Trouble Staying Afloat with Your Business?

You may have started your own business for freedom from a regular J-O-B, to follow a passion, express your creativity or any number of great liberating reasons. But then something happened and it became tougher and tougher to stay afloat. It’s not easy to keep sales up and all the while, your expenses are increasing and debt is growing.

If things have been getting tough and you feel the entrepreneurial walls closing in on you, take heart. Most small businesses face tough times at some point and even though it seems like there is no way out, there are some very practical solutions and strategies you can implement to reverse the vicious cycle.

One way you can do this is what’s called a “Small Business Turnaround”. This is a process of reorganizing your business so it’s profitable, you’re able to pay bills when they are due and you can also earn a decent living for yourself.

Turnarounds are generally conducted by Turnaround Consultants, but they don’t come cheap. It can cost thousands upon thousands of dollars to work with a consultant and when your business is suffering, it seems impossible to come up with that kind of cash.

If your business is in dire need of an AFFORDABLE turnaround and you’re willing to roll up your sleeves and get a little dirty, here is the perfect option…

Van Lanier’s Turnarounds Made Easy is a unique 6-month program that provides you with weekly guidance and assignments to get your business back on the right track. It even includes a Quick Start Up Plan, so you can see some immediate relief.

Van has been a Turnaround Specialist for over 3 decades and knows what it takes reorganize and structure your business because you shouldn’t have to scramble around every single month. As a member of Turnarounds Made Easy, you also receive personal expert guidance to ensure you’re moving in the right direction.

The program will help you:

- Take control of your cash flow, so you always have what you need available.
- Easily implement financial analysis to help diagnose your business troubles.
- Find your real core business that you can build around.
- Arrange reasonable payments plans with your creditors.
- Raise your prices for bigger profit margins.

…and more. It’s exactly what you need to turn your business around. All the details are available at Van’s website:

Just go check it out - You have nothing to lose - Click here to visit his site

My word for Today

Last week I had that amazing privelege of being on a call for a client with Ellen Rohr of www.barebonesbiz.com discussing bookkeeping and other financial strategies. It was a great call and very informative. Having another set of eyes on the financial structure of my client's business really gave me some good insight as to what my client's roles should be within their own companies from a financial sense.

The word that stuck with me after the call was Steward. We always hear about companies offering services that will mind business so you don't have to -- enabling you to focus on what you are good at. Well what a mind shift I had after the call. Yes , if you are good at marketing or writing you should have a team in place to do the bookkeeping and web design, so you can get to the core of building and maintaing your businessbut you still need to be responsible for the financial position of YOUR company. You need to take interest in what the financial blueprint of the company tells you. Just remember a great team always needs a great leader. Information gives you that control over your financial future.

It is with this information that you can really start to make better financial decisions, grow your business and make changes that are important for your financial strength.

I invite you to comment on how you are going to learn about becoming the Steward for your company.

Business Credit Cards - Bookkeeping Made Easy

A small business credit card has a number of advantages. In addition to being able to help with start up costs and providing special rewards that are meaningful to business owners, business credit cards can make bookkeeping much easier. In fact, using a business credit card can take nearly all of the headaches of keeping track of expenses out of your hands, giving you time to focus on company growth.

Business Expenses

To help keep bookkeeping a snap, you can place all of your business expenditures on your business credit card. By having a separate personal credit card and business credit card, you don't have to worry about sorting through your credit card statement to determine which were for your business and which purchases were for personal reasons. In addition, this helps keep the liability for repayment on your business rather than on you personally, which is particularly important if you form any type of business configuration other than a sole proprietorship. In the eyes of the law, other business formations, such as LLCs, are their own entity. Therefore, you are not held personally responsible for the business expenditures because the company is responsible.

Itemized Statements

Generally, business credit cards also provide the cardholder with itemized statements. These may be monthly, quarterly, or annually, depending on the card. Therefore, when you compare business credit cards, you should inquire about how often these statements are issued and choose the one that best suits your business needs. This feature is quite helpful because it frees you from having to keep track of all of your receipts. Instead of sorting through numerous receipts at tax time, you can simply use your itemized statement or take the statement to your accountant. To help make things easier, some of these itemized statements will even categorize your purchases into different areas needed for filing taxes, such as Office Supplies, Entertainment, and Postage.

Earning Rewards

In addition to assisting you with bookkeeping, business credit cards can also help you save money. Many offer travel rewards, special business related discounts, or cash back rewards. When you compare business credit cards, be sure to look at the various incentives they offer in order to find the one that best suits your business. If you purchase a great deal of office equipment, for example, you will want a card that provides points or cash for making such purchases.

If your business requires you to travel frequently, you might want to get a business credit card that provides airline mile rewards. These cards typically offer other benefits that are attractive to the traveling businessperson, such as baggage protection, travel insurance, rental car insurance, and discounts at hotels. Again, these cards take away some of your bookkeeping hassles because you don't have to worry about acquiring these forms of extra protection on your own. Simply use your business credit card and you are covered.

Carrying a Balance

If you anticipate carrying a balance on your credit card from one billing cycle to the next, you should definitely look into acquiring a business credit card with a low APR. Some offer special introductory rates that can last for up to a year depending on the credit card and your credit history. Take full advantage of these cards to get your business up and running and work toward being capable of paying the balance off at the end of each billing cycle. For some businesses, however, carrying a balance is inevitable. Sometimes, paying the balance depends on customer invoicing and customers may not always be reliable about paying their invoices on time. Or, your business may have slow periods where more cash is going out than coming in. In these cases, it is best to acquire a card with a low APR, but that still provides you with all of the desirable bookkeeping features.

For more discussion on how business credit cards can help make bookkeeping easier to manage, Robert Alan recommends that you visit CreditCardAssist.com.

YEAR END UPON US

I really do hate to be the scrooge of business but I feel I just talk about somethings at year-end that you will want to get a jump on! First let me wish all of you a Happy Holiday season and a very HAPPY NEW YEAR. Early but I get excited this time of year.
Down to business --- For alot of business owners your year-end is based on a Calendar year so you will therefore be closing the books at the end of December -
Some tasks you will want to do from a bookkeeping end.
1. Clean out the Miscellaneous or Suspense account that you so freely used all year.There is no line called Miscellaneous on the tax return so you have to put these items somewhere. If you are unsure where either ask your accountant or make new categories.
2. 1099 forms - These forms must be filled out and send to any subcontractors that you paid more than $600.00 during the year. You will need correct name, address and Social Security numbers for each payee so start gathering them now.
3. Bank Reconciliations - Make sure these are up to date so that you maximize expenses for tax savings.

Should you need any assistance - feel free to contact me at raquelmorphy@rmbizsolutions.com

Automate your business - Cartville Shoppingcart

Select The Right Credit Card Before The Holiday Spending Season Begins

With the holiday spending season just around the corner, it’s time to start thinking about strategies for not overspending. Ideally, you’d like to be able to get through to the end of the year buying as little as possible on credit. The average family ends the holiday season having spent between $1,000 to $1,500. Since most people don't plan on the expense of their giving, those holiday costs are typically racked up on credit cards, making your new year miserable with money concerns and busted budgets.

If you begin saving a small amount monthly in January, you won’t be tempted to dip into your credit cards. Contributing $100 a month to a Holiday Spending Account will help you save $1200 annually (not including accrued interest). Even though we’re months away from the holiday season, setting aside $100 to $250 for the next few months will give you a bit of relief from your credit cards come December.
So start your Holiday Spending Account today. If you don’t end up using it this year, at least it will be in place for the following holiday season.

If you are tempted to buy on credit in addition to starting a Holiday Spending Account you should find the credit card that’s right for you. With the large number of credit cards available today, finding the best credit card can be overwhelming.
Below is a four step process to guide you in selecting the right cards for you.

STEP ONE: Define your objectives. Do you want to lower an interest rate on an existing card? Do you need to keep your business expenses separate from your personal expenses? Clearly define your objectives before moving on to step two.

STEP TWO: Know the different types of cards. While Credit cards are separated into seven different categories, we’ll focus on the following:

• Regular Credit Cards: These are the traditional credit cards. They give you a specific credit limit based on your financial history and then charge you an annual percentage rate on your outstanding balance.

• Rewards Cards: A Regular Card with "bells and whistles". As an incentive to use the card, you are provided certain rewards depending on how much you charge. These rewards can range from a cash rebate to air travel rewards or benefits at particular retailers. There are many variations and combinations available.

• Business Cards: For business owners and sometimes employees. These are good if you need to separate business from personal expenses. They are basically a Regular card but may also have Rewards features.

STEP THREE: Know the terms of your current cards. If you’ve owned the same card for a while, you’d probably be surprised at how many of the details you’ve forgotten about your card. If you already own credit cards, take a look at the details to see if you can improve in any of the following areas.

- Annual Percentage Rate (APR) on purchases and cash advances
- annual fee
- balance method used for calculating the finance charge
- are there rewards?

Get all the details, then start comparing your existing cards to the alternatives.

STEP FOUR: Choose a card. Now that you know what your objectives are and are familiar with the terms of your current credit as well as the different types of, you are ready to find the best credit card. As a general rule, how often you pay your bills will have a major influence on the type of card you may want to choose. In short, if you carry a balance, consider a credit card with a low APR. If you’re a business owner, you should consider a business card to keep business transactions separate from personal transactions.

Take time this week to review your current credit cards and last year’s holiday spending habits. A little time can save you money and help you begin the New Year in style.

Children Are Priceless, Raising Them Is Expensive

Ask any parent and I'm sure they'll agree, children are priceless. As a parent myself, I know the joy brought to me by each of my children. But along with each bundle of joy comes a list of bills and expenses. The experts agree, raising a baby to adulthood can cost upwards of $10,000 annually!

If you're a family on a budget, it can be daunting to think of starting a family, or adding to your growing family. Before you give up on your hopes for your growing brood, let's look at some ways to trim expenses.

Housing: Housing is the single biggest expense of raising children. While every parents dreams of giving their child their own room, in some cases that's just not financially feasible. Your child will grow into a safe and secure child, regardless of whether they have to share a room with their siblings.

Other tips:

- Consider refinancing when the rate is more than a percentage point below your current mortgage rate.

- Challenge your property tax bill if you think it's too high.

- Make your home as energy efficient as you can.

Food: Food accounts for the next largest overall expense as anyone with teenage boys in their household will easily agree. While it's difficult to cutback on an essential expense, there are a few things you can do. Set limits on the more discretionary forms of food spending. Tell your children they can spend no more than $10 a week on fast food (McDonalds, junk food and soda). Or eliminate junk food from their diet all together.

Consider joining a warehouse club such as Costco, BJ's or Sam's Club. They're not suited to everyday shopping, but they let you stock up on certain items in quantity, often at substantial savings.

Clothing: Anyone with a teenage daughter knows that clothing costs can increase significantly as the years go buy. Why not borrow a tip from the newborn and toddler years and save and share clothes amongst family and friends. Does your child have an older cousin with hand-me-downs or a girlfriend who has had a growth spurt and outgrown the pair of jeans your child always had her eye on?

Other tips: Buy neutral-colored clothing that can be shared easily among siblings, regardless of gender. Shop sales, and shop at the end of season, so you're not paying a premium for your children's clothes. And once your child is old enough to start generating income, make it clear to them that if they absolutely must have a Lululemon sweater or designer jeans, they'll have to cough up at least part of the cost, if not all of it. You'll be teaching them a valuable lesson in budgetting and saving if you do.

Budeting in Three Easy Steps

Summer time is the best time to get your finanical house in order. After all, we're past the tax season scramble and can focus on our financial goals before we get hit with holiday spending.

It's never to late to get started on your financial goals. Perhaps you want to make this year the year you become debt free or you're saving for a major purchase like a home or planning a wedding. While many online entrepreneurs understand the importance of getting professional help when managing their business bookkeeping, only a few think to ask for professional help in managing their personal finances.

In the business world, a budget is a key document that provides guidelines on capital expenditure to prevent overspending and ensures the availabilty of funds should the company run into unexpected trouble and require funds. These same principles can, and should, be applied to our personal lives.

There are countless companies that rely on budgeting and financial reporting to manage their day-to-day operations. Budget-savvy CEOs typically do not make a move without consulting their financial plan. Most people understand that business success relies on creating a budget and sticking to it. The companies like Coca-Cola and Dell rely heavily on budgeting and forecasting. I'm here to tell you that personal success does too.

Everyone talks about setting up a budget and sticking to it, but how do you really go about figuring out what your budget is, or should be? Let’s face it, doing a household budget can be pretty dull. But if you’re ready to roll up your sleeves and crunch some numbers, here are three steps to get you on your way.

1. Assess your financial resources
Calculate how much money you have coming in each month from all sources.

2. Determine your expenses
Determine how you spend your money by reviewing your recent spending. Separate fixed expenses (mortgage, rent, car payments, insurance) from variable expenses (food, clothing, entertainment, charitable gifts).

3. Set goals
Establish a list of the finanical goals you wish to achieve.

Once you've figured out how much money is coming in and where it's going, you can put together a plan that matches your goals with your financial situation. The trick towards saving for a major purchase or paying down debt is to pay yourself first. Simply set aside a certain amount of money each month to go into an account that you will not touch or to be applied to your debt.

If the task of creating a budget seems daunting to you, then consider the services of a professional Virtual Bookkeeper. Working with a bookkeeper reduces the stress of managing your personal finances by allowing them to manage things for you. A good bookkeeper can create a highly personalized budget based on your financial goals and income. You can put your mind at ease knowing that a professional plan will be created and managed for you, allowing you to focus on the things that are important to you. They pay your bills weekly and provide you with a snapshot of your financial picture weekly. They do everything - you enjoy the rewards.