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Better Accounting
You might have started your small business using a paper ledger to track income and expenses. But as your business grows, so should your accounting system. Here are two signs that it’s time to invest in a computer-based accounting package:
More expenses. As you add expenses to your operations, tracking them becomes crucial to planning your cash flow. And upgraded accounting system makes it easy to see all of your expenses every month. Past due accounts. The more customers you have, the more difficult it becomes to keep track your accounts receivables. Get an accounting system that makes it easy avoid past due accounts.
The Price Is Right
Setting prices for products and services can be a tricky business for entrepreneurs. Here are three rules of thumb to help you do it right:
Research your industry. Find out what competitors are charging for similar products and services. Determine what the market will bear. Know your costs. Take into account the cost of materials, labor, administrative time, marketing and overhead. Make a profit. Mark up your products and services a certain percent over your fixed costs. In general, your selling price should be at least double your fixed costs.
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