When running a small business, you come across a lot of jargon being tossed around. You may hear words like “profit” and “profitability” and mistake them to mean the same thing.
Not so long ago, independent contracting was a much more fringe form of employment, oftentimes reserved for seasonal and freelance work.
One of the top killers of small businesses is anemic cash flow. If many or most of your sales are on credit, your P&L might look great, but if you aren’t collecting what you’re owed, you can soon find yourself unable to meet large critical disbursements like payroll, taxes, or supplier payments.
If you’re looking up the career ladder and considering future options, it’s good to have a detailed idea of manager-level and C-level jobs. What is the Chief Operating Officer’s primary function? What are the Marketing Managers’ top responsibilities? What does a Chief Financial Officer, or CFO, do all day?
Running a restaurant is a big deal. From menu planning to customer service to ensuring your employees are well paid and happy, living life in the restauranteur lane can be stressful. Add accounting and monthly sales figures into the mix, and you’ve got a recipe for a meltdown.
Small business owners—especially those just starting out—have a habit of ignoring detailed accounting, in many cases running the finances of the business in much the same way that they manage their personal checkbook.