Posts filed under ‘small business’
Small Business Bookkeeping: Be meticulous
If you ever entered my father’s office you would notice his meticulous way of organizing everything. Every folder is properly labelled, every note has a date, and even his work out agenda is categorized. He knows when something has been moved or used. You would think he is anal retentive. And perhaps so, but he knows where everything is and rarely loses a single piece of paper. This obsession to minor detail keeps him on track, organized, and on time, just like a small business owner’s paperwork should be.
A recent article written by Roger Pierce, co-founder of BizLaunch, explains the importance of keeping great books. He says that every small business needs to do this in order to know how the business is doing, what is going wrong, and where to focus attention. It can be easy. Keep all receipts, including invoices, bank statements, and deposit slips. Find a reliable bookkeeper who understands your business. Hire an accountant to help you with your taxes. And update your filing system to include proper labels for every folder. Do all this from the beginning to avoid wasting time collecting and filing papers.
Think like my father and organize your business’s financial records meticulously. It will help you keep tabs on your company.
Sidebar: My father vacuums his shop floor. His friends feel compelled to remove their shoes when dropping in to say hi. But he never loses a hammer or nail.
Serial Entrepreneur
What is a serial Entrepreneur?
According to Wikipedia, it is an entrepreneur who starts a number of new businesses after having already started and exited a previous business venture. They are the Mavericks of the world. Serial, the term referring to sequential, recurring, and succeeding, and the term entrepreneur, together defines a broad range of on going attempts to create a business. Is this good or bad? Good if you are Richard Branson and have multi-million dollar companies, bad if you have failed numerous times in creating businesses. Many, who proudly call themselves serial entrepreneurs, flatter each other by their self pronounced title; yet have failed so miserably at developing a successful business.
My warning: look out for those ‘serial entrepreneurs’ whose businesses are unrecognized, have failed over and over again, or owe too much money.
What to look for: Happy employees, satisfied customers, and cash flow.
Renée Warren's Blog 