What to Do When Your Budget Doesn’t Match Reality


No budget plan is perfect. The reason it’s called a budget is because it is merely a projection of how you should spend to meet your financial goals. But as it always does, the unexpected happens. So what if your budget doesn’t match reality? This can particularly happen when you underestimate your resource allocation or [...]

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How to Prepare a Budget for Your Business


All business owners understand the importance of budgeting on a theoretical level. But a lot of them believe they can’t do it because they have a sense that it’s too technical and complicated. As a result, many business owners hesitate to prepare a plan. If you think you can’t do it, you are underestimating yourself. [...]

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Analyze Your Operating Expenses


Too many business owners focus on increasing their sales without paying enough attention to their expenses. The truth is, you can’t increase your profits without controlling both your sales and expenses. If you ignore the importance of minimizing your expenses, you will soon find yourself tired and weary of maximizing your sales effort without improving [...]

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How to Find Areas of Improvement by Knowing Your Gross Profit Margin


Did you know that you can solve business problems by just looking at your financial ratios? Although they won’t solve the problem directly, your financial measures will help you identify problem areas that, if acted upon, will help you improve your company’s profitability. In a previous post, I demonstrated how important is your gross profit and how [...]

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Challenges in Measuring Gross Profit


Last time, we taught you how to calculate your gross profit. But does the number you calculated reflect your business performance accurately? Calculating your gross profit and interpreting it is one thing, accuracy is another. The truth is, you can’t get a clear, accurate picture of your company’s performance if your numbers are wrong. You don’t [...]

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How to Calculate Gross Profit


Do you know how much money you’re really making? Most business owners leave the financial matters to their accountants. But there’s more to numbers than just accounting. As a business owner, you need to know whether your business is making money or not! Your accountant can tell you… but can he make business decisions for you? Of [...]

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Professional Ways to Collect Your Cash


Do you  have a hard time collecting on accounts that are due? Collecting payments is one of the most important areas in finance that small businesses should never take for granted. Your operations rely heavily on your cash position. But dealing with delinquent accounts and collecting payments doesn’t have to be a hassle. Here are [...]

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