The BOSS Network Blog

Eighty percent of employees are employed by small businesses. This shows that small businesses are a great contributor to the economy.   Many small businesses struggle to stay afloat and an even smaller number are able to remain in the black.     Many small business owners wear several hats which causes them to neglect tracking their business finances. They often neglect basic financial tasks that come back to haunt them in the future. Other small business owners wait until the end of the year to start organizing their business finances which can cause them to miss out of deductions and tax credits. Small business owners have to be more diligent in properly tracking the business finances because they are more susceptible to economic conditions such as the recession and government shutdown which takes longer to recover from. Financial problems consume valuable time and business resources. Small businesses must utilize resources available to maintain th...

“The Emyth Revised” author Michael E. Gerber uses the term “Management by Abdication” which requires you to relinquish the business and hire someone to help you run the day-to-day operations of your business thereby passing the accountability to others so you can focus on managing your business.  Being a superwoman in your business can cost you money, reputation damage, loss revenue or state, federal or legal fees. Your business should work without you not with you. Unfortunately most entrepreneurs start their business on their own and then decide to seek help later which is a huge mistake. You should commence with staff when starting your business. You can hire college graduates or entry level staff to help you perform the day-to-day operations of your business if you are unable to hire experienced workers. When starting a business set clear business goals, a company vision, mission and business requirements such as funding, staff, location, and future growth needs. Then d...

Many people have the passion and knowledge to become business owners but do not take time to educate themselves about how to start and sustain a business. Many business owners cannot generate increased revenues to produce consistent cash flows due to lack of business skills or business knowledge. Lack of business skills can cause lost revenue. Some of the most common mistakes business owners make are: not accepting multiple forms or payments, credibility - what makes you different from your competition, having bad credit, limited use of technology, lack of creativity and not establishing a target market.  As a customer you do business with companies that have experience, provide good customer service, offer reasonable prices, meet your needs and have proven that they have sound business skills. Are you providing the same to your customers? Don’t let your lack of business skills cost you revenue. Educate yourself about how to become a successful business owner to help ...

Women earn approximately $.74 for every dollar a man earns and pay over $426 billion a year on hair, nails, toiletries, and beauty products. Women pay more than men for services such as hair salon, dry cleaning, insurance, housing and healthcare. Unfortunately there is no federal law banning gender pricing which varies by state to state. Earning less money and mishandling their finances puts women at risk for financial failure.  If you mismanage your finances these bad habits can carry over in other areas of your life. When your finances are out of balance so are other areas of your life such as your career, relationships, family and health. Managing your finances properly requires discipline, attention to detail, organization skills, strategic planning, sacrifice, and logic skills. These skills are also useful in other areas of your life. Being the CEO of your finances reduces stress, anxiety, sadness, frustration and anger and helps keep your life in balance. Since ...