It’s become common for businesses to claim their success by stating high sales numbers and believing that that is what makes them successful. And yes, high sales figures can be impressive, but the success measure lies in how profitable a business is, not sales numbers. It's important to understand the difference between profit and revenue. What is the best definition of profit? Profit is what is left at the end of the day after ... Read the Post...
Basic financial literacy and why it is important
Basic financial literacy skills are essential skills for every person, but sadly, a large percentage of people fall short of having those skills. For entrepreneurs and business owners, having both personal financial literacy and business financial literacy skills is an investment worth making. There are many reasons why basic financial literacy is important. What is financial literacy? The President's Advisory Council on ... Read the Post...
What is business finance and why is it important?
Money management in your business is business finances, and I had a client say to me that they had no idea what I was talking about when I refer to money management in your business as managing your business finances. Let's get really clear on what business finances are and how you should be managing them. So what is business finance? Business finance is one of the functional areas of business, along with marketing, management, human ... Read the Post...