Business Finance Tips
Getting your Finances right is about 2 things: Profits and Cashflow. Otherwise, you will be working really hard and the rewards just won’t be there. Start by understanding the profit margins on each of the products and services you offer. From there you want to make sure you have the right combination of products and services to optimise your profitability.
Then there is the expense side – making sure you run your business lean so you maximise the profit you make. Now profit is the first part – you also want to make sure you have the cashflow and gearing of your business right so that you can accelerate towards where you want to get to.
Check out the tips below on how you can improve finance in your business
The Truth About Drawing Money From Your Business
How often are you drawing money out of your business? Drawing from your business can lead you into a trap, especially if you treat your business as an ATM to spend for personal use or your company. Here is how you can avoid falling into that trap and still be able to draw money from your business effectively: 1) Work
The Importance of Knowing Your Numbers in Your Business
Business is a numbers game. It is essential to know your numbers so that you can maintain focus and have visibility on what is going on in your business. So are your numbers up to date? If you know your numbers, you will know where you are at in your business. Your financial numbers are able to signify several necessary
How To Get Your Pricing Right
Have you ever been stuck in a situation where you are unsure of whether your pricing is too high or too low? It can be very tricky to get your pricing right because there are a number of variables for you to consider. This includes your competitors, your market or the external environment surrounding your business, your costs and of
How Many Sales Do You Need To Make The Profit You Want?
A question we often get asked is how many sales do I need to make to make the profit I desire? So what is that magic number for you? Most business owners are wishy-washy with their sales numbers and will either just take whatever that comes their way or they think ‘as much as they can’. However, if you are
Is Your Business Losing Profit?
When owning your own small business it’s in your own best interest to make sure you are making a profit. To be successful in the long-term your business needs to be able to sustain enough money to cover running costs plus extra insuring that you are maintaining a beneficial income for you and your family. At Biznostics, one of the
Look at Your Break-Even Point Differently to Make More Profit
As a business owner, calculating your break-even point is an important number for you to know. So what is the break-even point? Break-even is when your profit is zero, you’re not making money and you’re not losing money. Knowing your break-even point can be helpful in deciding prices, setting sales budgets and preparing your business plan. So how do you
