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In my previous article What Drives Your Pricing? I wrote about the importance of understanding the total cost picture in order to develop and implement a strategic cost and pricing model. Here I want to elaborate on that and discuss the various categories of costs, how they influence the bottom
Your business plan must include a series of budgets based on Managerial and Financial Accounting, discussed in the previous blogs. However, we know that once you start a road trip, you may encounter unforeseen problems and opportunities. There may be construction detours, heavy rains that
Expert Finance and Accounting Tips SCORE ExpertAnswers Words may characterize what a small business does or aspires to be, but numbers provide the true gauge of its success. Too often, however, many entrepreneurs prefer the simplicity of the “bottom line” without undertaking a full analysis of how they got there.
The Financial Plan section is a critical component of the business plan. Having a thorough financial plan will help you determine how much money you will need to turn your idea into a business and serve as a budget once it’s launched. If you aren’t experienced with creating budgets
As a small business owner, your success depends on having enough cash on hand to pay all bills when they come due. Your success also depends on being able to read financial statements as they contain a wealth of information about your business. When used wisely, financial statements provide
Imagine this: you’re sitting across a conference table pitching to an angel investor. They’ve got the financial resources you need and you’re one decision away from either making or breaking your startup idea. Wouldn’t it be helpful if you could understand exactly what
Marketing budgets are an investment in the growth of our businesses – or at least we hope so. But so often I hear tough stories of owners who have spent thousands of dollars on direct mail campaigns, online advertising, etc. that have not resulted in a single lead. While I cannot
Owners are feeling more optimistic about the economy. Sixty eight percent of small businesses plan on increasing their marketing budget in 2013 (according to a recent study by Aweber), and almost all (97%) plan on at least maintaining their current level of marketing spend. But that begs the
The time has come to set next year’s annual revenue goal for the company. More often than not, the revenue exercise is focused on the current salespeople on the team, their historical revenue contribution and their expected performance in the upcoming year. The revenue numbers are set in
It is critical to plan for and adjust to your product or service sales cycles. Begin by reviewing the 10 critical steps to deliver a successful sales plan.  Each step will affect your resources, budget and cash flow. Properly executed, you will increase your sales and profits and delight

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