Complex tax questions can be especially confusing for small businesses, freelancers, or startup companies. It's important that your business's financial records are maintained with integrity and organization. If you're a one-person department or temporarily taking on the accounting role, it's natural to have some questions and uncertainties.
While much of your budget planning was likely done in the fourth quarter, it's never too late to set your business up for success in the new year. Financial planning is valuable at any time - whether you're evaluating your business investments or measuring why your cash flow is slow.
When you're growing a business, a late-paying client can be frustrating. You have to dedicate time and resources to figure out what happened and why. You have to pull yourself together enough to have a conversation about money - something that's not easy for many people. The most important thing to remember is that your business fulfilled its part of the deal, and now your client owes your business.
Estimates say that the number of freelancers entering the marketplace is growing at a compound annual growth rate of 15%. Enterprise company layoffs and the demand for more flexibility after the pandemic are two of many reasons that more people are considering freelancing. If you're ready to hang out your shingle, you definitely want to make sure you're on steady ground, so preparation and planning are necessary.
The results are in. After a 6-month trial of over 60 companies in the United Kingdom, nearly every company in the pilot study has chosen to continue a four-day workweek. Company revenue stayed roughly the same during the trial but showed a 35% increase compared to similar periods in previous years. Most importantly, employee turnover was reduced by 57% with reports of improved well-being, better work-life balance, and reduced stress.
The recent Silicon Valley Bank crisis sent ripples through the world of small businesses, startups, and venture capital. Thankfully, the crisis was mainly thwarted by getting bailed out and addressed by calls for regulation by the Biden administration. But it set enough investors on edge to recognize that it's not the first crisis to affect businesses, and it certainly won't be the last.
Women look to other female leaders to feel empowered as they break through glass ceilings and face various obstacles along the way. It's important for them to clear a path for other women as well. Women leaders often face challenges such as more responsibilities within their homes and at their jobs, and when serving as entrepreneurs, unequal access to venture capital. Let's hear from some of them for more motivation for us all.
When you own your own business, something always demands your attention. Whether it's troubleshooting office issues like internet outages, customer service challenges, or trying to get paid, entrepreneurship is a busy vocation. To grow your business, you may need to adjust your focus from putting out fires to looking at your business differently.
Financial statements are as important to business leaders as they are to investors. Working capital provides a financial snapshot of your business on the balance sheet - the difference between the company's current assets and its current liabilities. A cash flow statement offers insight into the expected cash generated over a certain period of time. Both cash flow and working capital affect each other and are valuable measurements of financial health.
Does it actually cost more to attract new clients than keep current ones? That can only be decided when you consider the cost of your time and the value of your clients. Nevertheless, happy clients are usually your most loyal clients, and they'll likely recommend your goods and services to others. Let's identify strategies for keeping your existing B2B clients happy so you can maintain a strong, long-lasting business relationship and save money along the way.
