthly basis as if it was just another automatic function of your business akin to producing quality products or services.
The first steps small business owners take after deciding they could use a business loan includes checking their credit score, preparing a business plan and searching for the most reputable lenders in their industry.