business planning

Do You Know Your Break-Even Point?

Do You Know Your Break-Even Point?

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.

Is Business Insurance Worthwhile?

Is Business Insurance Worthwhile?

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.

Why Bookkeeping Is Crucial To Your Success

Why Bookkeeping Is Crucial To Your Success

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.

Tips for Updating Your Business Plan

Tips for Updating Your Business Plan

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.