5 Money Saving Tools For Your Business

Capital is a business' lifeblood. Sure, ambition and willpower to make it happen both play equal parts. But without money to fuel operations, a business cannot hope to establish a solid base. As a smart business owner, conserving capital spending is essential for continued operations. Below are 5 tools that will help you achieve that and more. Laptops Upfront, laptops cost less than their desktop counterparts. A decent laptop powerful enough to manage payrolls, invoices, spreadsheets, and … [Read more...]

Build your business credit in 4 steps

How good are you at getting other people’s money? To have a successful business you need to convince customers, vendors, investors and lenders to give you their money.  The last group –serve as a lifeline for millions of businesses. According to the latest research from the Federal Reserve Bank of St. Louis, U.S. business debt outstanding stands at a record high of nearly $8 trillion. Just because there are trillions of dollars being lent to businesses doesn’t mean that it’s easy to get a … [Read more...]

Defining and measuring unit economics

Business models can get complicated. The path to growth and profitability isn’t necessarily a straight line. It’s common to change the target market, product or service offering, pricing strategy, cost model and anything else in an effort to boost revenues and profits. With so many changes taking place it’s possible to lose sight of a basic question: how profitable is your business model? You many know how to run a business smoothly but it won’t help if you are in the wrong business. The way … [Read more...]

Pricing complex sales

tough times - tough economy

Pricing is one of the most challenging decisions that small business owners must make.  It determines revenues and profitability; it communicates value; and ultimately is responsible for the success or failure of a business. Setting a price becomes even more difficult when the company in question is selling something complex that includes both a product and service component. Software that requires upfront integration and ongoing maintenance is a typical example.  These complex sales if priced … [Read more...]

Small business budgeting

Small business budgets come in many formats, types and degrees of complexity. In most cases though they serve three purposes. The first purpose of a budget is to establish performance targets over a specified period of time. Usually a budget plans for revenues and expenditures on a monthly, quarterly, annual and multi-year basis. Company managers and employees can then devise action plans to achieve the targets provided by the budget. The second purpose of a budget is to measure … [Read more...]