twitterfacebookgooglerss

3 Ways Small Businesses Can Overcome Financial Growing Pains

3 Ways Small Businesses Can Overcome Financial Growing Pains

Starting a business begins with a great idea and a dedicated person. You plan and toil and, with a little luck, get your feet on the ground. As difficult as that first leap can be, what happens next is what makes all the difference. If you are ever going to progress past being a one-man operation with a great idea, you have to overcome the financial growing pains all companies face.

Prepare your small business for a prosperous future by avoiding these common pitfalls:

Cash Management

One of the biggest financial growing pains small businesses face is in cash management. As the old adage goes, it takes money to make money. Unfortunately, roughly 80 percent of all small businesses receive payments late. While you can adopt credit terms to help penalize that and policies that take a firm stance on late payments, none of that matters when you were counting on receiving a payment in time to pay your own bills.

Good cash management means that you have financial statements prepared regularly so you can see where your company is with regard to cash flow and adjust company spending so. You can do this by hiring an accountant or checking out higher quality accounting software online by clicking here for more information.

Profit Margins

Profit margins are another big issue for growing companies. The problem is that most small business owners are not accountants, and the simple spreadsheets many companies use when they are just starting are simply not adequate for evaluating profit margins. Small businesses have to be aware of the cost per product or service, as well as the additional cost of overhead. It is entirely possible to have a profitable product offering but lack adequate margins to cover your overhead.

You also need your profit margins to allow for reinvestment in your company. Machinery will need to be replaced and technology upgraded, and it all starts with watching profit margins. Save your small business the worry by using an accounting software that is robust enough to handle regular bookkeeping in addition to job costing.

Sales Cycles

Sales in most industries tend to be cyclical to some extent. Whether you have more customers in the summer than the winter or sunny days over rainy ones, you have to plan for that. It can be tempting to cut prices and offer sales to try to ford these downtimes, but that strategy could cost you your company. Small businesses always lose price wars because they can’t afford to leverage economies of scale and scope the way larger corporations can.

Discounting your products or services heavily can also make your offerings seem less valuable. After all, if you can offer them at half off, they weren’t really worth full-price. Instead set fair prices and offer discounts only when it helps attract a new customer or further a relationship with an existing client.

Proper cash management, monitoring profit margins and being aware of sales cycles can help your business overcome the financial growing pains all small businesses face.

Image via Flickr by kenteegardin

Published by Sandy

118 Comments

  1. him g · June 21, 2020

    This post is worth everyone’s attention. Where can I find out more?

  2. his g · June 21, 2020

    Amazing blog! Do you have any suggestions for
    aspiring writers? I’m planning to start my own website soon but I’m a little lost on everything.
    Would you suggest starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m completely confused ..
    Any tips? Thanks!

  3. https://tinyurl.com/rsacwgxy g · June 22, 2020

    I was curious if you ever thought of changing the page layout of your site?
    Its very well written; I love what youve got to say. But maybe you could
    a little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having one or
    two images. Maybe you could space it out better?

  4. http://tinyurl.com/yanuw6l6 · June 26, 2020

    Your style is unique compared to other folks I’ve
    read stuff from. Many thanks for posting when you’ve
    got the opportunity, Guess I’ll just book mark this page.

  5. www.gsjh.tyc.edu.tw · June 26, 2020

    I’m more than happy to find this web site. I want to to
    thank you for ones time for this particularly wonderful read!!

    I definitely really liked every part of it and i also have you saved
    to fav to check out new information in your site.

  6. cbd oil that works 2020 · June 27, 2020

    Howdy! I could have sworn I’ve visited this site before but after going through a
    few of the articles I realized it’s new to me. Regardless,
    I’m definitely delighted I found it and I’ll be bookmarking it and checking back frequently!

  7. cbd oil that works 2020 · June 29, 2020

    What’s up to every one, the contents present at this site are really awesome for
    people experience, well, keep up the nice work fellows.

  8. web hosting providers · July 23, 2020

    I know this web page gives quality dependent articles and extra material, is there
    any other web site which presents these information in quality?

  9. web hosting service · July 26, 2020

    I’ve been surfing on-line greater than three hours today, yet I by no means found any interesting article like yours.

    It is beautiful price enough for me. In my view, if all webmasters and bloggers made good content as you did, the web might be a lot more useful than ever before.

  10. adreamoftrains web hosting companies · July 30, 2020

    It’s in fact very difficult in this full of activity life to listen news
    on Television, thus I only use the web for that purpose, and take the hottest news.
    adreamoftrains website hosting

  11. best web hosting company · August 10, 2020

    For most recent information you have to go
    to see web and on world-wide-web I found this web page as a finest web site for hottest updates.

  12. cheap flights · August 24, 2020

    I am extremely impressed with your writing skills as well as with the layout on your weblog.
    Is this a paid theme or did you customize it yourself?
    Anyway keep up the excellent quality writing, it’s rare to see a great blog like this one nowadays.
    cheap flights 32hvAj4

  13. cheap flights · August 25, 2020

    Thanks for the marvelous posting! I seriously enjoyed reading
    it, you will be a great author.I will remember to bookmark your blog and will often come back in the future.
    I want to encourage one to continue your great posts, have a nice holiday
    weekend! 31muvXS cheap flights

  14. cheap flights · August 26, 2020

    Thanks for finally talking about > 3 Ways Small Businesses Can Overcome Financial Growing Pains
    | Business Gross < Liked it!

  15. dyooltrn · August 28, 2020

    3 Ways Small Businesses Can Overcome Financial Growing Pains | Business Gross
    [url=http://www.gsd6lu97z93764o8hd3flr4l46f58ox9s.org/]udyooltrn[/url]
    adyooltrn
    dyooltrn http://www.gsd6lu97z93764o8hd3flr4l46f58ox9s.org/

  16. website hosting services · September 5, 2020

    There is definately a lot to find out about this subject. I really like all
    of the points you’ve made.

  17. gay dating dallas texas · January 2, 2022

    which senoir gay dating app has most members lakeland fl https://speedgaydate.com

  18. nh gay chat · January 14, 2022

    one on one gay sex chat on camera for masterbation https://gaytgpost.com/

  19. Google · February 17, 2022

    Google

    Always a major fan of linking to bloggers that I appreciate but don’t get a great deal of link adore from.

  20. Neptune og · February 25, 2022

    Neptune og

    […]check beneath, are some completely unrelated internet websites to ours, having said that, they may be most trustworthy sources that we use[…]

  21. pc support jona · February 25, 2022

    pc support jona

    […]Wonderful story, reckoned we could combine several unrelated information, nevertheless truly worth taking a search, whoa did one particular find out about Mid East has got much more problerms too […]

  22. PlayStation 5 for Sale · March 1, 2022

    PlayStation 5 for Sale

    […]although internet websites we backlink to beneath are considerably not associated to ours, we really feel they may be in fact really worth a go by, so possess a look[…]

  23. kimber custom ii · March 4, 2022

    kimber custom ii

    […]always a massive fan of linking to bloggers that I adore but really don’t get a great deal of link adore from[…]

  24. enhydro quartz for sale · March 4, 2022

    enhydro quartz for sale

    […]although websites we backlink to beneath are considerably not related to ours, we really feel they may be basically worth a go via, so have a look[…]

  25. PlayStation 5 for Sale · March 8, 2022

    PlayStation 5 for Sale

    […]Every when in a even though we pick out blogs that we study. Listed below are the most up-to-date web pages that we pick out […]

  26. azeri escort · March 13, 2022

    azeri escort

    […]here are some hyperlinks to websites that we link to mainly because we feel they’re really worth visiting[…]

  27. bitcoin walet and card · March 15, 2022

    bitcoin walet and card

    […]usually posts some pretty interesting stuff like this. If you’re new to this site[…]

  28. buy registered drivers license · March 17, 2022

    buy registered drivers license

    […]Sites of interest we’ve a link to[…]

  29. anal sex starter kit · March 17, 2022

    anal sex starter kit

    […]please go to the internet sites we stick to, including this one, as it represents our picks through the web[…]

  30. glo cartridge · March 18, 2022

    glo cartridge

    […]that would be the finish of this post. Here you will find some web-sites that we believe you will value, just click the links over[…]

  31. buy registered drivers license · March 18, 2022

    buy registered drivers license

    […]we like to honor numerous other net sites on the internet, even if they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  32. spain · March 19, 2022

    spain

    […]that may be the end of this article. Right here you will find some websites that we think you’ll value, just click the links over[…]

  33. pc app free download · March 19, 2022

    pc app free download

    […]just beneath, are quite a few totally not related internet sites to ours, however, they are surely really worth going over[…]

  34. pc games free download for windows 7 · March 20, 2022

    pc games free download for windows 7

    […]usually posts some really fascinating stuff like this. If you’re new to this site[…]

  35. laptop app · March 20, 2022

    laptop app

    […]very couple of internet websites that transpire to be detailed below, from our point of view are undoubtedly well worth checking out[…]

  36. full version pc games download · March 21, 2022

    full version pc games download

    […]we came across a cool internet site which you might get pleasure from. Take a appear for those who want[…]

  37. pc games for windows 10 · March 21, 2022

    pc games for windows 10

    […]Here are a few of the internet sites we advise for our visitors[…]

  38. pc games for windows 10 · March 21, 2022

    pc games for windows 10

    […]Every when inside a although we pick blogs that we study. Listed below are the latest web sites that we decide on […]

  39. MINE FULL TRADER · March 21, 2022

    MINE FULL TRADER

    […]one of our guests just lately suggested the following website[…]

  40. full apps download · March 22, 2022

    full apps download

    […]one of our guests a short while ago advised the following website[…]

  41. triselecta · March 22, 2022

    triselecta

    […]The data mentioned in the report are some of the ideal accessible […]

  42. Colt Python 2020 For Sale · March 22, 2022

    Colt Python 2020 For Sale

    […]we prefer to honor a lot of other world-wide-web web-sites around the web, even when they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  43. Herbal Incense · March 23, 2022

    Herbal Incense

    […]below you’ll find the link to some internet sites that we believe it is best to visit[…]

  44. Herbal incense near me · March 23, 2022

    Herbal incense near me

    […]The information and facts mentioned inside the post are a number of the top out there […]

  45. healthy masturbation · March 23, 2022

    healthy masturbation

    […]below you’ll locate the link to some sites that we think you should visit[…]

  46. wholesale cake boxes · March 24, 2022

    wholesale cake boxes

    […]always a major fan of linking to bloggers that I really like but don’t get a good deal of link enjoy from[…]

  47. 5.56 green tips · March 24, 2022

    5.56 green tips

    […]please take a look at the web-sites we follow, such as this a single, because it represents our picks in the web[…]

  48. Uganda tours · March 28, 2022

    Uganda tours

    […]one of our visitors not long ago suggested the following website[…]

  49. Glock 43x · March 28, 2022

    Glock 43x

    […]Wonderful story, reckoned we could combine a number of unrelated information, nevertheless definitely worth taking a appear, whoa did a single discover about Mid East has got more problerms as well […]

  50. Uganda safari tour · March 28, 2022

    Uganda safari tour

    […]below you will uncover the link to some sites that we feel you must visit[…]

  51. Uganda safari holidays · March 29, 2022

    Uganda safari holidays

    […]we like to honor quite a few other world wide web web-sites on the web, even though they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  52. marijuana-us.com · March 31, 2022

    marijuana-us.com

    […]always a big fan of linking to bloggers that I appreciate but don’t get quite a bit of link really like from[…]

  53. pc reparatur stäfa · March 31, 2022

    pc reparatur stäfa

    […]very few websites that come about to become in depth beneath, from our point of view are undoubtedly very well really worth checking out[…]

  54. scrap cars · April 4, 2022

    scrap cars

    […]check beneath, are some totally unrelated internet sites to ours, on the other hand, they’re most trustworthy sources that we use[…]

  55. BERETTA 3032 TOMCAT FOR SALE · April 5, 2022

    BERETTA 3032 TOMCAT FOR SALE

    […]one of our guests not long ago advised the following website[…]

  56. ps5 for sale · April 6, 2022

    ps5 for sale

    […]Here is a superb Blog You might Come across Intriguing that we Encourage You[…]

  57. male penis enhancer · April 7, 2022

    male penis enhancer

    […]Here is an excellent Weblog You may Find Exciting that we Encourage You[…]

  58. Restaurants · April 7, 2022

    Restaurants

    […]The info mentioned in the report are several of the most effective readily available […]

  59. PC doktor meilen · April 8, 2022

    PC doktor meilen

    […]very few internet websites that take place to be in depth beneath, from our point of view are undoubtedly very well really worth checking out[…]

  60. stock market update · April 8, 2022

    stock market update

    […]just beneath, are several entirely not related web pages to ours, even so, they’re certainly really worth going over[…]

  61. holandalucia · April 9, 2022

    holandalucia

    […]that is the finish of this post. Right here you will obtain some web pages that we assume you’ll enjoy, just click the hyperlinks over[…]

  62. Cannabis oil for sale · April 12, 2022

    Cannabis oil for sale

    […]please visit the web pages we adhere to, such as this 1, as it represents our picks through the web[…]

  63. www.proscrapcarremoval.com · April 13, 2022

    http://www.proscrapcarremoval.com

    […]here are some hyperlinks to web sites that we link to mainly because we assume they are worth visiting[…]

  64. bathmate · April 14, 2022

    bathmate

    […]one of our guests recently encouraged the following website[…]

  65. How to use a thrusting sucking rabbit vibrator · April 16, 2022

    How to use a thrusting sucking rabbit vibrator

    […]just beneath, are various entirely not associated sites to ours, however, they are certainly worth going over[…]

  66. penis pump reviews · April 16, 2022

    penis pump reviews

    […]we like to honor quite a few other online sites on the web, even though they aren’t linked to us, by linking to them. Underneath are some webpages really worth checking out[…]

  67. visit podcast · April 16, 2022

    visit podcast

    […]please go to the web sites we adhere to, which includes this 1, as it represents our picks in the web[…]

  68. Latest News · April 20, 2022

    Latest News

    […]Wonderful story, reckoned we could combine a few unrelated information, nonetheless seriously worth taking a search, whoa did one understand about Mid East has got more problerms also […]

  69. Google · April 21, 2022

    Google

    Sites of interest we have a link to.

  70. How to Control Pre-Ejaculation Using Male Masturbators? · April 22, 2022

    How to Control Pre-Ejaculation Using Male Masturbators?

    […]usually posts some very exciting stuff like this. If you’re new to this site[…]

  71. where to buy magic mushrooms · April 23, 2022

    where to buy magic mushrooms

    […]Here is a good Weblog You may Discover Intriguing that we Encourage You[…]

  72. Bubblegum Haupia Strain · April 28, 2022

    Bubblegum Haupia Strain

    […]below you’ll come across the link to some web-sites that we feel you must visit[…]

  73. Platinum haupia · April 29, 2022

    Platinum haupia

    […]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless genuinely worth taking a look, whoa did a single find out about Mid East has got more problerms as well […]

  74. Bubblegum Haupia Strain · April 30, 2022

    Bubblegum Haupia Strain

    […]Here are a number of the web sites we recommend for our visitors[…]

  75. Bubble hash · May 1, 2022

    Bubble hash

    […]Every once in a when we pick blogs that we read. Listed beneath would be the latest sites that we opt for […]

  76. Moroccan hash · May 2, 2022

    Moroccan hash

    […]The data talked about in the report are a few of the most effective available […]

  77. Litto disposable · May 3, 2022

    Litto disposable

    […]check below, are some completely unrelated web-sites to ours, having said that, they are most trustworthy sources that we use[…]