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Topic: Running Your Business

Bootstrapping 101: Upsides, downsides, and FAQs

You have a great idea, and you are so sure it will succeed that you decide to move ahead with a business plan, a prototype, and funding – the whole shebang!

Two of these steps are within your control: you can write a business plan, and you can plow ahead with a first prototype. Funding, on the other hand, can be a very elusive piece to the puzzle.

Take courage, however, because numerous funding opportunities do exist: bank loans, venture capital, crowd funding, family and friends, and bootstrapping.

Today, we’re going to deal with bootstrapping, that “dig-deep, do-it-yourself” funding option. 

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The Benefits of Outsourcing Bookkeeping and Accounting

Few business owners launch a new venture for the pleasure of doing paperwork or keeping their accounts up-to-date and tax records in order. But the reality of owning a business is that much of your time will be spent servicing the company rather than your customers. As the business grows, so will the paperwork burden. Once you find yourself up to your elbows in receipts, cash flow reports, and spreadsheets, it’s time to think about getting some help.

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Does My Business Need a Part Time CFO?

Welcome to Part 4 of our “Does my business need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

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Does My Business Need a Financial Analyst?

You've made it to Part 3 of our “Does my business need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

Missed the other articles? Check them out here: 
Does my business need a bookkeeper?
Does my business need an accountant?
Does my business need a part-time CFO?

What does a financial analyst do?

The role of a financial analyst is to help steer the company down the most profitable path. To accomplish this, an analyst craft budgets and forecasts that set the financial targets for the given period of time (yearly, quarterly, monthly). In addition, analysts assist management in making investment decisions by performing analysis based on return on investment (ROI), net present value (NPV), and discounted cash flows (DCF), or other methods.

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Does My Business Need an Accountant?

Welcome to Part 2 of our “Does my business need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

Other articles in the series:
Does my business need a bookkeeper?
Does my business need a financial analyst? 
Does my business need a part-time CFO?

What does an accountant do?

An accountant digests and presents the information that a bookkeeper enters into the accounting system. Their role is less transactional than a bookkeeper’s and more interpretive. Accountants help management make business decisions; they compile financial statements like income statements, balance sheets, and cash flows; assist with tax returns; and enter more complex journal entries (deferred revenue, accrued expenses, etc). While a bookkeeper generates data, an accountant helps you understand and turn that data into action.

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Does My Business Need a Bookkeeper?

Welcome to Part 1 of our “Does My Business Need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

Other articles in the series:
Does my business need an accountant?
Does my business need a financial analyst?
Does my business need a part-time CFO?

What does a bookkeeper do?

The role of a bookkeeper is to enter, categorize, review, and reconcile transactions in a company's accounting system. Having sales and expense data properly categorized enables business owners to see where they are spending and making money.

Historically, a bookkeeper would receive a list of entries or transactions in the form of receipts, emails, bank statements, credit card statements, invoices, loan documents, etc. and assign them to different accounts based on the type of transaction. While this is still common practice, it doesn’t have to be.

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3 Things History Teaches Us About Building a Brand (and Business)

A few months back, I traveled to Philadelphia and toured Independence Hall. The thing that struck me the most about our story of independence was how much it has evolved over the years. We think about this one day—the day our founding fathers signed the declaration of independence—and yet really, it was on July 2, 1776 that the Continental Congress voted to separate. On July 4, New York was still holding out. Really, there were lots of personalities with disparate, strong opinions and consensus was not so simple. Really, it was only on August 2 that the Declaration of Independence was signed. Really, independence was not a point in time, but a long, drawn out process.

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What the Start of Summer Should Trigger for Your Business

Depending on your business, summer might be the busiest time of year, the slowest time of year, or just another time of year. Regardless of what’s happening in your business, June, July, and August are the perfect months to think about what could help you manage through the crazy or fill the lull.

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