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Congratulations! As a new entrepreneur, changing from an idea to a hobby to a business takes a lot of courage. Even if this is a go-it-alone venture you’ll need to establish a team of people who are investing in you and your start-up. This may include family and friends, but you will also need strategic business partnerships. It’s especially important to improve your bottom line and to maintain financial success.
Your new company's financial picture is a personal, sensitive topic. Choose people you trust and who will give you honest feedback. Ask yourself these questions:
Have Backups Got Your Back? Protecting Your Data
If you live in the real world, where toddlers spill things and teenagers want to click on every link that is sent to them, then you know what it’s like to all of a sudden lose data you’d been working on! If your computer has been “fine so far” but you don’t have any anti-virus software for protection, you may go through a “trial by fire” when your system gets hacked. Your data really isn’t safe unless you are backing it up properly. You should have more than one back up – a local hard drive or thumb drive and a cloud-based back up.
If your computer suddenly stopped working today – it won’t even turn on – could you get to the accounting records you need in order to keep the business going?
Did the horse you came in on turn out to be a bronco? Owning your own business can seem easy during the honeymoon period or a slow season, but watch out for the unexpected. There are several types of prospects that come through our doors looking for help with their finances.
If you are thinking of getting a loan or line of credit at a bank or have a potential buyer interested in your business, the first thing they want to see is your Balance sheet. You will need a “Balance Sheet Clean-up.”
When it comes to balance sheet messes, you often cannot fix it without causing other problems in prior periods.