Study: Less Than Half of Small Business Owners Monitor Cash Flow
Successful small business owners almost always have a passion for their products or industry. They almost always have natural business savvy, confidence, and work ethic to succeed. But not all of them have a background in finance. So without a CFO or an accountant on staff, how do they manage small business finances? How much […]
Small Business Finance Glossary: Revenue vs. Income
What’s the difference between revenue and income? It’s easy to confuse revenue and income, and sometimes small business owners focus on “money coming in” as a catch-all. Maximizing sales means healthy income and healthy revenue, right? Well, not necessarily. It can be very important to differentiate revenue and income to fully understand the health of […]
Small Business Finance Glossary: What is Burn Rate?
As a small business owner, you likely started your company because of your passion and expertise for the products and services you provide—not because of your passion for financial statements. For this reason, critical financial metrics often go unnoticed by business owners. One of the most common examples is burn rate. Burn rate is one […]
Small Business Banking Options: How to Choose a Bank for Your Small Business
Early on, small business owners make a number of critical decisions that shape the success of their business. Entrepreneurs put time, research, and critical thought into naming their company, identifying target markets, making their first hires, forming partnerships, and much more. As for their bank—well, they’re almost all the same, right? Actually, banking options for […]
Study: Only 55% of Small Business Owners Would Recommend Their Banking Partner
Small business banking should be simple, right? Credit cards, checking accounts, loans for business opportunities and startup costs… if only it was that straightforward. The reality is, small business owners have so many options for banking and financing. And with millions of new businesses launching every year, they have a wide variety of banking needs. […]
Four Ways for Small Businesses to Combat Inflation
Cost of living in the U.S. has seen its highest 12 month increase since 1982. Unsurprisingly, inflation is having a significant impact on small businesses. According to a CNBC poll, 47% of small businesses had to raise their prices last quarter. Another 32% expect to do so if the trend continues. An alarming 26% of […]
6 Tips to Write a Friendly Overdue Invoice Letter
Your customers are human, and sometimes they forget to pay on time. Even if you’ve kept up with collections and courtesy letters for payment, you’re likely to have past due accounts sometimes. Which means that you’ll eventually have to write an overdue invoice letter. In this blog post, you’ll see strategies for crafting your initial […]
3 Effective Ways to Collect Past Due Accounts
Delinquent accounts. The phrase makes most business owners cringe. Delinquent accounts are synonymous with poor cash flow and strained customer relations. Would you believe that half of all business owners deal with delinquent accounts? Knowing how to handle delinquent accounts is beneficial because most businesses will need to do it at some point. You may […]
How to Organize Your Small Business Finances in 7 Easy Steps
Organizing small business finances is a critical part of success for any entrepreneur. Regardless of your business model or your level of experience in business finance, there are certain fundamentals that all small business owners can follow to build a foundation for success. With the following strategies, you’ll be on your way to informed budgeting, […]
