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Biz Q&A:
Q: How does a small business owner set aside enough money to actually make a profit?
A: The key is having a budget and ensuring that your pricing model enables you to cover your direct and indirect costs, loan repayments as well as distributions to the owner.
Cash is King…work with vendors on extending payment options as well as have processes in place to get payment from clients in a more prompt manner (deposits, shorter time span upon completion of product/service).
Then the key is cutting expenses and owner distributions so that you can start to build a cash reserve.
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Jaclyn on December 23rd, 2008 4:24 pm
extending payment options is one of the best pieces of advice in this article. i know of a lot of business’ especially small one’s that use this option to help in the financial matters of their business. it’s a great key to their success and i would strongly earge all business’ big or small to use the same.
cassy on January 2nd, 2009 10:36 pm
making and used the money for a good reason and make sure that all the money was accounted for, and be sure that you inevest your money in a profitable business and always check your bank account! for sure.
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