Tag: (SMART

Greece – Bulgaria: Call for innovative business ideas of young people (SMART START-UP project)

#innovative business ideas

#

European Territorial Cooperation is an Objective of the Cohesion Policy and provides a framework for the exchange of experiences among local and regional actors from across Europe

Development.

European Territorial Cooperation contributes in the transformation of the European regions into strong economic and social poles through the funding of common projects

The team.

Our officers are responsible for the management of five bilateral cross-border Programmes and the national coordination of the seven multilateral Programmes, Greece is participating in

Vision.

More growth and jobs for all regions of the European Union through the promotion of cross-border, transnational and interregional cooperation

Perspective.

European Territorial Cooperation Programmes enhance economic and social cohesion, encouraging balance development and promoting competitiveness

The Business Information and Consulting Centre – Sandanski announces a call for innovative ideas for start-up or development of business by young people with potential and interest in entrepreneurship, new technologies and innovation. The aim of the SMART START-UP competition is to encourage and motivate young people to generate innovative business ideas with potential for further development.

Detailed information concerning the conditions, deadlines and required documents for application can be found here

Please note that the deadline for submission of business ideas is: 29.05.2015, 17:00

This initiative is carried out within the framework of the Project SMART SPECIALIZATION

Events calendar


European Territorial Cooperation Programmes are co-funded by European Union and National Funds of the countries participating in them

Navigate:

Register in Newsletter:

Copyright 2007 – 2016 Interreg
Freelance Web Design and Web Marketing services





Tags : , , , , , , , , , , , , ,

The World – s Coolest Business Card Holder – Smart Armor Tech #business #services

#business card holder

#

The World s Coolest Business Card Holder

Business card holders – who really puts a lot of thought into these? Well, people who work in offices certainly do. Patrick Bateman most certainly does. If you are in a sales capacity, I can’t imagine you not keeping a few business cards always at the ready. There are even professions that are essentially a part of sales that some employees don’t know. If you are in a customer facing position, or are adept at speaking persuasively to strangers you meet at the grocery store about the product or service your company provides, you are in sales! So that means that even you need to start carrying some business cards.

If you are going to carry business cards, you will need a good place to keep them. A wallet is not adequate for carrying a large number of business cards, not to mention that wallets are often very hard on whatever is placed within them. Your beautiful business cards will have folded corners, lint, and ink smudges pretty soon. Business card boxes are the way to go.

There are tons of styles to consider when buying a business card holder for men or women. The Best Wallet 2015 website has a great updated list for some of the world’s coolest business card holders. The styles range from soft to hard, leather to metal, and all are sleek and stylish in their own way. We are biased, but we think the Smart Armor Safe would make the best business card holder for men. It’s tough enough to protect your business cards, and opens up via Bluetooth for a cool and dramatic presentation!

So, have you checked the business card holder list? http://bestwallet2015.com/beautiful-best-business-card-holder-for-men/
Which is your favorite and what qualities do you look for in a business card holder? Please comment below.

Share This Story, Choose Your Platform!

Leave A Comment Cancel reply

What is Smart Armor®?

Smart Armor® is an IOT company that provides Bluetooth enabled micro-locking systems integrated into valuable physical objects controlled via mobile device.

Our Products





Tags : , , , , , , , , , ,

Professional Business Attire for Men – Elegant and Smart #suntrust #business #banking

#business attire

#

Professional Business Attire for Men Elegant and Smart

Professional business attire for men

Professional business attire for men.

There are two kinds of a guy, the one who wants to look professional, whereas, the other category belongs to the ones who don t care much about their personal grooming. They don t like following business standards, rather, go for anything they like or see. But is it really OK? Well, I don t think so. To be a professional business man, there are certain code of conducts which you should follow. Like wearing a professional business man attire and considering each and every aspect of your personality in detail, as it is something which every business men should do in order to achieve the success you always desired of. Because in a modern era like this, not only your intellectual skills count, but the way you dress yourself carries an equal importance. So my today’s article would be on the importance of professional business men attire in ones wardrobe.

Professional business attire for Men More Elegant and Smart:

  • Look charming by your shirt and neck tie combo:

Professional business attire for men.

Usually guys are so immune to business men attire that they hardly know how to make a good neck tie knot. They don t even know how to make a perfect contrast with the shirt he is about to wear. Wearing a professional attire is not the only thing you have to consider but you have to be conscious about its color combination too. Remember, you shirt and tie must be of opposite intensities. Means if you are going to wear a light colored shirt, then you are required to pick a darker tone as far as your necktie is concerned.

Note: Do not go for the same color tones like brown shirt with a brown tie. It doesn t look good, I tell you.

Professional business attire for men.

Plain shirt and tie no doubt looks decent but your motto is not to look just decent. Go for something extra ordinary. So do remember that the check pattern tie are in fashion nowadays and your shirt against your tie must be line patterned. It gives a very sharp and beautiful combination.

Professional business attire for men.

Add another sophistication to your attire that is a well tailored coat with a pocket square. Your business men attire gets complete with your well tailored coat with fine cuts and a pocket square. Pocket square gives you that height of sophistication which adds stars to your personality.

Professional business attire for men.

Dress pants must not be so tight because it would give you very odd look. Ask your tailor to stictch t according to your measurement.

Business casual attire.

You must have a side part hair cut to look like a true professional. Your hairs cut matter because your office is not the place where you can go with long rough and messy hairs.

Professional business attire for men.

Wear a leather strap watch. Make your mind clear while purchasing a watch for your office attire that you watch must be in golden round dial and dark colored leather straps.

Professional business attire for men.

Your office attire needs a dress shoes in plain black or brown color. Black and brown color looks very decent and stylish. Make sure the cleanliness of your shoes before going to the office. Do not go in your suede shoes or desert shoes because it would spoil your image as soon as you enter into your office.

Professional business attire for men.

Carry a big decent brown or black colored bag which has enough capacity to hold all your documents and accessories. Do not go for small bags that look very odd and girlish.





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Boost Your Real Estate Business With Smart Real Estate Management Software #business #journal

#real estate business

#

Boost Your Real Estate Business With Smart Real Estate Management Software

Due to its eye popping attractions, glamorous lifestyle, and internationally acclaimed real estate, Dubai stands as being one of the strongest hubs for real estate agents. The ever-expanding construction projects in the UAE have brought rise to hundreds of real estate agencies that are focused on bringing a world-class experience to anyone buying property in the UAE.

Available real estate in areas such as Business Bay, Arabian Ranches, Dubai Marina, The Palm Jumeirah, Downtown Dubai, Al Warqaa, Jumeirah Lake Towers (JLT) and many others are being offered by real estate agents to not only those living in Dubai, but all over the world.

What are Real estate websites why are they used?

Real estate websites are known to provide a database of available property, villas, apartment, land, etc. to anyone seeking looking to purchase.

For real estate agents and brokers, it is becoming challenging to deal with the increasing traffic on their real estate websites. This has resulted in web development companies developing what is known as real estate management software. This software has been created to help manage the overwhelming records and data of property being offered on a relator’s website.

Some known property management software:

Many companies that work on web application development are hence developing property management software that is used by real estate agents to facilitate their business. AppFolio Property Manager, MRI Residential Management, Propertyware and roomMaster are some of such software that is widely used, more can be found here.

Benefits of Using Real Estate Management Software

Real estate management software provides a platform to manage properties, payments, accounting, selling record and all such utilities at one place no matter what platform you are accessing from (phone, tablet, PC). It provides you the tools that you need to manage your real estate.

It includes management tools that are helpful in managing your properties in less time thus allowing you to focus your time on revenue optimization by offering a self-automated process. They are designed to facilitate leasing, renting, and purchasing activities carried out in one place.

These platforms are also helpful in networking with thousands of property management companies, investors, real estate managers and others worldwide. This will help you to promote your property as well as enhance sales and attract more visitors to your business.

Real estate applications are used to help businesses become more organized while also increasing productivity. This software offers website integration, smart electronic payments, and online file management along with recurring transactions.

Property management software is also used to speed up the working process of property selling or renting by tracking multiple accounts. This process shortens the document processing time by offering maximum credibility to maintain data confidentially.

For real estate in Dubai, the property management software mentioned above is helpful in boosting your business with automatic and built-in features. At eTek Studio, our services offer web development in Dubai that also includes the designing and development of real estate management software.

Call us now to get your property management software professionally developed by eTek Studio.

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How to use the SBA for business acquisition financing – Smart Business Magazine #sba

#business acquisition loan

#

How to use the SBA for business acquisition financing

Most businesses have intangible assets that are difficult to value and nearly impossible to collateralize. You will hear terms like “blue sky” or “goodwill” to describe these assets.

Due to the more flexible collateralization standards associated with U.S. Small Business Administration (SBA) loans, these assets can be financed along with the more tangible assets that are a part of the business acquisition. This is just one reason why a business owner should consider an SBA loan for a change of ownership or business acquisition, over a conventional loan.

Smart Business spoke with Romona Davis, vice president of SBA Commercial Lending at Ridgestone Bank. about the advantages of utilizing the SBA for business acquisition financing.

Beyond flexible collateralization standards, why else are SBA loans more attractive?

Conventional loans for business acquisitions are based on a three- or five-year term. This can make it tough for the business to meet the debt service requirements of most lenders. Utilizing an SBA loan, the acquisition can be stretched out over seven or even 10 years. This lowers the payments and makes it easier for the borrower to hit the debt service targets of the lender.

Stretching out the amortization of the loan also frees up additional cash flow for the new owner of the business. He or she may then use that cash flow to invest in marketing, implementation of new initiatives or adding a product line. Cash flow is king.

In addition, long-term amortization can help with the ebbs and flows of business that inevitably arise. If you are in a downslope when a three-year conventional loan becomes due, the bank might put you in forbearance or impose monthly renewal fees. With the SBA, you have something in place long term.

Is seller financing sometimes involved in a business acquisition?

Yes, quite often. With SBA financing of a business acquisition, a seller’s note can be used as a portion of the required equity injection.

Typically, lenders in a business acquisition scenario prefer a 25 percent equity injection from the borrower. This can be a tough requirement for many borrowers. If the seller agrees to hold back a note, and it is structured correctly, that note can be counted as part of the borrower’s equity injection, thus making it easier to come up with the needed equity.

Also, the sellers are often sole proprietors or family businesses and they want to see their legacy carried forward. Keeping the seller engaged assists the buyer in making the transition and assures the bank there is a team in place that can make it longer term.

What was the change the SBA made to its ownership rules and why?

The SBA removed the liquidity requirement a few years back. Without that requirement, the SBA made it possible for businesses with owners who have strong liquidity to obtain financing through an SBA loan. Removing the liquidity requirement allows borrowers who may not have good liquidity to bring an equity partner who has liquidity to the table to help them get an approval.

The reason the SBA made this change was to provide borrowers more flexibility in how they can structure their business when they seek SBA financing.

When business owners use an SBA loan for a business acquisition, what do they need to understand about the lending process?

Business acquisition loans are complex. Anyone who is considering utilizing bank financing for a business acquisition should engage his or her banker early in the process. Ideally, before you even start negotiating with the seller.

Your banker can advise you on areas where you can be flexible in negotiation and areas where you need to be less flexible. He or she also can alert the buyer to some of the pitfalls to avoid.

Since a lot of information will be needed from both parties, the sooner documents are provided, the easier the process becomes. Also, be sure there is open and honest communication from the start. Don’t leave any surprises to the end, or your financing can be delayed or compromised.

Always make sure you are dealing with a lender who has SBA experience and a bank that is a preferred lending partner with the SBA.

Equal Housing Lender. Member FDIC

Insights Banking Finance is brought to you by Ridgestone Bank

Post navigation

You Might Also Like





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6 Smart Budgeting Tips for Small Business Owners #business #loans #rates

#small business tips

#

6 Smart Budgeting Tips for Small Business Owners

If you run a small business, it s likely that you re operating on a relatively limited budget. Whether you bootstrapped your business or are trying to pay back loans you took out to cover your startup costs, it s in your best interest to conserve money wherever you can.

Without a thorough budget plan, however, it can be difficult to track and manage your finances. This is especially true for any unexpected business expenses that may come up, as they often do. A 2015 survey by small business credit provider Headway Capital found that although 57 percent of small business owners anticipated growth this year, nearly 19 percent were concerned about how unexpected expenses would impact their business.

If you want to keep your business operating in the black, you ll need to account for both fixed and unplanned costs, and then create and stick to a solid budget. Experts offered their advice for small business owners looking to keep their finances in order. [4 Tips for Reducing Startup Costs]

Define and understand your risks

Every business venture has a certain degree of risk involved, and all of those risks have the potential for a financial impact on your company. Paul Cho, managing director of Headway Capital, said that small business owners need to consider their long- and short-term risks to accurately plan for their financial future.

How will changes in minimum wage or health care requirements impact your workforce? Cho said. Do you operate in a geography at high risk of a natural disaster? Do you rely heavily on seasonal workers? Understanding the potential risks facing you on a short- and long-term basis is important for all small businesses. Once you ve mapped out the threats to productivity, a clearer picture can be built around emergency planning, insurance needs, etc.

Overestimate your expenses

If your business operates on a project-to-project basis, you know that every client is different and no two projects will turn out exactly the same. This means that often, you can t predict when something is going to go over budget.

Every project seems to have a one-time cost that was never anticipated, said James Ontra, CEO of presentation management company Shufflrr. It usually is that one unique extra item [that is] necessary to the job, but [was] not anticipated when bidding the job.

For this reason, Ontra advised budgeting slightly above your anticipated line-item costs, no matter what, so that if you do go over, you won t be fully unprepared.

I go by the cost-moon-stars theory, he said. If you think it will cost the moon, expect to pay the stars.

Pay attention to your sales cycle

Many businesses go through busy and slow periods over the course of the year. If your company has an off-season , you ll need to account for your expenses during that time. Cho also suggested using your slower periods to think of ways to plan ahead for your next sales boom.

There is much to be learned from your sales cycles, he said. Use your downtime to ramp up your marketing efforts while preventing profit generation from screeching to a halt. In order to keep your company thriving and the revenue coming in, you will have to identify how to market to your customers in new and creative ways.

Plan for large purchases carefully and early

Some large business expenses occur when you least expect them a piece of equipment breaks and needs to be replaced or your delivery van needs a costly repair, for instance. However, planned expenses like store renovations or a new software system should be carefully timed and budgeted to avoid a huge financial burden on your business.

Substantial business changes need to be timed carefully, balancing the risk with the reward and done with a full understanding of the financial landscape you re operating within, Cho told Business News Daily. An up-to-date budget and data-driven financial projections are important components that help guide when to make large investments in your business.

Remember that time is money, too

One of the biggest mistakes small businesses make is forgetting to incorporate their time into a budget plan. Ontra reminded business owners that time is money, especially when working with people who are paid for their time.

Timing underestimation directly increases costs, Ontra said. For us, the biggest underestimation is allotting time for client feedback. It is a Herculean effort sometimes to meet a deadline with lots of people focused on a single task. Then, the client needs to give feedback for us to proceed. If the client is distracted with other issues, feedback planned for a three-day turnaround, can become a week or longer. Not only do you start to lose time to the delivery schedule, your team also loses momentum as their collective thought shifts focus to another project.

Ontra recommended treating your time like your money, and set external deadlines later than when you think the project will actually be done.

If you believe the project will finish on Friday, promise delivery on Monday, he said. So, if you finish on Friday, deliver the work early and become a star. If for some reason time runs over, deliver on Monday and you are still a success.

Constantly revisit your budget

Your budget will never be static or consistent it will change and evolve along with your business, and you ll need to keep adjusting it based on your growth and profit patterns. Cho suggested revising your monthly and annual budgets regularly to get a clearer, updated picture of your business finances.

Regularly revisiting your budget will help you better control financial decisions because you will know exactly what you can afford to spend versus how much you are projecting to make, Cho said. Take into account market trends from the previous year to help you determine what this year may look like. Once you have a clear understanding of your business s budgetary needs, you can accurately forecast what can be set aside for an emergency fund or unexpected costs.

Nicole Fallon Taylor

Nicole received her Bachelor s degree in Media, Culture and Communication from New York University. She began freelancing for Business News Daily in 2010 and joined the team as a staff writer three years later. She currently serves as the assistant editor. Reach her by email. or follow her on Twitter .

You May Also like

What is Zero-based Budgeting?

  • Organization is Key to Managing Business Finances

  • Don t Burn Through Your IT Budget: 5 Ways to Save Money





    Tags : , , , , , , ,
  • The World – s Coolest Business Card Holder – Smart Armor Tech #government #loans

    #business card holder

    #

    The World s Coolest Business Card Holder

    Business card holders – who really puts a lot of thought into these? Well, people who work in offices certainly do. Patrick Bateman most certainly does. If you are in a sales capacity, I can’t imagine you not keeping a few business cards always at the ready. There are even professions that are essentially a part of sales that some employees don’t know. If you are in a customer facing position, or are adept at speaking persuasively to strangers you meet at the grocery store about the product or service your company provides, you are in sales! So that means that even you need to start carrying some business cards.

    If you are going to carry business cards, you will need a good place to keep them. A wallet is not adequate for carrying a large number of business cards, not to mention that wallets are often very hard on whatever is placed within them. Your beautiful business cards will have folded corners, lint, and ink smudges pretty soon. Business card boxes are the way to go.

    There are tons of styles to consider when buying a business card holder for men or women. The Best Wallet 2015 website has a great updated list for some of the world’s coolest business card holders. The styles range from soft to hard, leather to metal, and all are sleek and stylish in their own way. We are biased, but we think the Smart Armor Safe would make the best business card holder for men. It’s tough enough to protect your business cards, and opens up via Bluetooth for a cool and dramatic presentation!

    So, have you checked the business card holder list? http://bestwallet2015.com/beautiful-best-business-card-holder-for-men/
    Which is your favorite and what qualities do you look for in a business card holder? Please comment below.

    Share This Story, Choose Your Platform!

    Leave A Comment Cancel reply

    What is Smart Armor®?

    Smart Armor® is an IOT company that provides Bluetooth enabled micro-locking systems integrated into valuable physical objects controlled via mobile device.

    Our Products





    Tags : , , , , , , , , , ,

    How to use the SBA for business acquisition financing – Smart Business Magazine #new

    #business acquisition loan

    #

    How to use the SBA for business acquisition financing

    Most businesses have intangible assets that are difficult to value and nearly impossible to collateralize. You will hear terms like “blue sky” or “goodwill” to describe these assets.

    Due to the more flexible collateralization standards associated with U.S. Small Business Administration (SBA) loans, these assets can be financed along with the more tangible assets that are a part of the business acquisition. This is just one reason why a business owner should consider an SBA loan for a change of ownership or business acquisition, over a conventional loan.

    Smart Business spoke with Romona Davis, vice president of SBA Commercial Lending at Ridgestone Bank. about the advantages of utilizing the SBA for business acquisition financing.

    Beyond flexible collateralization standards, why else are SBA loans more attractive?

    Conventional loans for business acquisitions are based on a three- or five-year term. This can make it tough for the business to meet the debt service requirements of most lenders. Utilizing an SBA loan, the acquisition can be stretched out over seven or even 10 years. This lowers the payments and makes it easier for the borrower to hit the debt service targets of the lender.

    Stretching out the amortization of the loan also frees up additional cash flow for the new owner of the business. He or she may then use that cash flow to invest in marketing, implementation of new initiatives or adding a product line. Cash flow is king.

    In addition, long-term amortization can help with the ebbs and flows of business that inevitably arise. If you are in a downslope when a three-year conventional loan becomes due, the bank might put you in forbearance or impose monthly renewal fees. With the SBA, you have something in place long term.

    Is seller financing sometimes involved in a business acquisition?

    Yes, quite often. With SBA financing of a business acquisition, a seller’s note can be used as a portion of the required equity injection.

    Typically, lenders in a business acquisition scenario prefer a 25 percent equity injection from the borrower. This can be a tough requirement for many borrowers. If the seller agrees to hold back a note, and it is structured correctly, that note can be counted as part of the borrower’s equity injection, thus making it easier to come up with the needed equity.

    Also, the sellers are often sole proprietors or family businesses and they want to see their legacy carried forward. Keeping the seller engaged assists the buyer in making the transition and assures the bank there is a team in place that can make it longer term.

    What was the change the SBA made to its ownership rules and why?

    The SBA removed the liquidity requirement a few years back. Without that requirement, the SBA made it possible for businesses with owners who have strong liquidity to obtain financing through an SBA loan. Removing the liquidity requirement allows borrowers who may not have good liquidity to bring an equity partner who has liquidity to the table to help them get an approval.

    The reason the SBA made this change was to provide borrowers more flexibility in how they can structure their business when they seek SBA financing.

    When business owners use an SBA loan for a business acquisition, what do they need to understand about the lending process?

    Business acquisition loans are complex. Anyone who is considering utilizing bank financing for a business acquisition should engage his or her banker early in the process. Ideally, before you even start negotiating with the seller.

    Your banker can advise you on areas where you can be flexible in negotiation and areas where you need to be less flexible. He or she also can alert the buyer to some of the pitfalls to avoid.

    Since a lot of information will be needed from both parties, the sooner documents are provided, the easier the process becomes. Also, be sure there is open and honest communication from the start. Don’t leave any surprises to the end, or your financing can be delayed or compromised.

    Always make sure you are dealing with a lender who has SBA experience and a bank that is a preferred lending partner with the SBA.

    Equal Housing Lender. Member FDIC

    Insights Banking Finance is brought to you by Ridgestone Bank

    Post navigation

    You Might Also Like





    Tags : , , , , , , , , , , ,

    Greece – Bulgaria: Call for innovative business ideas of young people (SMART START-UP project)

    #innovative business ideas

    #

    European Territorial Cooperation is an Objective of the Cohesion Policy and provides a framework for the exchange of experiences among local and regional actors from across Europe

    Development.

    European Territorial Cooperation contributes in the transformation of the European regions into strong economic and social poles through the funding of common projects

    The team.

    Our officers are responsible for the management of five bilateral cross-border Programmes and the national coordination of the seven multilateral Programmes, Greece is participating in

    Vision.

    More growth and jobs for all regions of the European Union through the promotion of cross-border, transnational and interregional cooperation

    Perspective.

    European Territorial Cooperation Programmes enhance economic and social cohesion, encouraging balance development and promoting competitiveness

    The Business Information and Consulting Centre – Sandanski announces a call for innovative ideas for start-up or development of business by young people with potential and interest in entrepreneurship, new technologies and innovation. The aim of the SMART START-UP competition is to encourage and motivate young people to generate innovative business ideas with potential for further development.

    Detailed information concerning the conditions, deadlines and required documents for application can be found here

    Please note that the deadline for submission of business ideas is: 29.05.2015, 17:00

    This initiative is carried out within the framework of the Project SMART SPECIALIZATION

    Events calendar


    European Territorial Cooperation Programmes are co-funded by European Union and National Funds of the countries participating in them

    Navigate:

    Register in Newsletter:

    Copyright 2007 – 2016 Interreg
    Freelance Web Design and Web Marketing services





    Tags : , , , , , , , , , , , , ,

    6 Smart Budgeting Tips for Small Business Owners #international #business #news

    #small business tips

    #

    6 Smart Budgeting Tips for Small Business Owners

    If you run a small business, it s likely that you re operating on a relatively limited budget. Whether you bootstrapped your business or are trying to pay back loans you took out to cover your startup costs, it s in your best interest to conserve money wherever you can.

    Without a thorough budget plan, however, it can be difficult to track and manage your finances. This is especially true for any unexpected business expenses that may come up, as they often do. A 2015 survey by small business credit provider Headway Capital found that although 57 percent of small business owners anticipated growth this year, nearly 19 percent were concerned about how unexpected expenses would impact their business.

    If you want to keep your business operating in the black, you ll need to account for both fixed and unplanned costs, and then create and stick to a solid budget. Experts offered their advice for small business owners looking to keep their finances in order. [4 Tips for Reducing Startup Costs]

    Define and understand your risks

    Every business venture has a certain degree of risk involved, and all of those risks have the potential for a financial impact on your company. Paul Cho, managing director of Headway Capital, said that small business owners need to consider their long- and short-term risks to accurately plan for their financial future.

    How will changes in minimum wage or health care requirements impact your workforce? Cho said. Do you operate in a geography at high risk of a natural disaster? Do you rely heavily on seasonal workers? Understanding the potential risks facing you on a short- and long-term basis is important for all small businesses. Once you ve mapped out the threats to productivity, a clearer picture can be built around emergency planning, insurance needs, etc.

    Overestimate your expenses

    If your business operates on a project-to-project basis, you know that every client is different and no two projects will turn out exactly the same. This means that often, you can t predict when something is going to go over budget.

    Every project seems to have a one-time cost that was never anticipated, said James Ontra, CEO of presentation management company Shufflrr. It usually is that one unique extra item [that is] necessary to the job, but [was] not anticipated when bidding the job.

    For this reason, Ontra advised budgeting slightly above your anticipated line-item costs, no matter what, so that if you do go over, you won t be fully unprepared.

    I go by the cost-moon-stars theory, he said. If you think it will cost the moon, expect to pay the stars.

    Pay attention to your sales cycle

    Many businesses go through busy and slow periods over the course of the year. If your company has an off-season , you ll need to account for your expenses during that time. Cho also suggested using your slower periods to think of ways to plan ahead for your next sales boom.

    There is much to be learned from your sales cycles, he said. Use your downtime to ramp up your marketing efforts while preventing profit generation from screeching to a halt. In order to keep your company thriving and the revenue coming in, you will have to identify how to market to your customers in new and creative ways.

    Plan for large purchases carefully and early

    Some large business expenses occur when you least expect them a piece of equipment breaks and needs to be replaced or your delivery van needs a costly repair, for instance. However, planned expenses like store renovations or a new software system should be carefully timed and budgeted to avoid a huge financial burden on your business.

    Substantial business changes need to be timed carefully, balancing the risk with the reward and done with a full understanding of the financial landscape you re operating within, Cho told Business News Daily. An up-to-date budget and data-driven financial projections are important components that help guide when to make large investments in your business.

    Remember that time is money, too

    One of the biggest mistakes small businesses make is forgetting to incorporate their time into a budget plan. Ontra reminded business owners that time is money, especially when working with people who are paid for their time.

    Timing underestimation directly increases costs, Ontra said. For us, the biggest underestimation is allotting time for client feedback. It is a Herculean effort sometimes to meet a deadline with lots of people focused on a single task. Then, the client needs to give feedback for us to proceed. If the client is distracted with other issues, feedback planned for a three-day turnaround, can become a week or longer. Not only do you start to lose time to the delivery schedule, your team also loses momentum as their collective thought shifts focus to another project.

    Ontra recommended treating your time like your money, and set external deadlines later than when you think the project will actually be done.

    If you believe the project will finish on Friday, promise delivery on Monday, he said. So, if you finish on Friday, deliver the work early and become a star. If for some reason time runs over, deliver on Monday and you are still a success.

    Constantly revisit your budget

    Your budget will never be static or consistent it will change and evolve along with your business, and you ll need to keep adjusting it based on your growth and profit patterns. Cho suggested revising your monthly and annual budgets regularly to get a clearer, updated picture of your business finances.

    Regularly revisiting your budget will help you better control financial decisions because you will know exactly what you can afford to spend versus how much you are projecting to make, Cho said. Take into account market trends from the previous year to help you determine what this year may look like. Once you have a clear understanding of your business s budgetary needs, you can accurately forecast what can be set aside for an emergency fund or unexpected costs.

    Nicole Fallon Taylor

    Nicole received her Bachelor s degree in Media, Culture and Communication from New York University. She began freelancing for Business News Daily in 2010 and joined the team as a staff writer three years later. She currently serves as the assistant editor. Reach her by email. or follow her on Twitter .

    You May Also like

    What is Zero-based Budgeting?

  • Organization is Key to Managing Business Finances

  • Don t Burn Through Your IT Budget: 5 Ways to Save Money





    Tags : , , , , , , ,