The lifeblood of any business’s success is its cash flow. Ideally, you want the inflow of revenue to exceed the outflow of cash spent on expenses. However, understanding the importance of your cash flow and knowing how to optimize it are two very different things. The multiple flows of money from investing, operations, and financing…
Preparation gives your business the best chance of surviving a recession. While it might feel like doomsday is near, there are many strategies you can deploy to minimize the fallout. By the same token, failure to prepare for recessions can force your business to make rash decisions in response to stressful economic conditions. We’ll cover…
Running a small business means wearing a lot of hats—from marketing to sales, to customer service, and everything in between. But it’s important to make time for your finances and to make sure your accounting tasks are up to date. Proper financial accounting can make or break a business’s success, and keeping your books balanced…
Big or small, all businesses need a budget. Budgets are the foundation of successful accounting. They can help you scale your venture for future growth. However, if you’re a new business owner or entrepreneur, you may be wondering where to start. What’s the best way to keep track of your budget? Below we’ve outlined some…
Nowadays, teaching yourself how to do something is as easy as clicking a few buttons. There are YouTube tutorials and blogs galore produced by self-proclaimed experts. With so many resources, it seems like you can find an online course in pretty much any subject. Learning to do something DIY lets you acquire great skills from…
Starting a business is a learning experience, and one of the most common mistakes new entrepreneurs make is failing to keep their business and personal finances separate. Entrepreneurs expose themselves to legal complications and tax headaches when they don’t separate the two. For instance, if your business ever faces legal complications, you don’t want to…
Gaining access to business credit and financing is a tough thing to figure out when just starting out. But when start-up costs and growth strategies are taken into account, it makes sense to establish strong credit for times when it will be needed the most. Why Is It Important? Good credit is important, as most…
Are you a Bloomfield resident who would like to start your own small business but don’t know how to start? Or are you a future business owner curious about setting up headquarters in this city? Let’s go over several strategies towards starting a successful small business in Bloomfield Hills, Michigan and how you can make…