Money leaks in your small business eat away at your profits without you even knowing about it. Even if your business seems to be in great financial health, you should regularly check for leaks to ensure that you’re not unwittingly wasting money.
Having a solid understanding of accounting principles will help you to make informed decisions about the financial management of your small business. These tips will give you a good foundation on which to build.
Losses in business are fairly common. But some business owners tend to attribute them solely to inefficient sales and marketing.
However, that's not the only way a small company can lose money.
Here are some of the lesser-known reasons why your bottom line may not be as high as you'd hoped it would be.
If you're running a business, it's important to understand what gross profit margin is and how to calculate it. This figure tells you how much money your business is making after accounting for the costs of goods sold.
A good customer retention rate is essential to your small business. The more one-off customers you can convert into long-term patrons, the more profitable your business will be.
Digitising your small business comes with an array of lucrative benefits that can boost your bottom line and accelerate the growth of your company.
Your small business may be turning over a decent sum of money, but how much of it do you actually get to keep?
