Financial Management

Debt Consolidation with Smart Financial Planning

A timely decision of debt consolidation can save your business from prematurely breaking down. An entrepreneur constructs and erects a business with so many dreams, so many visions, so much planning and careful steps. That is why an entrepreneur dares to get indebted, too. The business capital is funded from direct business loans or lines of credit, credit cards, etc. All these forms of debt taken for the business are invested to grow the business; not to break it. But when the business does not generate enough revenue to pay back the loan on time, then comes the real problem. The business can break under this financial pressure. The scariest end result is when the entrepreneur may have to declare bankruptcy, stop the business, sell all assets and liquidate them to collect cash to pay the loan, or just let the creditors auction the collateral.

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Accounting Software Solutions for Small Businesses | Extraordinary Business

Accounting Software
Every small business needs an easy to use and reliable accounting software that tracks the company’s finances accurately. Entrepreneurs cannot afford to spend a great deal of time on monitoring their firm’s accounting records. What they require is a robust software package that is capable of providing the reports and data needed to run the business efficiently.
Fortunately, there are a number of high-quality small business accounting apps to choose from. Here is a brief description of three.
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What Bankers Look for in a Loan Application | Extraordinary Business

Loan Application
Getting your loan application approved by a bank is not easy. After the great financial crisis of 2008, banks have tightened their credit norms and instituted a practice of scrutinising each request for funds very carefully. Consequently, small businesses find it increasingly difficult to obtain a bank loan or a line of credit.
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Is Your Business Ready for the Next Downturn? | Extraordinary Business

Downturn
A successful business often tends to add costs indiscriminately. Business owners get blinded by the fact that their company is rapidly growing its revenues while maintaining a healthy bottom line. This lax attitude percolates down to employees who start incurring expenditure that does not provide any real benefit to the organization.
In many instances, company staff do not even provide customers with a basic level of service. They are so caught up with their daily activities and with managing increasing revenues that customer complaints and feedback get ignored.
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Financial Strategies to Scale-Up Your Business | Extraordinary Business

Financial Strategies
An established business that is planning to grow its volumes invariably requires cash to finance its expansion. Given the fact that there are hardly any companies that have recorded a rapid increase in sales using their own funds, it is important to develop a strategy to secure money from external sources.
Experienced entrepreneurs know that the challenges in raising funds are many. Here are some guidelines that you can follow to make the exercise simpler.
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How to Come Up With an Intelligent Budget for Your Small Business | Extraordinary Business

Every small business prepares a budget on an annual basis. For some companies, this exercise provides a dynamic and powerful tool to monitor financial and business performance during the course of the year.

But for other firms, preparing a budget is merely a routine activity that is carried out without much thought or deliberation. The companies that adopt the latter approach are losing an opportunity to plan and grow their businesses in a structured manner that allows corrective action to be taken as the year progresses.

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How to Come Up With an Intelligent Budget for Your Small Business | Extraordinary Business

Small Business Budget
Every small business prepares a budget on an annual basis. For some companies, this exercise provides a dynamic and powerful tool to monitor financial and business performance during the course of the year.
But for other firms, preparing a budget is merely a routine activity that is carried out without much thought or deliberation. The companies that adopt the latter approach are losing an opportunity to plan and grow their businesses in a structured manner that allows corrective action to be taken as the year progresses.
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Creative Compensation Plans for Growth-Oriented Small Businesses | Extraordinary Business

Designing a compensation plan for your employees can be a challenging task. The amount that you pay your staff should be close to the market rate. At the same time, it is essential to link salaries with performance.
Employees should not get the impression that they will receive the same salary regardless of the quality or volume of their output. An effective compensation program is one that spurs workers to perform at their optimum level while aligning their work with the objectives of the organization.
How can your small business devise an ideal compensation plan? Here are some guidelines that you may find useful.
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