With all warning signs pointing to recession, many companies are looking at ways to reduce costs. For those in the consumer products or ecommerce sector they might specifically be searching for ways to reduce inventory costs: 1). Leverage your data to optimize your inventory management, 2). Forecast your true demand and, 3). Bundle dead stock to sell.
Inflation, stagflation, recession. While it may sound like doomsday has arrived, there are some things you can do to prepare your business for recession.
When you’re strategic planning, do you map back metrics to your mission? If you’ve read any of our budgeting articles you’re familiar with my recommendation to set targets or benchmarks for your team. Creating this culture of growth sets your business up to scale.
Now is a better time than ever to get your business spending under control. Unlike most accountants, we like to focus on growing your business but certain times call for cost-cutting measures. Better yet, if you can cut your monthly business expenses as you’re growing then you’re creating a great capacity to scale.
Still don’t have a written expense policy? Don't worry, you're not alone. Many businesses and startups overlook this item at the beginning. Initially, it may seem unnecessary because there are not a lot of travel and expenses incurred and, if there are, they are mostly incurred by a select few people.
It is not easy communicating financial performance for investors. Inc. recently published an article titled, "Seven Horrifying Mistakes Founders Make in Their Pitches," and that got me thinking about what the best approach is, specifically when communicating financial performance to investors. This article provides a few considerations business founders should take into account in order to best convey their business' financial performance to investors.
It's not uncommon. Because of inventory needs, we often see entrepreneurs struggling to increase cash flow for ecommerce businesses. Here are 6 ways to start:
ercoming a fear of heights and living in the moment are just a few ways our outsourced accounting manager, Angelica Pierzchala, keeps life interesting.
Once your business reaches a certain size, it’s probably time to consider some. Having accurate and reliable financials is the best way to make informed decisions for your business. While some entrepreneurs may try to manage their own books at the start to save money, bookkeeping can quickly fall behind when the business starts to scale or focus gets pulled away by other growing priorities.
To apply for a business line of credit, a lender is going to want to know that your company is in good financial health. Additionally they will want to know what kind of collateral your business can offer to secure the line of credit. There are a few key accounting metrics that you should track: Your liquidity KPIs and your borrowing base calculation. (Includes borrowing base calculator)
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