Noted financial and business expert Warren Buffet, has said that “accounting is the language of business” and businesspeople must know how to read and interpret financial statements. The clear consensus among accounting experts is that business owners should review your business’s financial condition each month. Among other institutions, Princeton University requires “regular, at least monthly” reviews for its organizations. Why You Should Review Your Business’s Financial Condition Monthly Clearly, to have an accurate bearing on a business’s financial condition, financial reports must be kept…
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A business owner may ask, “Which is more important, profits or growth?” Clearly, both are critical. Still, noted author and management consultant Peter Drucker said pointedly, “Profitability is the sovereign criterion of the enterprise.” And Hendrith Vanlon Smith, Jr., CEO of Mayflower-Plymouth added, “If a business is not profitable, It’s worthless.” While profits don’t necessarily guarantee growth, no business can succeed in the long run if the business is stagnant. Why Profitability is Important Continuing to earn a profit is important because it means that…
The word “risks” can strike fear into the hearts of anyone, especially small business owners who have a lot on the line in their small business enterprise. But in business, as in life, taking prudent risks can be beneficial, even energizing. The reality, as many business leaders have offered, is that taking risks is a key, even inescapable part of business. There are indeed various risks including financial risks for small businesses. Importantly, as Mark Zuckerberg has stated, “The biggest risk…
Every business is created not merely to exist but to reach some goals that are established by its owners. Those goals can include survival for a newly established business or during a time of crisis, growing sales, growing market share, and growing profits. All these take planning, skill, and effort but as American economist, Benjamin Graham stated, “The worth of a business is measured not by what has been put into it, but by what can be taken out of it.”…
According to SCORE, about 75 percent of small business owners participate in charitable giving. They reportedly donate about 6 percent of their profits each year to charities. They contribute in support of youth organizations, donate to first responders, support local service organizations like the Rotary, for example, and they donate food and service time to places like soup kitchens and food banks. Clearly, charitable giving is valuable, but it must be approached wisely. The Benefits of Charitable Giving The benefits of charitable giving include: First,…
Every small business owner must focus on their business dreams, goals, and the essential struggle to secure an average small business profit. As Jason Fried, Founder and CEO of Basecamp stated, “A business without a path to profit isn’t a business, it’s a hobby.” And speaking even more bluntly, Hendrith Vanlon Smith, Jr., CEO of Mayflower-Plymouth said, “In business, profitability is a non-negotiable. If a business isn’t profitable, it’s worthless.” Why is A Small Business Profit So Important? Earning a profit is vital because profitability…