Category: Running a Business

A Simple Checklist for a Successful Small Businesses Budget

A Simple Checklist for a Successful Small Businesses Budget

John McCartney takes budgeting for this small business seriously. Every year he reviews previous year’s expenses for his business, Jmac PR, a tech PR agency that specializes in providing comprehensive PR services to companies in the technology industry, including digital agencies. He then uses that information as a benchmark to help him create a budget for the current year. “I pride myself on being data-driven and intentional about curbing expenses to maintain the financial health and stability of the business,”… Read More
How to Open a Business Checking Account Online With No ChexSystems Report

How to Open a Business Checking Account Online With No ChexSystems Report

Nobody’s perfect, but if you’ve had negative banking activity in the past, realize that those errors might have a long-term impact on you and your business. Just like credit bureaus keep track of your credit history, adjusting your credit score based on whether you pay your credit card bills on time, your credit to debt ratio, and other activities, financial institutions may run a credit check on how well small business owners manage their money in checking and savings accounts. … Read More
Operating Margin: What is Operating Margin and Why it Matters for Business

Operating Margin: What is Operating Margin and Why it Matters for Business

As a small business owner, you may generally know that you’re making a profit in your business, but are you really on top of your income and expenses? Do you have insight into how financially stable your business is? Do you know your operating margin? Understanding it can help you determine how to increase profitability and stability by lower operating expenses. What is Operating Margin? Operating margin (also referred to as Earning Before Interest and Taxes) shows you how much… Read More
Doing Business As (DBA): What is a DBA, How to File as a DBA

Doing Business As (DBA): What is a DBA, How to File as a DBA

If you’ve ever asked, “What is a DBA?” this article is for you. The short answer is, a “Doing Business As” is when the name under which a business operates is different from its legal, registered name. A DBA may also be called a trade Name.  Why Would a Business Choose a DBA? There are reasons why a business would choose a fictitious name (another term for a DBA). A sole proprietor or partner might choose a DBA so they… Read More
4 Money Leaks That Could Be Hurting Your Bottom Line

4 Money Leaks That Could Be Hurting Your Bottom Line

It takes money to make money, but the eventual goal of any business is to make more than it's spending. If your business is making sales but seeing little-to-no profit, you may be leaking cash. Fortunately, you don't need to reconstruct your entire business model—you just need to find the cash holes and do a bit of patchwork. First, take a look at your financial statements: Cash flow statement Balance sheet Profit and loss statement These financial documents can help… Read More
5 Simple Ways to Organize Your Small Business Finances

5 Simple Ways to Organize Your Small Business Finances

Business credit scores are often seen as the number one obstacle preventing small businesses from getting financing. But disorganized financials may be equally to blame. In today’s challenging economic environment in particular, lenders want to make sure your business is viable and will be able to repay the debt. Organized and up to date finances are essential if you want to increase your chances of getting approved.  Here are 5 simple ways to organize your small business finance processes. 1.… Read More