Providing Tips, Tools & Information to Help You Find & Achieve Your Dreams! NLP Certified Practitioner, Certified Hypnotist, Certified LOA Basic Practitioner, Certified Life Coach

The quickest way to go broke is to lose track of your bottom line.  To help insure your success, you must implement a good bookkeeping/accounting system.  Your system does not have to be elaborate but it must be effective.  It can be as simple as having a file box with an alphabetical file of your customers and their transactions.  There are many bookkeeping systems for sale, choose one.  You can visit any stationary or office supply store to investigate the various systems available.  Whatever system you use, your system should be easy enough for anyone to understand and most of all accurate.

 

It is a good idea that at least once a month you total your books to see how your business is doing.  Look at your total income and total expenses up till and including that period provides you with a picture of how you are doing.   Collect from those who owe you and at the very least, stop extending credit to them.  Pay your debts as promptly as possible.  Your good name is your best asset.  NEVER EVER LOSE TRACK OF YOUR BOTTOM LINE!

 

Your bottom line is affected by many variables and you must monitor them closely.  From time to time re-evaluate your product/service to determine if any improvements can or should be made.  Also evaluate your marketing strategy for its effectiveness.  No matter how great a product you have, if no one knows about it, you will go broke.  Make sure your overall marketing strategy is sending the message you want your customers to receive.

 

Talk to your employees if you have any to get their input.  A happy employee is a productive employee.  If you are experiencing a high turnover rate, re-examine your personnel policies and your source of workers.  You need reliable and responsible employees.  Customers love to develop relationships with their vendors.  They become nervous when they deal with a new person every time they deal with you.  Stability and reliability are what your customers want and deserve from you.  Give it to them.

Do you think it is important to know how your business is doing on a regular basis?  How do you keep track of your business?  Please share.

 

Advertisements

Comments on: "Keeping Track of Your Business" (14)

  1. Great advice Sharron and given me something to think about !!

  2. No business here, but I need a better way of keeping my blogging records.

  3. Great article.

    This reminds me how we used to balance our checkbooks at the end of every month. You are so right about tracking what goes in and what goes out every single month, which so many small business entrepreneurs fail to do. We should also track the sales of each product or service, our opt-ins, our website visitors, etc.

    Whew, that really can become a lot of tracking. Yep, another great opportunity for outsourcing.

  4. A healthy bottom line is definitely vital in achieving business success.

    Rachel recently posted The 16 Habits of Highly Unsuccessful Women

  5. Reya Orly said:

    Oh dear I think the universe is giving me another nudge to get my accounting sorted out! I have realized lately that the more you look at the money coming in, the more money comes in, I’m learning.

    • Reya,
      I am glad I could help the universe give you a nudge.(-: Knowing how money flows in your business will help you locate any potential problems quicker so you can make needed changes. Thanks for stopping by & sharing.

  6. Lorraine McNulty said:

    Hi Sharron
    I use Quicken and Quickbooks to keep all my business records and have done so for years. I took a course in Basic Accounting too and it really helps to understand the basics of bookkeeping.

    • Lorraine,
      Wow taking an accounting course was a great idea. Having an understanding of bookkeeping I am sure has been valuable. Thanks for stopping by & sharing.

  7. Nancy Hollis said:

    Hi Sharron,

    Thank you for these valuable tips, as they bring a great awareness of keeping track of every aspect of your business!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Tag Cloud

%d bloggers like this: