How Detailed Does My Business Budget Need to Be?
I feel pretty safe saying that most, if not all, entrepreneurs know they need a business budget. Where business owners often get hung up is on just how comprehensive that budget needs to be. We, at Red Granite and ORBA, frequently get asked this exact question by clients: “How detailed does my business budget need to be?” And it’s another one of those “it depends,” kind of answers.
Questions to Ask Your Accountant Before You Expand Your Business
Do You Know When The Time is Right (or Wrong) to Expand Your Business? Think you are ready to expand your business? We often see startups attempt to expand too quickly before they are at the appropriate stage in their growth. To know if you have reached the right phase in the evolution of your […]
The Most Common Signs You Have Outgrown QuickBooks
When is it the Right Time to Say Goodbye to QuickBooks? We often get asked by growing companies whether or not they have outgrown QuickBooks. Let us preface this by saying when we get asked this, the honest answer is—it depends. It depends on your company size, it depends what industry you are in, and […]
Financial Evolution of a Start-Up
From checking it twice to predicting your future, these are the five stages of a start-up’s finances: Stage One: The Lone Wolf Transaction In the beginning of the evolution of a start-up, it is likely that the founder is in a lone wolf scenario. He or she is grinding away to get the business off […]
Three Things You Must Have Before Fishing for VC and Angel Funding
Let us start with a dose of reality. Very few, as in significantly less than 1%, of emerging U.S. businesses successfully secure Venture Capital (VC) funding. According to the National Venture Capital Association, less than 1,500 companies were the beneficiaries of first time VC backing in 2015. While angel funding is more available than VC investments, only about 2.5% of companies that apply successfully attain funding. If you think your company will be one of the lucky few, here are a few things you will need before pitching to VC or angel investors.
The Do’s and Don’ts of Pricing Your Product
Do lower costs to lower prices, but do not forget to overlook value. From freemium to premium, you have to decide what’s right for your company and its product and what fits industry standards. But, there are a few things that are universal no matter which pricing scheme you choose. Read this article, before you launch. Ready to […]
Financial Goals: Going Beyond “Keep Overhead Low”
These are the financial goals for every business that are actually worth making. We know we don’t need to convince you to make financial goals. We’ve all heard the: “don’t spend more than you make,” and “keep overhead low” advice. But those are a little obvious. These five approaches to goal-setting are actually attainable and […]
How to Become a Reseller in Illinois
There are any number of variances in reseller store setups, products sold and reasons why you may want to become a reseller. Maybe you want to supplement existing services you offer with related products. Perhaps you have an “in” on a good source or manufacturer for new merchandise that you are confident will sell well. Whatever your reason, our latest Cloud Services Group blog provides a bit of advice on what you need to know if you wish to become a reseller in Illinois.
Company Health Check: Is Your Business Financially Fit?
How do you know your company is financially fit? We all talk it to death: profit, profit, profit. And for good reason—your profitability, and therefore your profit margin, is the single best measure of company health. However, it is a mistake to think that is all there is to it. This article outlines a handful of other metrics you should be using to gauge company health.
Is it Time for Your Company to Draft an Expense Policy?
Still don’t have a written expense policy? Do not worry, you are not alone. Many businesses and startups overlook this item at the beginning. Initially, it may seem unnecessary because there are not a lot of travel and expenses incurred and, if there are, they are mostly incurred by a select few people. However, as your business grows, you will notice more of your staff are either requesting reimbursements or you are having to add more employee credit cards to your account. Worse, you may begin to be concerned that your employees are over-spending on certain expenses. This article provides a few considerations you should take when drafting your company’s expense policy.