In the world of small businesses, where every penny counts, creating and implementing a monthly budget can be a game-changer. It’s not just a mundane financial task…okay, it can be mundane, but it’s also a strategic tool that can significantly contribute to a business’s success.
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Imagine working hard to hit the next level in your business. The money is flowing well, the business is profitable. Then, someone comes along and decides to take a significant chunk of what you have earned. That is exactly what happened to my dentist’s practice. Several years ago, my dentist’s practice was a victim of fraud. It was an inside job. An employee embezzled more than $2 million. After the incident, the […]
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Entrepreneurs love the P&L statement. Why? Because it’s focused on profitability. Scrolling down to find what is on the bottom line is like opening a present on Christmas. However, the bottom line is not the only good thing to be found on a P&L. There are so many other gems to be found within this financial statement, lessons that will help you boss better (and more profitably).
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How do you hire financial professionals to support your small business? What should you look for in a financial pro? What tasks should they perform? What deliverables should they provide?
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How do you determine if you’re running a successful business? Do you look at sales revenue? Is it what you see when you check your bank account balance? Do you look at your profit on your P&L statement? Is it based on your business’s increase in customers or clients? Perhaps success is receiving all 5-star Google reviews! All of these methods can help you track your business’s performance, but they’re […]
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