6 Tips For Managing a Small Business’s Finances


Managing every aspect of a small business is time-consuming and requires tons of research. You may have to go through the trial-and-error process, but you will eventually find a way that works for your business. One major part of running a business is keeping track of finances. Small mistakes can cost the business time and money. These are some of our professional tips for managing your business’s finances.


Overestimate Your Expenses

Many of us have recently seen that each month is unpredictable. Identify trends to the best of your ability, even though there is uncertainty. Thus, overestimating your expenses is helpful. Planning to spend extra money will not hurt your company because the unused money can be put right back into next year’s budget.


Find a Trusted Mentor

Build a relationship with someone that fits your financing needs. This person should be knowledgeable and experienced. A mentor is important because the internet does not always have all the answers to your questions. If you are having trouble finding a mentor, ask your surrounding network if they know someone that is reliable. 


Revise Your Budget

Consistently revise your budget throughout the year. Again, everything is unpredictable and you need to adjust your budget to trends that are occurring. As your business grows, pay attention to your priorities. This helps you make smart financial decisions and allow your business to thrive.


Incorporate Time

Time gets overlooked sometimes when planning finances. Include the time and money that is incurred by your employees when they are on the clock. Consider big projects that need to be done, holidays and sales, or other times that your business is usually busy. 


Set Goals

Setting small goals will help enforce the right behavior that you need to help with financing. These small goals might not be noticeable at first, but in the long run they will make a major difference in your business. These goals can gradually be increased as you accomplish them.


Hire a Bookkeeper

Consider hiring a bookkeeper to take over the mundane financing tasks. A trustworthy bookkeeper will keep things running on the back end of your business. This will open up your availability so you can focus on what you love doing as a business owner. 


How PL Consulting Can Help You

Business financing is not always an easy task. PL Consulting hopes that these tips make it easier to understand and manage. 


We offer a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. We customize our services to each of our clients and their business plans. 


If you have questions about managing a successful small business, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.

6 Tips For Family-Owned Businesses

Family-owned businesses start small, then grow into successful entities. Each family member has their vision of the business’s success. These owners work hard daily. If your family-owned business has been around for years or you are just starting, these 6 tips for family-owned businesses will keep your business running efficiently and prosperously. 

business man at desk


An important tip for small businesses in any industry is to make connections. These connections lead to strong relationships and loyalty. Relationships take time and effort to build. They can positively result in collaborations, discounts on materials/services, or shared experiences with suppliers. 


Trust goes beyond building strong relationships with your connections. Continue to trust your family members that you work with. If you hire employees outside of your family circle, make sure they are someone that the team believes in. 


Effective communication is key to a small business’s success. Find a way that works best for everyone to communicate. This could be weekly meetings, email, or phone calls. Since a small business can make decisions much quicker than a corporation, use that to your advantage. 


Families are brought together through unity, so keep the same unity when running a business together. When making a big decision, do it as a team. If that is not possible, consider how everyone will feel about it. It should not be hard to agree. Ensure that everyone is on board with how the business is running. 


Every business needs core values and standards that they believe in. Many family-owned businesses base these values and standards on how their own family runs. These will make an ethical decision-making process involving customers, employees, and vendors. Values and standards entice customers to buy from your business.


Family-owned businesses are more than just their own family. They include the community that surrounds them. This community includes new employees that are brought onto the team when the business starts expanding. The community also includes the area that the business is based in. People want to see your business support the city they live in. The purpose of a community is to keep unity with people that are both inside and outside of the family. Share your objectives and mission with everyone in your community to develop a cohesive business model. 


Building a successful business with your family has trials and errors, but it is well worth it. This article covers some basic tips, but we know there is so much more to running a family-owned business. 


PL Consulting offers a diverse range of bookkeeping and other financial services. We customize our services to each of our clients and their business plans. Our one-on-one interactions are a valuable resource for both your team and ours. 


If you have questions about running a successful family-owned business, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.


3 Small Business Payroll Tips

Learn how to manage your payroll properly.

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How To Create A Budget For Your Small Business

Learn how to create budget for your small business.

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Learn how to create an effective strategic business plan.

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A Simple Guide to Financial Statements

Here is a simple guide to business financial statements.

An integral part of running a small business is analyzing your finances on a regular basis.  You need to stay up to date on important financial aspects of your business such as your revenue, expenses, and cash flow.  At PL Consulting, we specialize in putting together your financial statements and analyzing your financial position at the end of each cycle.  However, you still need to understand the basics of accounting when it comes to your small business.  Luckily, we have put together an overview of the financial statements you need to prepare.

Continue reading “A Simple Guide to Financial Statements”

3 Tips To Starting Your Own Small Business

Learn how to start your own small business.

As technology is constantly improving, you do not need a traditional office space to start a small business anymore.  Many successful small businesses are based online in the comfort of the homes of business owners.  However, starting your own business requires a lot of planning and research.  You want to ensure that your business idea will be something people will want to invest in and generate a profit in a timely manner.  Luckily, there are a few simple tips you can follow for those of you dreaming to start your own small business. Continue reading “3 Tips To Starting Your Own Small Business”

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Learn how to improve your customer retention rates for your business.

For a small business, it can be difficult acquiring a new customer, let alone maintaining your current customer base.  Often times, we focus so much on bringing in new business that we forget about making sure that the clients we currently have are happy. Customer loyalty is the real key to increasing sales, and ultimately, improving the revenue and profits of your business.  The professionals at PL Consulting specialize in customer retention and growth.  Luckily, there are a few simple ways to retain customers at your business. Continue reading “3 Simple Ways To Improve Customer Retention”

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Learn how to improve the cash flow of your business.

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