A balanced budget seems to be the elusive golden fleece that the government seems to keep trying to find. And while it can be argued just how long a government can operate in the red (which seems to be quite a while), for a business it is death. One major lesson from my MBA: cash is king, or more to the point, cash flow is king. Cash flow is the life blood of your business. I've run a company on credit before. It didn't turn out well, and it took a long time to get out of that hole. So … [Read more...]
Get Paid With Better Invoices – with Patrick Dodd
November 24, 2010
Guest post from Patrick Dodd of Blinksale. If you have any reason to send invoices, chances are that you want to spend more time making money than tracking it down. After all, the work you do is probably way more fun than the accounting side of your business. But invoicing is a necessity to many a business, and I’ve got some best practices for getting it done in style. 1. Find an online invoicing service. It doesn’t just save you time, it helps you automatically organize every … [Read more...]
How I Raised My Credit Score From The 500′s to Almost 800
October 28, 2010
When I first incorporated my Atlantic Dominion Solutions in 2000, I financed the business with personal credit cards. As my company had no credit or assets to speak of, I had to personally guarantee that I would pay back everything I borrowed. This turned out to be a very bad plan. My wife and I were living in the Washington D.C, and I was running all over D.C., Maryland, and Virginia doing IT services like fixing computers and setting up networks. But I was young and naïve, I wanted to … [Read more...]
Tax 101 – Tips For The Independent Contractor
September 29, 2010
This is a guest post by Brendon Reimer at FireMyAdvisor.com. Brendon is an independent financial consultant who specializes in helping individuals and business owners. After a decade of work in the financial services industry, he recently jumped into the world of consulting to help people manage their finances without having to pay the high (and often hidden) fees of a typical adviser. Working for yourself can be a very liberating experience, rife with flexibility and freedom to create … [Read more...]
Business Finance 101: Get a CPA
August 18, 2010
This post was going to be a review of a basic personal and/or business finance book. And looking back, there are none that I've ever used outside of school. And most of those finance books are for managing larger companies, and not completely related to what we're talking about there. If you browse over to Amazon I'm sure you can find a plethora of books on the subject, and if you've used on that you'd recommend, please let us know in the comments. So rather than recommend a book, let's talk … [Read more...]
