When you run a small business, every little cost counts. Making poor purchasing decisions can put an unnecessary financial burden on your business and lower your company’s bottom line over time. Before you purchase new assets for your business, practice life cycle costing.
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Operations - Tips, Training, and News
How to Create a Small Business Growth Strategy
Getting your first sale from business is a great milestone to accomplish. Once you have a steady stream of customers, it’s time to start thinking about growing. With a solid growth strategy, you can take your business to new heights.
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What Is Inventory?
Unless you own a service-based business, you likely have inventory. Knowing how much inventory you have is crucial for managing accurate small business accounting books, ordering new stock, and making pricing decisions. So, what is inventory?
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How to Leverage Strategic Pricing for Your Small Business
Businesses depend on their profits to survive. As a small business owner, you need to be diligent in your efforts to turn a profit for your company. One way your business can make money is through strategic pricing.
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S Corp vs. LLC: Which Is Better for Your Business?
When you start a company, there are several business structures. Two popular types of business structures are an S corporation and LLC. Are you choosing between these structures? Find out the key differences between S Corp vs. LLC and learn which is best for you.
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Activity-based Costing (ABC) System: Finding Where Your Money Goes
Not sure what activities your overhead costs are going towards? With activity-based costing, product-focused businesses can get into the nitty-gritty details to better allocate expenses. That means you can more accurately analyze your spending and price your products.
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Trade Name vs. Business Name: Do You Know the Difference?
One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.
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Debits and Credits 101: Definitions & Example
In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, learn and understand the difference between credit vs. debit.
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How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula]
To grow your business, you need to track financial information and measure performance. One metric you should be keeping an eye on is your business’s profit margin. Read on to learn how to calculate profit margin for your company and ways to improve your margins.
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Margin vs. Markup: Chart, Infographic, & More
Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup, and knowing this difference is how you can set prices that lead to profits.
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