Small Business Toolbox

A library of business management info


Budgeting
  • Healthy Holiday Spending Habits to Avoid Debt
    12/04/2007
    Gorging doesn't apply only to eating during the holidays, it can also mean splurging at the local mall on gifts that you cannot afford. Overspending during the holiday season can lead to a stack of bills and start your New Year off mired in debt. Here are some helpful tips that will allow you to keep more cash in your wallet and avoid a broke and blue New Year.
  • What Your CPA Wishes You Knew
    08/08/2007
    April 15 may seem light years away right now, but your accountant probably isn't just lounging at the beach only starting to work on April 1. In fact, he may already be gearing up to handle the work of many clients. Your accountant's job is to complete your tax preparation accurately and promptly—and save you money in tax-prep charges and by reducing taxes whenever possible.
  • Learning From the Trumpster: And You Won't Have to Hear "You're Fired"
    07/16/2007
    When you think of the name "Trump," you probably think of bad hair, a personal helicopter or playing cards in Vegas. But you might also think of apprenticeship, entrepreneurship and hiring the best. That's why the U.S. Small Business Administration and Trump University have teamed together to create a free online training course titled "How to Start a Business on a Shoestring Budget." It was designed to help entrepreneurs understand how to turn their small-business ideas into reality, despite limited outside resources.
  • Determining Business Expansion Costs
    03/15/2007
    A common problem when expanding a business is the underestimation of costs, which can lead to the discovery that you have insufficient funding. Here are five factors to consider when preparing to grow your business--and tips for managing them.
  • Budgeting Basics
    01/04/2007
    An anonymous person once described as budget as: a practical means of telling the money where to go, rather than simply wondering where it went. Surely, there are many people, in business and otherwise, who have found themselves wondering where the money went. And perhaps they were wondering this because they spent it without having a specific spending plan in mind.
  • Checklist for Managing a Small Business' Finances
    11/14/2006
    Small-business owners need to be informed about every aspect of financing, from bookkeeping to cash-flow projections to securing loans from bankers. While you may not need to be an expert on each of these aspects (and, really, you can't be unless you have an accounting degree), the more you understand about these vital components of small-business finance, the greater the chance for your company's success.
  • Bag of Tricks
    11/07/2006
    Not every small-business owner can afford to launch a slick marketing or advertising campaign or pay for a public relations professional to help with publicity. For most small-business owners, it is up to them to create a buzz about their products and services. If your marketing/advertising budget is limited, how do you promote your business enough to attract a steady stream of new and loyal customers? It may be easier than you think.
  • Economize, Economize: Every Dollar Saved Falls to the Bottom Line
    10/16/2006
    There is one business axiom that is almost always true: Every extra dollar you make costs something. This cost may be in the form of added or more expensive advertising, increased salaries, added production costs, costs of higher quality materials, etc. Often, the cost of increasing total revenue can be calculated very accurately over time. For instance, direct-mail companies know that for their specific types of business, the average cost of adding a dollar to revenue may be 85 or 90 cents or more.
  • No. 1 Rule for Every Small Business: Know Your Break-Even Point
    09/25/2006
    Many small-business owners focus on the profitability of their operations rather than spending time determining their break-even point. This is natural because profits are the ultimate essential for anyone running a nonprofit business. However, knowing your break-even point on specific products, services and the overall business operation is the key to strategic planning and maintaining and increasing profitability during the long term.
  • Tips for Business Owners Who Hate Handling Finances
    09/18/2006
    Often, not enjoying the financial aspects of a business is the result of not being familiar with financial techniques. When a person feels lost or out of one's depth in a particular activity, it's natural to avoid it. Spending time learning how to handle finances adds depth to a person's overall business acumen and enjoyment level--even if some of the financial responsibilities are eventually turned over to others.
  • Cutting Utility Costs Can Boost Your Bottom Line
    06/19/2006
    There are some things business owners can do without; unfortunately, utilities don't fall into that category. Though many factors can affect utility rates, such as natural disasters that can cause prices to spike, the cost of your utility bills may not be entirely out of your control. By being proactive and following a few steps, you can help ensure you are paying as little as possible to keep your utilities running.
  • Wheels of Fortune
    05/25/2006
    How to determine the best way to pay for your new wheels.
  • Save Energy and Money in Your Small Business
    05/03/2006
    Face it: It’s hot and getting hotter. And no matter what part of the country you live in, you’re reading––or living––the headlines. As much as you’d like to simply crank up the air conditioner and sip cold lemonade, there are other things you can do to get relief from the heat and from the bite it is taking out of your wallet.
  • The Best Way to Cut Expenses? Require Employees to Have Purchases Authorized
    04/10/2006
    Sometimes it seems that even with the best of intentions to slash expenses, costs mount as if you have little control over them. It’s uncanny how cash seems to have a mind of its own.
  • Set Up Vendors, Lenders and Subcontractors Before You Need Them
    02/23/2006
    When a small business can establish relationships with vendors, lenders and subcontractors well in advance of when they are needed, it can avoid mistakes and save money. Planning all stages of development in advance is always a winning strategy.
  • Knowing When Your Company Needs to Borrow (or When Other Issues Are the Real Problem)
    02/15/2006
    When your company runs into a major difficulty, roadblock or key decision point, it can be a knee-jerk reaction to throw money at the problem, hoping it will go away. But borrowing or taking money from reserves often is not the best solution––and may lead to even greater problems in future
  • Can’t Offer a Holiday Bonus This Year? Consider These Ideas
    12/02/2005
    Even if you can't offer a bonus, there are still effective ways to show employees that you value them. While none of these ideas cost much, they do require some forethought and creativity.
  • Creating a Financial Plan for Your Small Business
    11/15/2005
    A financial projection, or financial forecast, is a tool you can use to see where your business is going, financially speaking. Typically, your forecast looks at your plans for the next few years and helps you understand how much money you will need to get to where you want to go, what it will cost in terms of sales, labor and so on, and how much you can expect to make once you do get there.
  • Keep Clients’ Financial Problems From Becoming Yours
    10/17/2005
    One of the biggest risks for service-oriented small businesses is the possibility that a client won't be able to pay for services rendered. But by looking for warning signs of a financially struggling client, you can stop cash flow problems before they start.
  • Reducing Business Expenses
    07/14/2005
    In today’s tight economic climate, every business owner must keep a watchful eye out for ways to reduce business expenses. With imagination, problem solving and negotiation, you can lower your expenses enough to actually feel the difference.
  • You've Lost Your Biggest Customer. Now What?
    03/30/2005
    It is an axiom of business that no customer is guaranteed to stay with you forever. Regardless of how loyal your customer may be, there are any number of factors that could prompt them to take their business elsewhere. It may be no reflection on the quality of your product or service; a customer might be merging with another firm that uses software or hardware that isn't compatible with your product.
  • Advantages of Leasing Equipment Over Purchasing
    10/26/2004
    Leasing equipment has specific advantages when compared to financing or purchasing with cash. A clear understanding of these can help when considering the acquisition of computers and office equipment, automobiles, machinery and other types of equipment vital to a company's operations.
  • Keeping Gas and Other Energy Costs Down
    08/18/2004
    Anyone who owns a car has certainly felt the crunch of high gas costs this summer, with prices per gallon staying well above the $2 mark in most of the country. While the average consumer can certainly understand the inconvenience of high fuel costs, the problem is even more of a strain on small-business owners.
  • Calculating How Much Your Company Needs to Earn to Support Each Employee
    06/17/2004
    A key calculator for small companies is the Total Revenue/Employee ratio. This is calculated by dividing your company’s total revenue by the number of employees in your company (owners included, assuming that they earn salaries). You can obtain interesting and valuable information from this ratio.
  • Drive Smart: Gas-Saving Tips
    06/02/2004
    Small businesses with operations that require a considerable amount of driving will be hardest hit and should implement proven ways to reduce fuel usage. Even on the personal level, small-business owners and employees can reduce gasoline expenses by driving smart.
  • Cutting Costs Can Cost You Money
    10/27/2003
    When cutting costs, there is almost always a tradeoff between achieving lower actual expenses and sacrificing something of value.
  • Five Ways to Lower Your Operating Costs
    10/07/2003
    Lowering operating costs has always been vital for small businesses. But in today's uncertain economic environment, it's crucial.
  • Cutting Costs
    07/01/2003
    Without drastically altering the way in which you run your business, you can shave off unnecessary costs in order to make it through these tough times.
  • Sweating the Small Stuff Can Save You Money
    03/04/2003
    Reducing operating costs a few percentage points is not as hard as you think.
  • Budget Using Sales Probabilities
    02/26/2003
    Better than using a single-figure sales projection would be discussing best-case, worst-case and probable sales projections.
  • Consider Nonbillable Time When You Set Your Hourly Fee
    02/26/2003
    Today's Workshop shows how to factor in nonbillable time so that you meet your annual financial goals.
  • Five Ways to Cut Purchasing Costs
    02/05/2003
    At year-end review, most companies find that only total salaries exceed total annual purchasing costs, making this area a prime target for cutting.
  • Five Ways to Take Advantage of an Economic Downturn
    04/15/2002
    Savvy small business owners can find opportunities in the economic slowdown predicted for the summer and early fall of 2001.
  • Cutting Costs in a Downturn, Part II
    04/15/2002
    Each of the following cost reductions can trim a company's overall trim budget, with little risk of also trimming the revenue stream.
  • Cut Costs First, Ask Questions Later
    04/15/2002
    At some time or another most small businesses encounter the need to cut costs, sometimes moderately, sometimes severely.
  • Is Non-Billable Time Your Biggest Expense?
    04/15/2002
    If you're a service provider, non-billable time (the time you spend doing things that you can't actually bill for) may be the biggest drain on your cash flow.
  • Excessive Budget Controls Can Be Counterproductive
    04/15/2002
    In the business community today there is a tremendous drive toward cutting costs.
  • Pay Yourself First
    04/15/2002
    Employees of mid-size and large companies usually have the opportunity to put money away for retirement through 401K plans, which almost always are automatically deducted from wages.
  • How to Keep Fixed Costs Low When Starting a Company
    04/11/2002
    Today's article shares some ideas that could help minimize financial shortfalls during a cash crunch.
  • How Small Businesses Can Adjust to a Slowing U.S. Economy: Part II
    03/07/2002
    With the long-expanding U.S. economy beginning to slow as the result of numerous Federal Reserve rate hikes during the past year, small businesses may be experiencing a changing economic environment that offers new challenges.
  • Financial New Year's Resolutions
    03/07/2002
    Even if you didn't get around to making New Year's resolutions before the end of the year, don't worry.
  • How Small Businesses Can Adjust to a Slowing U.S. Economy: Part I
    03/07/2002
    With the long-expanding U.S. economy beginning to slow as the result of numerous Federal Reserve rate hikes during the past year, small businesses may be experiencing a changing economic environment that offers new challenges.
  • Economize When Opening a New Business, Part II
    03/07/2002
    When you've finished your planning for opening a new business, secured financing, and are ready to begin purchasing/leasing equipment and office space -- stop!
  • Economize When Opening a New Business, Part I
    03/07/2002
    When you've finished your planning for opening a new business, secured financing, and are ready to begin purchasing/leasing equipment and office space -- stop!
  • Cutting Costs in a Downturn, Part I
    03/05/2002
    Reducing costs can have a dramatically positive impact on profitability--and can contribute to greater competitiveness and stability.
  • A Stitch in Time
    03/05/2002
    In today's Workshop, Jeffrey Moses gives a few tips on spotting aspects of business operations that might need "stitching."
  • Build a Budget to Build Your Business
    03/05/2002
    In today's business world, you've got to be really tight with your own books, no matter what your mental picture looks like of "how grandpa used to do it."
  • Don't Let "Spending Control" Spin Out of Control as Your Company Grows
    03/05/2002
    As your company grows, one of the primary ways to keep costs under control is to coordinate all purchasing activities.
  • Tightening the Belt
    03/05/2002
    No company plans on having a cash crunch, but even rapidly growing small businesses can experience temporary growing pains.
  • Ways to Keep Office Expenses Down
    03/05/2002
    Remember, every dollar you save in office expenses falls all the way to your bottom line.