In the old days, it might have been looked at as some kind of rare miracle or a secret science like magic or alchemy, but these days it’s pretty well understood that small business budgeting is a matter of having the right strategy, the right tools and some good old fashioned common sense. Here are some kernels of wisdom from those who know about how to improve your small business budgeting…and maybe keep a bit more of that hard earned money in the end. Hope we all learn something from this.
Budgeting lessons from the top. Should government be run like a business? Maybe so. But whether it is or not, certainly small business owners and entrepreneurs can learn something about the way heads of states handle their budgets. Both what they do right…and what they do wrong. Here are some thoughts from the most powerful leaders on Earth. Can you apply them to your small business. Open Forum
Avoiding the possibility of VAT fraud. Live or do business in a country with a VAT or Value Added Tax. Then certain invoices your business may use regularly can be used to commit fraud regarding the proper payment of that tax. To avoid your company’s invoices ever being used for this purpose, here are some simple tips. Tweak Your Biz
What should be your take? Ronika Khanna looks at the question of what kind of owners draw an entrepreneur should select when taking money out of your business. Options include dividends or salary and there are pluses and minuses to both approaches. Don’t make the mistake of believing that it makes no real difference. Be sure to understand the options before making the choice. Montreal Financial
Why small businesses should become their own banks. Are you sick and tired of a banking industry made rich on the work and wealth of others, who benefit while those they serve languish and receive lavish billion dollar bailouts on the taxpayer’s dime when things go badly. This is one business owners eloquent solution, a declaration for all small business people who are tired of the same old same old. Dwayne Flinchum
Not every small business is a winner. Some small businesses aren’t an immediate success and some need help in order to survive or even flourish. Sometimes a struggling business just needs a leg up. But how do you know whether a business is promising and when it is a lost cause. Here’s a perspective for the small business investor. Bizilla
Financial help from the Bible? This post, from a Website touting its content as “Biblical strategies for start-up entrepreneurs” shares 62 passages in the Bible dealing with the issues of prosperity and the wise use of money. Working on starting a new enterprise. Might not hurt you to leaf through the pages of the Bible first, or pick your own holy book as appropriate, to learn what these books have to say about the art of financial budgeting. Michael G. Holmes
There’s a new sherriff in town. Credit unions want to take over a role once held by big banks. That role is loaning to your small business. If you think this sounds like a great idea, we’d suggest you read the above article on the process necessary to make this lending arrangement possible. Leave your comments below. WSJ
How giving back to the community can be a very wise expenditure. Not everything you spend money on in your business needs to have an easily measurable ROI. Certainly, some financial gurus might freak out at the very thought of this idea, but it’s true. Giving to organizations like little league does more than put your company name on their shirts. It imprints your brand on the heart of a community. Sydcon Web Development Inc.
Budgeting and managing inventory: the 2011 guide. Even in a world of information entrepreneurs and drop shipping retailers, inventory remains critical for some small businesses. If you fit into this happy little group, chances are you can always benefit from a primer on the latest techniques and trends. Here it is with many wishes for success. Inc.com
Staying in the money. What if positive cash flow was not something your business ever needed to really worry about even through the deepest, darkest recessions? What could you do with that positive cash flow to expand and reinvest without borrowing, credit and additional debt? Here are some ideas to make that dream come true. Open Forum