Business Solutions Blog
The Danger of Holding on to Sunk Costs: How it Can Sink Your Small Business - and How to Avoid It
You've invested countless hours, resources, and money into making your small business a success. You've made difficult decisions and taken risks along the way. But what happens when you're faced with a choice that could potentially harm your business, yet you feel obligated to follow through because of the investments you've already made? This is a common dilemma called the sunk cost fallacy.
Understanding Expenses: Cost of Goods Sold and Cost of Sales
As a small business owner, it's important to understand the financial terms and jargon used in accounting to make informed decisions that can impact the success of your business. Two commonly used terms in accounting are "cost of goods sold" and "cost of sales."
Boost Your Small Business Finances By Understanding Net Working Capital
Does this sound familiar? You go to the bank to get a small business loan so you can grow and the first question you are asked is “how much money do you need?” Assuming you already have a number in mind, how do you convince the bank to lend your business that amount? And if you don’t know how much money you need, how can you figure it out?
6 Easy Steps to Track Business vs. Personal Expenses for Small Business Owners
As a small business owner, it can be tough to keep track of your expenses, especially when it comes to distinguishing between personal and business expenses. Mixing the two can result in confusion and inaccuracies, potentially leading to tax issues or financial difficulties. Here are six simple steps to help you accurately track your business vs. personal expenses.