Don’t confuse profit with salary or hourly wages. Making a profit isn’t optional: Your business needs profit to survive.
Michael addresses a few different questions we’ve heard recently, primarily dealing with taxes and profit and calculating your markup.
There is a measure you can use to determine how financially solid your company is at any given point in time. It’s called the current ratio, and it’s a good idea to check it regularly.
When you own a small business you wear a lot of hats. Understanding the numbers might not be your favorite hat, but numbers are important because they show where you stand financially.
The best way to avoid paying taxes is to not make a profit at all, but it’s a rough way to live.
When your books are set up properly, it’s easy to calculate your markup, and it’s also easy to compare your actual results to your estimates.
Taxes are the price you pay for being profitable. It’s a good thing when your business is in the black and you need to pay taxes on it. It’s not good when you’re taken by surprise.
We hear many stories from business owners who have had to recover from the theft of funds by their own employees. Today we’re sharing a list of things you can do to protect yourself and your business.
I’ve seen contractors try to apportion overhead on a daily, weekly, monthly or per job basis when compiling their estimates. I don’t recommend any of those approaches.
This week I want to catch up on a few things that have been bothering me.
It’s easy to know if you’ve made a profit when every transaction is complete in a day. It isn’t as easy in construction, where a job might take a week, a month, or even more than a year to complete.
You’re in business to provide a service and make a profit doing it. Having the financial info you need to make decisions is critical for your business success.