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Memorial Day
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Today we remember and honor the brave men and women who have fought for our country. Vested Business Brokers today, and every day will give thanks to the veterans who gave us the chance to live the AMERICAN DREAM.
Why QuickBooks is Important for a Business Owner to Use
By Kevin Hansen, Vested Business Brokers
As a business owner who has been in operations for many years, you know that the days of calculators, and paper payroll management are gone. Everything you need as a business owner is in one form of software or another. Over the years it may have been overwhelming to make the cyber switch, but with some practice, it has probably proved to be a rather useful one. One of the most popular business software programs that exist is undoubtedly QuickBooks. This is a program that is not just for accountants anymore! QuickBooks can be a vital tool for the business owner as well. Read on for some examples of why QuickBooks is important for a business owner.
Controlling Your Capital
One of the major struggles an owner has as their business grows is delegating the control of cash flow to another employee. It is perfectly natural to want to know exactly where your money is going, and how it is getting there. With QuickBooks, you are able to keep tabs on just that! It is important, however, that you manage your daily transactions in QuickBooks yourself, so everything adds up. But once you become an expert with this program, you will be able to see how the money comes and how it goes.
Employee Management
When it comes to time management, QuickBooks can be a time or money saver. If you have someone working an extra job, or overtime, for example, it is easy for you to enter that information yourself when your Accounts Payable department might not be at the ready. In QuickBooks, you are able to enter one time payments, or you may choose to use a weekly timesheet for recurring jobs or long term freelancers. QuickBooks is super helpful when it comes to tracking the time and productivity for your employees, especially when you are using a do it yourself approach.
Organization
As a successful business owner, you already know that proper organization skills are a must have attribute. It is important that all of your information be stored in a streamlined manner. QuickBooks is a strong tool for organizational skills. From online banking, to printing checks, and keeping aware of transactions, QuickBooks leaves no stone left unturned. This is especially helpful when you encounter transactions with which you are not familiar. If you are running things yourself, or have an accounting department, you are able to keep tabs on all transactions. The “ask my accountant code” in your QuickBooks chart of accounts is quite helpful for issues like this. When you need to enter a transaction, or reconcile it, QuickBooks helps you keep your money, and your time, nicely organized.
QuickBooks has proved to be a vital program for business owners for years. If you are still pulling out your hair by organizing things on paper or basic computer programs, you should absolutely consider switching to QuickBooks to save yourself stress, time, and money!
Marketing Ideas for Your Business
By Kevin Hansen
Owning a successful business takes many things: time, fortitude, and organization. But one of the most important aspects of growing your business is “the big M”. That’s right, marketing! Whether you own a small, midsize, or large company, your marketing game has to be strong and wide reaching. There are many ways to keep people in the know about your business, and want to utilize your services. Here are a few ideas that you may want to consider if you want to increase your marketing skills.
Internet Promotion
This is a very important marketing tactic that exists today. Nearly everyone is glued to social media, so it is wise to make sure your business has a strong social media presence. Creating a group on popular social media platforms, and inviting the world to view it is a fantastic way to get the word out about your business. And best of all, it’s usually free so there aren’t budget concerns for your accountant! Promoting your business via social media is also a smart way to distribute promotions. For example, if you own a small restaurant, social media pages can allow you to post free promo codes for coupons or bogos etc. Getting the word out organically via social media is also a way to enable trust in future clientele.
Press Releases
If your business is doing something that you want the press to hear about, composing press releases is a great way to market. Press releases are a strong medial tool that will help generate publicity at a low cost, or even no cost. Many websites provide small businesses with free press releases, so do your research and start spreading the news!
Become Active in Your Community
A business can become successful in many ways, and that doesn’t just mean having a high profit margin. By mixing your business into the community, you will gain trust of local clientele, and prove that you work with selflessness and integrity. By donating to local charities, sponsoring your town’s little league team,or participating in community fairs and activities, you will not only promote your business, but promote the pride you take in running it.
Collaboration
A successful business often requires a motivated team to help move your marketing in the right direction. By collaborating with a group of other business that are not in direct competition can be a wise marketing tool. This also further promotes your sense of community. Don’t be afraid to do some networking with other local successful businesses. Another way to collaborate is to assemble a group within your company that is just as passionate about your business as you are. Teamwork goes a long way in the business world, so get some friends and colleagues on board to spread the word of mouth that your business is worth getting to know.
Running a business takes a lot of hard work, but in the long run, can be one of the most gratifying things you could ever do. By proper marketing, and a sincere desire to succeed, you can go a long way! If you would like any more information about how to effectively grow your business, keep visiting our blog for more suggestions!
Reasons You May Want to Sell Your Business
By Kevin Hansen
If you have been successful in owning your own business, you know that the job of being your own boss comes with its share of struggles. Many factors can lead to the decision that it is time to pass the torch, or just sell your business altogether. Whatever the cause may be, you should know that the decision to sell your business is a personal one that should be thought out well before you sell. What are some of the reasons that people might want to make this crucial decision? Read on for some common reasons that business owners might want to move on and sell their business.
Financial Security
As a potential business seller, you may be sitting on millions of dollars in equity. A seller can expect a 2 to 4 time multiple of the cash flow of their business when they decide to sell. If you have been in business for many years, and know that you could turn a profit by selling your business, it is nothing to be ashamed of. Many people open their own businesses for financial security to begin with. It makes sense that you might want to use the sale of your business for a nest egg for you and your family.
Time
When a business becomes a success, it is the natural order that the owner becomes more of a manager. You may have had to hire employees, deal with issues related to Human Resources, and taken on the role of accountant. It is natural that you have wanted to free up your time to spend with friends and family if you have reached a level of success. Many business owners have devoted their entire life to their company, and there comes a time when they’ve simply had enough. If you feel that you may need more time managing your own life rather than the job functions of your employees, it may be time to move on.
Exciting New Prospects
If you have achieved your dream of opening your own business, and have been running it for years, you may be ready for something new. You may want to travel, or go into a different line of work. These are goals of many an entrepreneur. There are new challenges on the horizon for everyone, so if you are eager to explore new prospects, selling your business might be a healthy move for you.
Whether or not you decide to sell your business is a challenging decision. Most owners struggle with the question of if it is the right thing to do. Many people have been in this boat before, and will tell you that it is perfectly normal to want to sell your business one day. If you are considering selling your business, but don’t want to rush into anything, consider some of the above reasons before making your final decision. And, as always, Vested Business Brokers is here for you should you need any advice for selling your business. We have successfully helped over 28,000 business entrepreneurs sell their business and currently have over 300,000 registered qualified buyers looking to purchase a business.