How To Successfully Manage Debt In Your Business?

/

Photo by Karolina Grabowska: https://www.pexels.com/photo/crop-faceless-person-with-cash-and-calculator-app-on-smartphone-4386292/

Picture this:

You have a growing business, your customers are happy and you are happy providing services to them. The sales are increasing month after month and finally, all your hard work is starting to pay off. There is one problem. You are exhausted and hiring a new team member would be so helpful to take the strain off you and help to keep the momentum going in your business.

You decide to tap into loan solutions to help with cash flow. This isn’t a bad idea but is it a well-planned idea?

Many times as business owners we have to make decisions on the spot to keep progressing forward but using debt without planning for how you will pay it back can be a recipe for disaster. 

What are some key things to consider to successfully manage debt in your business?

  • Create a budget plan for how you will pay the loan back.

  • Make sure you are considering your business goals when taking out the loan.

  • Don’t overleverage yourself and take on too much debt.

  • Manage your working capital.

  • Monitor your cash flow.

  • Negotiate good terms that you are comfortable with.

    The financial challenges that entrepreneurs face when they are in a growth phase can be tough. The key to successfully managing debt is first understanding all the moving parts associated with servicing the debt and making a realistic plan to pay it off as soon as possible.

Keep IT Sunny~


Got Cash? 3 Tips To Manage Cash Flow

/

Photo by Pixabay: https://www.pexels.com/photo/1-us-bank-note-47344/

Cash flow management is critical for any business's success. According to efinancemangement.com “The fundamental goal of cash flow management is to ensure that the incoming flow of funds is always greater than the outgoing so that the business sits on a surplus. 

Here are 3 tips to help you to achieve this goal:

Tip One - Create an emergency fund for your business

According to PNC Bank, “Surveys show that 17% of business owners say that if faced with two months of declining revenue they would have to close, and other statistics show that 25% of businesses won’t open again after a disaster.” Think about what happened as a result of the pandemic. The first step to creating an emergency fund is understanding how much you need to operate each month and how many months you would like your emergency fund to cover.

Tip Two - Create a Budget

This tip goes hand in hand with creating an emergency fund. This is about going deeper to dig out specific information to create categories of spending so that you can create a plan that is realistic based on your past experiences.

Tip Three - Track Your Money 

This one is the most important tip because if you don’t know where your money is going you can’t create a plan for it. 

Successful cash flow management is key to running a successful business. It starts with getting clarity about the current status of your finances. Additionally, creating an emergency fund and a budget will help you to achieve your goals and stay cash flow positive.


Keep IT Sunny~


Welcome To The Month Of August!

/

Photo by Jess Bailey Designs: https://www.pexels.com/photo/composition-of-august-letters-on-table-4926898/

We are coming to the home stretch of summer but it’s not over yet. There is still plenty of time to get outside and play. It’s also a good time to take a look at what roadblocks may stand in the way as you try to grow your business. There can be a variety of challenges that might crop up as you try to grow your business but we will look specifically at:

  • Cash Flow Management

  • Debt Management

  • Working Capital Management

We will also look at smart solutions that you can put into practice to remove these roadblocks along your business journey.

Keep It Sunny!

July Monthly Roundup!

/

This month is almost in the record books! I hope you are enjoying the summer season so far. It’s been so hot everywhere in the country including Las Vegas. My main goal for this month has been to stay cool!!!

In a recent mastermind meeting, a colleague mentioned her excitement for purchasing training that would help move her business forward. I mentioned that we should all strive to have clients like her and she agreed.

What does it take to deliver such an exceptional client/customer experience that will make your business look red hot and leave people raving about your business like my colleague? It starts with caring about your clients and customers’ needs. In a recent post by Hubspot, they mention that you must make your customers feel special. They go on to say that “Every interaction needs to revolve around the concept of individual value, mutual respect, and a shared vision for your future as their brand of choice.”

It’s a mouthful but it’s very true!

They go on to list the following ways you can deliver an exceptional client and customer experience:

  • Go beyond their expectations

  • Go beyond what the competition delivers

  • Strive to deliver a frictionless experience

  • Be appreciative and say thank you

  • Get client and customer feedback to make enhancements

These are all things we as business owners can strive to do. Tools like Hubspot, Survey Monkey & Zoho can help us with this task. The one tip that I have is to listen to your clients and customers. This one tip will give you a mountain of information about what is working and not working in your client/customer journey.

I hope you will take these tools, tips, and checklists with you into August. Go out there and be amazing.

Keep IT Sunny~

Welcome to the month of July!

/

Photo by Travis Rupert: https://www.pexels.com/photo/scenic-view-of-ocean-during-sunset-1032650/

I hope you had a great 4th of July holiday. We are officially in the summer season filled with backyard barbeques and fun times. Many times during the summer months we can forget about working on our business and put things on the back burner. I encourage you to do something different. 

This month I want us to dig into the core of what keeps revenue flowing through our collective doors: customers/clients. Specifically, I want to focus on how to deliver exceptional customer/client service experiences, tools to manage customer/client relationships, and tips to help us be the best in class as it relates to delighting our customers/clients. Let’s go on this journey together.


Keep IT Sunny~


June Monthly Roundup!

/

The flowers are in full bloom and summer is officially here. I don’t know about you but I am ready to have fun in the sun. I wrote a few posts this month for you to check out while you are doing your summer reading.

5 Tips To Improve Your Cash Flow Management

What Do Banks Look For When Deciding To Give You A Business Loan

4 Things To Consider When Creating A Workable Budget For Your Business

I hope your summer is getting off to a great start and these tips help you along your business journey.

Keep IT Sunny!!

4 Things To Consider When Creating A Workable Budget For Your Business

/

What comes to mind when I say the word BUDGET?


It probably isn’t anything fun - right?


What exactly is a budget anyway? According to Zoho.com, a “business budget is a spending plan for your business based on your income and expenses. It identifies your available capital, estimates your spending, and helps you predict revenue. A budget can help you plan your business activities and act as a yardstick for setting financial goals. It can help you tackle both short-term obstacles and long-term planning.” 

Now that we know what a budget means let’s look at 5 things to consider when creating a workable budget:

  • Practical Revenue Projections - It is great to aim for the sky but don’t aim so high that your goal is unattainable. It is a good idea to reflect on your industry trends, market conditions, market research, and your past history to develop your revenue projections.

  • Review your expenses - Are you aware of your spending habits and how they impact your cash flow?

  • Plan for an emergency - Do you have emergency funds available for your business? In the same way, you have a savings account with funds set aside for emergencies in your personal budget, your business budget needs the same contingency funds.

  • Pay attention - No budget plan is useful if it is created and ignored. Make a note on your calendar schedule to review your budget at a regular interval that works for you. This will help you to celebrate your wins and quickly get back in alignment if you are off-track. 

I hope these 4 tips will help you to create a workable budget that makes sense for you & your business. 

Keep IT Sunny~


What Do Banks Look For When Deciding To Give A Business Loan?

/

Photo by Expect Best: https://www.pexels.com/photo/buildings-with-glass-windows-351264/

Your business is growing and you need more time in the day to do everything. A new team member would be great BUT you want to maximize cash flow and some of your cash is still on its way. 

What do you do?

It’s like the chicken and the egg because you need one thing to do the other. It might be time to look for a business loan at your local bank but you are not sure what they will ask from you. 

Today I want to share the top 3 things banks look for when giving business loans.

Number One: Credit History

We all understand the importance of having good credit but some of us might need help understanding one of the easiest ways to get there. Sorry, this will not be earth-shattering news. I was recently at a local networking event sponsored by US Bank and one of the panel guests from US Bank said the best practice for having good credit is using no more than 50% of your total credit utilization. She went on to say of course not carrying a balance month to month is also a great way to establish good credit. If you need help achieving this goal check out a goals coach courtesy of US Bank. 

Number Two: Business Plan

The banks want you to show them your plan before they show you the money. It makes sense and we see this even on popular tv shows like The Shark Tank. The sharks always start by asking about elements of the entrepreneur's business plan like asking about sales projections, who is their target market, and many other questions. It starts with your business roadmap. If you need help with getting started on this check out SCORE.org  for help.

Number Three: Financial Statements

Yes, the banks want to look at your business health through the lens of your financial reports. The financial reports tell the story of your business. The income statement tells the story of your sales, expenses, and what was left. The balance sheet tells the story of what you own, owe, and what remains as equity in your business. Additionally, banks look at the financial statements to locate trends in revenue, profitability, and cash flow. They are looking for strong healthy businesses that will be able to pay them back. If you need help with creating your business financial story I am always here to help.

To recap, you need money because there are only 24 hours in a day, and hiring a new team member is paramount. Additionally, you want to maximize your cash flow and use O.P.P. (other people's money:) to help grow your business. The banks are looking for 3 key things which are good credit, a solid business plan, and your financial story via your financial statements. My challenge to you is to take a hard look at your business and these three criteria to see if your ducks are in a row. If they are not in a row try scheduling 15 minutes per. day to work on them.

Keep IT Sunny!


5 Tips to Improve Your Cash Flow Management

/

In the world of small business entrepreneurship, cash flow management is King! The lack of it can quickly derail your business. According to Fundera.com, a U.S. Bank study stated that a whopping 82% of failed businesses cited cash flow problems as a factor in their failure.” That is a huge percentage. Today I want to share 5 tips to help you improve your cash flow management. 

  1. Create a budget - This one is a no-brainer. You can’t begin to understand where all your money is going & plan for the future until you have a budget in place. A simple spreadsheet could get the ball rolling.

  2. Create a Cash Flow Forecast - This sounds big & scary but it’s just simply tracking where your money is expected to come from and where you expect it to go over different intervals of time. Your budget will help you to gather the data for your cash flow forecast.

  3. Track your cash flow regularly - This can be done daily, weekly, or monthly. I like to do it on a daily to weekly basis so that nothing falls through the cracks. Life can get busy inside of your business and you always want to stay on top of what is going on with your money.

  4. Understand Your Business Cycle & Timing of Payments -  It is crucial to understand when there are slow periods inside your business so that you can plan for those low sales periods within your business. Additionally, you also want to understand how your customers pay you as it relates to the timing of receiving payment vs. business obligations you might have such as loans and overhead expenses. 


  5. Create a cash reserve - This is similar to having a personal rainy day fund within your personal bank account. This will help you to continue moving forward with growing your business despite market fluctuations. 


Ensuring that you have enough cash on hand to run your business is crucial for success. Creating a budget, a cash flow forecast, tracking your cash on a regular basis, understanding your business cycle and timing of payments along with having a cash reserve can make or break your business. 

Keep IT Sunny!


The Month of May Review & Welcome To June

/

May is in the record books!

I hope you crushed your goals last month and are on track to make your quarterly goals. Memorial weekend in Las Vegas was bananas as usual but I had a great time with my family from out of town. Now it’s time to get back to work. If you have time to do some catch-up reading check out the blog posts from May below that I wrote just for you. 🙂


Welcome To The Month Of May


Why Do I Need A Bookkeeper?


4 Ways A Bookkeeper Can Help Your Business

The month of June is the official start of summer and I am ready to get some swim time in. I am also gearing up for the end of 2nd quarter with a few business goals that I am working on to help educate and empower fellow small business owners. This month I want to take a look at a few tips for cash flow management, an overview of what banks and lenders are looking for when deciding to give you a loan, and the anatomy of a workable budget. 

I hope you are ready to dig into these topics as we cruise into the summertime season.

Keep It Sunny!


What Services Can A Bookkeeper Provide For My Business?

/

The industry of bookkeeping and accounting has changed over the years. Traditionally a bookkeeper has been the one-stop shop for small business owners to handle all things related to the daily upkeep of their debits & credits. In recent years, the role of a bookkeeper has started to include taking on the role of business advisory with clients to explain what the numbers mean and how you can use them to help meet your business goals. 

A bookkeeper can provide the following services & more:

  • Monthly bookkeeping management

  • Weekly bookkeeping management

  • Cash Flow Analysis

  • Budget preparation

  • Tech Stack Consulting

The list really depends on the unique needs of your business but the idea of a gray-haired lady or wired-brim glasses guy sitting in a corner with a paper ledger are things of the past. The 21st-century bookkeeper is utilizing technology to deliver real-time results for clients.

I hope this brief list sheds light on a bookkeeper's various services. Share in the comments below what current things you are struggling with related to your bookkeeping.


Keep IT Sunny~


4 Ways A Bookkeeper Can Help You In Your Business

/

You started your business because you were passionate about something and wanted to put your personal stamp on it. I know that sounds very general but at the root of every business owner's business is their passion for doing something that they could own. 


I am sure bookkeeping was not on your list:)


Many business owners might only see the QuickBooks Online commercials that pop up on t.v. during tax season and the thought of bookkeeping pops into your mind. I get it. Bookkeeping and accounting are not for everyone. You might have thought what can a bookkeeper help ME with? I have my spreadsheet and my shoebox and life is going fine.


Here are 4 ways a bookkeeper can help you:


  • Help you get ready for tax compliance season - Yes this one is pretty popular from January to April but a lot of work needs to be done before these months roll around. 


  • Help you get ready for tax planning -  If you are not already having tax planning meetings with your tax professional BEFORE you see them at tax time you could be missing out on many tax advantages. I can assure you that your tax professional wants clean books and a fresh copy of your financial statements to peruse while they chat with you about your tax strategies.


  • Help you with managing daily & monthly operations - This is all the stuff that it takes to run your business financially. Let’s say you are getting very busy and want to hire some new team members. Do you have enough cash flow to support this? What do your monthly expenses currently look like? How much-projected revenue are you expecting to bring in? These are all questions that a bookkeeper can help you answer so that you don’t have to worry about hiring and then laying off your new team members due to a lack of funds. 

  • Help with making strategic business decisions - Do you want to grow your business in different locations or provide new services? What is your goal for the business 5 years from now? In order to make your goals a reality it is important to look at the numbers and start creating a plan to make sure you hit those targets with no problem. 

The list of ways a professional bookkeeper can help you are endless and in my view depends on your goals. I hope this list answers your questions about what a bookkeeper can help you with. I would love to hear from you to learn more about your business and goals for the future. 

Keep IT Sunny!


Why Do I Need A Bookkeeper?

/

The life of an entrepreneur/small business owner is hectic! There are current customers to serve, new prospective customers to get and then there is all the stuff in between. The “in-between” stuff is the meat and potatoes of your business like creating your marketing plan, executing your marketing plan, managing your team (even if it’s just you:), and managing your finances. 

Wait!

What was the last line about “managing your finances”?

Yes, this is a real business to-do list item and more often than not it is a daunting daily task for many business owners. I recently did some research for this blog post and came across this question:

Do I need to hire a bookkeeper for my business?

It gave me pause for thought.

My first thought was no you don’t NEED to hire a bookkeeper for your business. If you have the time, money, and energy to learn accounting principles and apply them to your specific business model then you don’t need a bookkeeper and could do it yourself.

The problem with that is you now get to add being a bookkeeper to the other growing business hats you already wear. Additionally, then you have to keep going with your training and professional development in bookkeeping accounting to make sure you stay up to date on anything that relates to managing your business finances.

And the list goes on…..if you would rather NOT go down the rabbit hole of being your own bookkeeper then yes you do need a bookkeeper.

Why Do You Need A Bookkeeper For Your Business?

All the stuff I just mentioned above is taken off your plate. Whew! That’s a relief.

  1. A bookkeeper can help you stay tax compliant and out of hot water.

  2. A bookkeeper can help you manage your cash flow which can help you not break out in a panic.

  3. A bookkeeper can help you to know if you are making money or taking your money and throwing it out the window. We can help you to see if there are frivolous expenses that need to be pruned out of your life.

  4. A bookkeeper can help you plan for the future. What are your goals? If it’s to retire by the lake a bookkeeper can help you map out a financial plan a.k.a budget to help you reach your goals.

  5. A bookkeeper can help you figure out how much money to pay yourself and when you can give yourself a raise.

  6. A bookkeeper can help you figure out when it is a good time to start bringing on team members so you can take your foot off the brake.

  7. A bookkeeper can help you stay ready for business opportunities that may come your way like investments, grant opportunities or if you need a loan to purchase capital assets. 

  8. A bookkeeper can help you sleep better at night because you are not in charge of managing Quickbooks.

  9.  What are your goals for business and your personal life? A bookkeeper can help you to get there. 

So are you ready to take the plunge? I hope this post gives you food for thought as you move along your business journey.

Keep IT Sunny~


Welcome To The Month Of May!

/

This month is filled with 2 fun holidays for me:

Mother's Day & Memorial Day!

I am a furbaby mom and love to do my own traditions to celebrate that, but my favorite thing is to celebrate my own mom. I am fortunate that I have the best mom anyone could hope for. She is a true gem and we recently went to see the Jennifer Hudson show in LA and created some great memories.

We also had a chance to visit Santa Monica and give my mom her first glimpse of the pacific ocean while we had a nice oceanside lunch. Too much fun!

My other favorite holiday is Memorial Day. I just love what it stands for, which is to honor our soldiers who selflessly have served in our military and paid the ultimate price. We need to do this more and take better care of our veterans. As a daughter of a Marine and niece of other family members who have served in the military, it is truly a special day. It is also the kick-off to the summer BBQ season. 

As I reflect upon both of these holidays I will also be reflecting on how I can best educate and empower service-based business owners to grow their business by having reliable financial information. This month I will share How Can A Bookkeeper Help Your Business, What Services Can A Bookkeeper Provide & Why You Need A Bookkeeper. I hope you will find these posts informative and helpful.

Keep IT Sunny!




April Round Up!

/

Photo by Alena Koval: https://www.pexels.com/photo/white-printed-paper-with-four-white-roses-920154/

The Month of April is in the record books.

I hope you enjoyed the first days of spring and a new perspective on your business. This month I focused on how to fund your business in 3 ways. If you haven’t had a chance to check out the post I encourage you to do so. Many small businesses cease to exist due to cash flow problems. I hope that my tips help you to stay cash-liquid and ready for the next opportunity. 

Keep IT Sunny~


3 Ways To Fund Your Business

/

As a small business owner, it can be a challenge to keep liquid cash on hand to operate your business. Thank goodness there is a myriad of ways to ensure you always have the cash to pay the bills and pay for the necessities of your business. Here are 3 ways to fund your business:

Line of Credit

According to Investopedia.com, “A line of credit (LOC) is a preset borrowing limit that can be tapped into at any time. The borrower can take money out as needed until the limit is reached. As money is repaid, it can be borrowed again in the case of an open line of credit.”

SBA Loan or Grant

The Small Business Administration is there to help small businesses with cash flow challenges. According to their website, SBA provides limited small business grants and grants to states and eligible community organizations to promote entrepreneurship. According to their website, they also offer loans to “Start or expand your business with loans guaranteed by the Small Business Administration. Use Lender Match to find lenders that offer loans for your business.”

Investors

There are many types of investors available to help entrepreneurs grow their businesses and have cash on hand to manage operations. The most notable is the use of crowdfunding which include sites like Kickstarter, Indiegogo and Crowd Supply to name a few. 

There you have it. 3 ways to find moolah for your business to help you grow and prosper.

Keep IT Sunny!


Welcome To The Month Of April!

/

Photo by Polina Kovaleva: https://www.pexels.com/photo/scrabble-tiles-on-a-wooden-surface-6945789/

I absolutely love April. Spring is in bloom (in most places in the country:) The flowers are blooming and the sweet smell of summer is just around the corner.

My favorite thing is to get outside and explore which is a lot of fun here in the Vegas Valley. This month I want to explore the necessary tools to have in place to help your business grow. We will specifically look at some options for funding your business, hiring team members, and managing cash flow.

I hope you are ready to dive into this month and learn what it takes to move your business forward.

Keep IT Sunny!

March RoundUp~

/

March is pretty much in the history books.

The weather was definitely wacky across the country but I hope that didn’t get in the way of you working toward your business goals this month. This month I shared free tools that you can use to grow your business. In my post titled, “Don’t Go It Solo,” I discussed how mastermind groups can help you grow your business at a rapid speed. The best part is most are reasonably priced or free. I would pay to be in one if you want to maximize your time and ramp up the speed to grow your business. Check out the post here.

The next thing I shared was Growing Your Business With A Mentor. I am a huge fan of SCORE, a non-profit organization dedicated to helping small business owners & entrepreneurs. They offer a free coaching program that will help you to get the help you need to start, grow & scale your business. Check out the post here. 

The last tip I shared was the program offered by US Bank called Goals Coaching. The program is free and connects you with a coach who will help you with business or personal goals. You determine the length of time you want to meet up to 1 hour. This program is a game changer and the coaches are not able to pitch or sell you any services. You can check out the post here. 

The month of March was filled with basketball madness & wacky weather. I hope that did not get in the way of you being able to make progress toward your business goals with the tools shared in the post above. 

Keep up the good work & Keep IT Sunny~


Get A Goals Coach For Free!!

/

Do you set goals for yourself & your business each year? Last month, I wrote a post called, “What’s Goals Got To Do With It.” The purpose of the post was to define precisely what a goal is and to encourage you to start making them. In this post, I want to highlight an amazing service through US Bank called Goals Coach.

In a nutshell, you can go to their website and sign up for a goals coach for FREE that will help you focus on reaching either your personal or business goals. The best part is that you do NOT have to be a customer of US Bank and they are not allowed to pitch products to you. 

So what are you waiting for?

Take a minute to check out how to sign up with a goals coach as I did and start crushing your goals. 

Keep IT Sunny~