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Small businesses are the backbone of the U.S. economy and job market. Nearly 95 percent of all employer-operated businesses in the United States are small businesses. More than half of all Americans either own or work for a small business, and they create two out every three new jobs in the U.S. each year. Without…
Follow these Ways to Manage Income and Expenses Properly A properly established budget can be a valuable tool when it comes to managing business expenses. It can be difficult to make meaningful estimations of income and expenses when business conditions are fluid, however. The following tips can help you gain an idea of how to…
One of the best things you can do for your business, whether it is just starting up or you are in a growth spurt, is to outsource a number of jobs. It lets your business scale up without costing you too much money. The problem is managing your outsourcing efforts. 1. The Recruitment Process Outsourcing…
How to Collect on Unpaid Invoices Some customers can have difficulty paying their invoices on time. When you come across such customers while doing business with them, there are a few things that you can do to help with collection. You can also take steps to ensure that this doesn’t happen in the future. The…
As an entrepreneur you’ll be expected to wear a lot of different hats, the most famed of which is the trailblazer cap. You’re expected to break new ground and offer the audience something that’ll improve their lives. While that’s true, being an entrepreneur is more about sales. Fundamentally, you’re still about selling a product. Here…
Boost Your Bottom Line with these 6 Steps Are you a business owner hoping to increase company profits this year? Are you frustrated with mediocre revenues and know it is within your power to significantly boost your business’ economic outlook? There are strategic ways you can build a better business and one of the most…
Follow These Tips to Compete Against Large Businesses If you own a small business, it may seem daunting to compete with a large company that has a massive marketing budget and low prices. Nonetheless, you can find ways to successfully compete with them. Flexibility Major corporations frequently have rigid plans and policies that change rather…
Running a business is an exciting endeavor that offers the most flexibility in earning an income. However, many small business owners, whether just getting started or pros in their field, find managing cash flow a challenge. According to a 2017 study conducted by WePay, nearly 41% of small businesses face cash flow issues at some…
Controlling Cash Flow is Critical to Your Success Small businesses are often strapped for cash. A critical business imperative is to control cash flow and not just manage it. As any business matures various factors affect cash flow, some being growing operating costs, direct product costs (cost of goods), staffing/labor, product and service pricing…
Most businesses go through rough periods. Weathering the ups and downs of any business sector can be difficult and affect the business in numerous ways. Sometimes a slump is something that’s out of the company’s immediate control; a new technology might have made yours obsolete, or a change in customer attitude about products (for example,…