Managing Your Finance
Open a small business by considering the financial implications
Open a small business by considering the financial implications
Running a Profitable Company
Proper Pricing
Start by computing all of the direct and indirect costs that go into your products, then add a reasonable profit markup. To guide you, consider conducting some competitive intelligence on competitors' prices. Keep in mind that you may be able to charge more if you offer premium services or superior merchandise – and you can always reduce prices if you find that you've gone too high and your sales suffer. Some industries also have pricing standards that you can easily research at a local library or online. Consider the following questions to help you determine appropriate pricing levels.
Managing Your Cash Flow
Create a Cash Flow Statement
Let's examine how you can protect your business from the dreaded cash crunch.A cash flow statement clearly documents the movement of cash in (working capital) and out of your company during an accounting period.
Preparing A Balance Sheet
With practice, you will find that preparing a balance sheet becomes second nature to you particularly once you
learn the categories and classifications to use. They are:
Proper Pricing
Start by computing all of the direct and indirect costs that go into your products, then add a reasonable profit markup. To guide you, consider conducting some competitive intelligence on competitors' prices. Keep in mind that you may be able to charge more if you offer premium services or superior merchandise – and you can always reduce prices if you find that you've gone too high and your sales suffer. Some industries also have pricing standards that you can easily research at a local library or online. Consider the following questions to help you determine appropriate pricing levels.
Managing Your Cash Flow
Create a Cash Flow Statement
Let's examine how you can protect your business from the dreaded cash crunch.A cash flow statement clearly documents the movement of cash in (working capital) and out of your company during an accounting period.
Preparing A Balance Sheet
With practice, you will find that preparing a balance sheet becomes second nature to you particularly once you
learn the categories and classifications to use. They are:
