As a business owner, it’s natural to want to oversee every aspect of your business yourself. But even the savviest business owners make mistakes, especially when it comes to bookkeeping. There’s no question that maintaining accurate financials is a fundamental part of doing good business. Being aware of the most common bookkeeping mistakes can save you from sloppy financials, unnecessary stress, and potential penalties.
Here are the top bookkeeping mistakes made by small businesses:
When you’re operating an online business, running a bakery, an interior decorating practice, or a restaurant, a tornado, earthquake or hurricane may seem like the last of your worries.
Living in earthquake and wildfire country I am constantly reminded that an effective business emergency disaster planning will make all the difference when disaster does strike.
At some point, your small business may become unprofitable. Maybe not overall, but during a month or a small period of time, you will most likely post a loss.
That can be a stressful situation for a small business owner. When your business is unprofitable, you have a decision to make: give up or proceed.
When your business is unprofitable, here is how you can proceed with confidence.
If you want to be taken seriously, you need to put thought into what it will take for your idea to actually be a successful business. You need a plan.
A business plan is a document where you outline your concept and strategy for success. It provides an overview of your potential company – what it will do, how it will generate revenue, what expenses it will incur, and who will be involved in running it.
Here are a few reasons why you should write a business plan: