December 2013

Many small business owners take a basic approach to financial management. They have two main concerns: whether their bank account balance is positive; and if they’ll get their business income and expense information to the accountant in time for their annual tax return.

The problem with this approach is that by the time you discover there’s a problem with your company’s financial performance, it may be too late. Taking corrective measures early on will vastly improve your chances of success.

There are three types of financial statements you should be familiar with:

1. Income statement: this shows the income and expenses the company has incurred over a given period of time.

Are you managing change in your business or are you Leading change?

There is a difference. You can manage systems and processes, but you have to lead your key stakeholders.

Any change in your business constitutes some type of transition: decreased revenue, increased sales and revenues, introduction of new products, staffing changes – these are just a few examples where transitions may be taking place.

Do you have a smartphone or tablet you would like to use more effectively in your business? Here is a collection of 8 mobile apps that can help you whether you are in the office or on the go.

Square
Want to turn your smartphone or tablet into a mobile cash register? Square lets users take credit card payments for a flat fee of 2.75% per swipe. It supplies customers with a free card reader and free point of sale tools.