MINDBODY is a powerful business management tool for your sweat-inducing fitness studio, zen spa or cutting-edge salon.
We are going to talk about financial organization and reports. So take a deep breath…inhale…and exhale…
SBAI Group is the perfect bookkeeping and accounting resource for small business owners in the health and wellness space. Our approachable and knowledgeable team members have extensive industry experience and truly want to help you get your finances in shape. We believe our clients want a personalized experience that lifts their worries and frees up their valuable time from back office tasks so they can focus on other aspects of their growing business.
Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner.
The symptoms are familiar, and their results disastrous:
We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies.
The eight characteristics are: 1) Owners leading by Example and ….
Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing.
Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages.
Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips.
Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions.
But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost your bottom line.
It takes time, energy, and continuous effort to build a brand that attracts loyal customers and is rewarded by word of mouth referrals. Without a doubt, the good name you worked so hard to earn is one of your most valuable business assets; in addition to your solid customer base and positive employee relations, it is what is known in business as “goodwill.”
If you’re like many small business owners, you realize your company’s goodwill is vitally important, but you may not know how to protect it. After all, how people feel about your brand isn’t a tangible asset you can insure, like a building or machinery.
There are steps you can take to safeguard your goodwill in the marketplace. This article will show you how.
Money mindfulness means being intentional and present with how you spend your money. It means not mindlessly handing over your bank card without paying attention to the cost of items or shopping online with little thought to whether you can afford to do so. Mindfulness can lead to considering whether you need to spend money or if there are ways you could spend a little less.
Here are two main benefits of money mindfulness.
Depending on the current state of your finances, financial freedom might seem a long way away. For many people, financial freedom—when you don’t have to worry about how to pay the bills and your money is invested and making money for you—is a far off dream. What they don’t understand is how close financial planning can get them to that dream.
Financial planning isn’t all staring at ledgers and creating spreadsheets, although if you like that sort of thing you’re welcome to do it. It’s about creating a list of your financial goals and figuring out how to get yourself there.
Here are some steps to take to get started on your financial plan.
To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t lose our jobs before we’re financially stable.
In fact, financial planning is about having long-term and short-term financial goals and developing a plan to achieve those goals. It’s about knowing how to make the most of your money – whether that’s putting a little extra into savings one month or paying off a bit of debt more quickly.
It’s about making smart financial decisions so your money is working for you as efficiently as possible while reducing your monetary stress. It’s also about becoming financially stable more quickly, so you can survive if any major expenditures come along.
In short, financial planning is something everyone can benefit from.
If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business.
Here are four tips for getting your business through difficult periods so you can look forward to many more years of business ownership.
Following up on late or non-paying customers is no freelancer’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer.
By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection.
These tips will help you pave the way for consistent cash flow by setting clear payment terms.
As a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office.
You need a good balance between work and play for your health and well-being. Small business owners often fall into the trap of working too hard, ending up exhausted from the constant work demands associated with self-employment.
Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent.
You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client hasn’t paid you in a while and your bank account is lower than expected.
The issue, of course, is that clients can’t pay you until you’ve invoiced them. You need an invoicing system that makes the process less painful—or even takes it out of your hands entirely.
Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency.
These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they should also be important to you, because it’s important to be solvent at all times. In other words, you need to have more assets than liabilities available to pay your debts.
If you can’t pay bills when they fall due, your business may be technically insolvent. Fortunately two simple tests can quickly reveal your solvency.
Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.
In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.
Why not take the uncertainty and disorganization out of expense tracking by going mobile?
These five apps can be used anywhere, anytime, to ensure no penny goes unlogged or unclaimed.
Ideally, you and your accountant are more than just “adviser” and “client”.
With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners.
The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your accountant these four important questions.
All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs.
Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit.
This article will show you how to calculate your break-even point so you can make wise business decisions that support greater growth.
If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury.
Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business.
If you’ve been procrastinating on business insurance, consider this: small businesses are much more likely than larger companies to be devastated in the event of an unforeseen loss, and business insurance needn’t be costly. You can save money on a bundled business insurance package, or lower your premiums by simply increasing your deductible.
Take a look at these 4 essential types of business insurance designed to protect businesses of any size.
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.
But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business!
Wondering if it’s really worth the aggravation?
Here are four reminders of how effective bookkeeping is the cornerstone of small business success.
Think of your business plan as a roadmap designed to point the way to your current destination, knowing that where you land may not be your ultimate end point.
After all, things are constantly changing in a healthy, thriving business. Market fluctuations, new competitors, changes in staffing or your sales figures may nudge you in a direction you wouldn’t have previously dreamed of, requiring new goals and strategies to achieve them.
Of course, a change in plans may also require refinancing – another important reason to keep your business plan up to date. These tips will help you revise your plan painlessly, so you’re best positioned to stay on course and impress a potential lender when applying for funding.
Finding the right bank to serve your small business needs can be a daunting task.
With so many competing financial institutions to choose from, business owners simply don’t have the time for the in-depth research required to carefully weigh all the options.
This guide to choosing a small business bank will help you narrow down your choices so you find the best fit for you.
Unless you’re an experienced accountant yourself, it’s always best to have an expert overseeing your financial business affairs. As a business owner, you’ll probably be juggling several roles, but it’s not wise to spread yourself too thin where money is concerned. And even though accounting software does most of the hard work (reconciling bank accounts and even producing draft profit and loss accounts), accounting software doesn’t actually think. This is where the expert comes in.
Preparing end-of-year reports and filing taxes can be complicated. If you’re not doing it right, you could be liable for penalties, or at the very least, not taking advantage of tax gains and financial opportunities. An accountant can not only make sure your business remains compliant (and pay as little tax as possible) but also help you analyze your business performance and work with you to achieve your goals.
Before you go down the path of seeking capital from outside your business, identify any other ways of raising capital. For example, do you have any savings (either in the business or you personally) that you could use? If you have unused assets in the business (machinery that’s not used very often, buildings or excess stock you could quit), then weigh up the advantages of selling these first.
Gaining larger profits depends on accomplishing all the little things better – rather than making one huge change. You’ll need to focus on every little detail to reduce your expenses and increase your sales turnover over the coming 90 days.
Sales and profit are two very different things – as a business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that strong cash flows from sales deliver little profit.
Cash flow – the lifeblood of any business. The aim of any business owner is to have more cash in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it.
As 2018 nears its end, SBAI Group wants to thank you for the opportunity to partner with you in support of your growing business. If we haven’t had the pleasure of working with you yet, we look forward to doing so. We’d also like to highlight a few important year-end reminders to ensure a smooth wrap-up to the year’s activities.