Those of us who work with small businesses can't emphasize enough the importance of cashflow management and the role cash plays in a business. This means preparing and analyzing your cashflow statement on a timely, at least monthly, basis.
Cash is the underlying fuel for any business. Often, it is also the surest sign of profitability and general "health" of a business. Kudos to Elise Spontarelli, owner of GetCreative Web Design, who took our 6-Week Self-Employment Class last year and writes about it in her blog. Elise gets the importance of cashflowing, and she provides some interesting insights on how the training helped her business management skills.
Don't take our word for why cash is important or why the class is helpful... read about the class and how it benefitted Elise. In the 6-Week Self Employment Class you will learn how to prepare a cashflow statement for your business, and more importantly, you will know how to interpret it. You will also learn so much more, from budgeting, to marketing, to what it takes to get a loan these days.
Information is power. Our role in providing this class is to empower our local entrepreneurs. Like Elise, we hope you'll take advantage of our resources and information.
* Image Source: This image sourced from Flickr on CreativeCommons.org; image by Jake Wasdin
With so much in the media on the new healthcare legislation, it can be daunting for business owners to determine what impacts them. While our phones are not quite ringing off-the-hook on the topic, it is of concern to many small business owners. Here's a website with resources to help small business owners understand the new health insurance law, it's benefits, and implications.
The truth of the matter is the legislation is going to affect every business differently. In most cases, the vast majority of small businesses with fewer than 25 employees are exempt from it. And those who aren't, or the small firms who now choose to provide affordable health insurance for their employees, now have tools and options, and tax incentives. Or at least, this is how it should play out.
Check out www.HealthReform.gov. You can even join in the conversation at their Weekly Web Chats and have your questions answered. Tell us what you think.
Also check out the IRS website for more on the Small Business Health Care Tax Credit, which indicates there are tax credits (i.e., money in your pocket!) for small businesses that are paying 50% or more of their employees premiums. Check it out and see if your business will qualify for this incentive.
In a down economy, thinking about starting a business might be the furthest from your mind. However, some of today's best and well-known companies were started during deep recessions (think Microsoft, Hewlett-Packard, Revlon, etc).
What many don't realize is that starting a business during a recession actually offers many opportunities--such as lower costs than during boom times and a better market in which to hire talented workers. Of course, as with starting a business at any time, you have to consider the pros and cons and do a proper market analysis. But during a recession this analysis (called business planning) is even more critical and acute. Starting a business should never be a pure roll of the dice but it is a calculated risk.
Arm yourself with information, whether you want to start the next multi-million dollar franchise or a small, home-based business to help supplement your income. Set yourself up for business success by taking a short, 2-hour Start Smart seminar to get an overview of what you need to know before you start your business.
Learn about business resources and financing available for business startups in the Region 2000 areas of Lynchburg, Bedford, Campbell, Amherst and Appomattox. Check out our Start Smart seminar or call us at (434) 582-6170 for more information. Do you have what it takes to start a business?