February 2018

Tips for managing business finance

As more people see the benefits of entrepreneurship, they’re taking the dive, registering LLCs and getting their small businesses off of the ground. It’s a great way to build wealth and leave a legacy for children in the future. However, there’s one component that tends to get a lot of small business owners in trouble. Poor money management is something that can literally derail a company into the ground. In some cases, a failure to report taxes is the blame. In other cases, a person might’ve failed to put the right person in charge of managing the finances. No matter what, there are a few ways any company can become intentional when it comes to managing business finance. Follow these tips to get started.

  1. Always pay taxes

Don’t allow taxes to be the one thing that gets your company stuck. If you’re confused on how to handle small business tax in your state, a quick Google search will get you started. Create a separate account and when you make a sale, always take out the designated percentage. Take that designated percentage and place it in the separate account. Once it’ts tax time, you won’t find yourself in trouble. If you can’t wait a full year, the government allows payment on a quarterly basis. This is an even better way to stay in the good graces of Uncle Sam. Once you can afford it, it’s wise to hire an accountant to handle the details of the tax payments. You could receive a lot of tax breaks as a small business owner and you don’t want to miss out on saving some extra cash. If you’re concerned about what to do from a legal standpoint or find yourself in trouble, consider contacting Tully Rinckey or another lawyer in your area. Tully Ricnkey Law is a special firm that offers a range of services including business law.

  1. Reinvest in the business

Many times, small business owners already practice poor money management at home. This poor habit tends to bleed over into their business. On a personal level, if you want your money to grow, it’s important to invest it in things that will help it grow. Stocks, mutual funds and real estate are a few ways to invest your personal finances to help them increase over a period of time. The same concept applies to your business. However, in this case, it’s important to reinvest the money back into your business. The business is already standing as its own investment and has the potential to profit. If you didn’t believe this, you wouldn’t have gone into business. However, too many entrepreneurs make the mistake of taking the extra profit only to spend it on frivolous personal items. Instead, it’s wise to reinvest at least 20% of the profits back into the business. Whether the money is going to purchase more equipment, advertising or new staff, it’s wise to reinvest to help the business grow.

  1. Make sure the profit margin makes sense

A wise person once said that “if it doesn’t make dollars, it doesn’t make sense.” Most businesses are in operation for three years before they turn a profit. This isn’t the case with all business. Some start off debt-free and stay that way. However, it’s very beneficial to take a close look at your expenses, the products and/or services offered and the profit margin. If the gap isn’t wide enough, you’ll never be able to turn a profit. However, if the profit margin is too high and doesn’t match the product or service, you’ll struggle to get customers. Take an honest look at what your business offers, determine the value your company brings to the marketplace and charge accordingly.



Four Ways Businesses Can Diminish their Carbon Footprint in the World

There are many consumers who are now using their hard-earned money to show companies that they want to support eco-friendly businesses. Many companies have decided that it is important to make changes in the way that they operate their businesses to ensure that they are as eco-friendly as they can be. The following guide walks you through a few changes that many businesses are making throughout the world in an effort to reduce their carbon footprint in the world.

Reducing Waste in Their Production Facilities

Large production plants have realized that completely replacing production equipment when it starts to wear down is not good for the environment. It is often far better to simply make repairs to the equipment so that they can be used as long as possible and so that as little waste is created as possible.

Many production companies are now using hard chrome plating to repair machinery when it starts to wear so that it can work as well as it did when it was in brand new condition and avoid having to toss it all away and replace it. This is often costlier for the business as well because they do not have to invest in entirely new equipment.

Reducing Carbon Emissions

Companies that use large fleets of vehicles in their business have realized that they need to make changes to reduce the number of emissions they put into the environment. Many businesses have started to invest in electric cars to use in their fleet so that their emissions can be greatly reduced, and their staff can still be as effective.

Using Eco-Friendly Sources of Power

Companies have also realized that relying solely on electric power is bad for the environment. Many have chosen to use alternative power sources to supplement their power usage. Wind, solar, and even water power are all being used throughout the globe to help power the businesses of today. Solar power is often the easiest option to use because sunlight is the most prevalent power source throughout the world. Wind and water power is only feasible in areas where there is a lot of wind or a viable water source.

Training their Staff About Carbon Footprint Reduction

In order for a business to reduce their carbon footprint as much as they possibly can, they need to have everyone working for them on board with the change. Many companies are choosing to train their staff about the negative effects the business can have on the world if they do not run an eco-friendly company. This can help the staff to realize why the change is so important and help them to start making efforts to be eco-friendlier by recycling when possible, planning out trips in advance to avoid having to make multiple trips in a week and thinking outside of the box when it comes to minimizing their carbon footprint.

Having an eco-friendly business will make a company more appealing to more people. Knowing that a company is willing to take a stand to protect the environment will encourage people to invest in the products that the company produces. Creating advertising that states that a business is an eco-friendly business and what changes are being made to lessen its carbon footprint in the world can be a great way to get the word out about the changes that are being made.

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