Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business.
Ways To Benchmark Your Business
For many business owners, determining the success of a business comes down to how much profit the company makes. Of course, finances are an essential measure of a company’s overall success. If you don’t bring in more than you spend, you won’t be in business for long. Profit, however, isn’t the only relevant benchmark by which to measure your activity.
How Your Business Can Thrive Even In A Recession
For most businesses, especially small businesses, recessions can be brutal. Just take, for example, the Global Financial Crisis (GFC) that struck the world in 2008. Between December 2008 and December 2010, approximately 1.8 million small businesses shut down. When Investopedia looked into the impact of the financial crisis on small businesses after a decade, they found out that business creation has not yet returned to pre-crisis levels.