The BOSS Network Blog

The one person besides the chairman of The Federal Reserve that people listen to regarding the state of the union on finances, investments and all things money is Warren Buffet. The Berkshire Hathaway owner has a quote that I really take to heart: “Never depend on a single income”. I grew up in a time when my parents worked one job for 30 or more years and received a pension, gold watch and all the other things you supposedly work, scrape and scrimp for at the end of your time on the job. But as you know that is no longer the case! Not only have things changed, whole new markets have exploded and along with the bang, many new opportunities for growth, development and expansion. For single parents who are the head of their household, this is welcoming news! As a single parent, finding ways to be resourceful and grow your career or business, also adding a second or third income stream is and should be a top priority! It’s worth repeating, “Never depend on a single income”. And t...

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 ...

A financial management system is a critical component to building a profitable business yet many entrepreneurs start businesses without putting one in place. Let’s be honest, you’re in business to make money, right? Then why neglect creating and implementing a system that will help ensure you achieve the results you desire? Putting key foundational systems in place is a proactive approach to building a successful business that I believe begins with having a vision for your business. Your business vision should be so big that it excites and scares you at the same time. That vision should drive your actions which should be driven by the goals  you've  created. So, why is it so important to have a financial management system? Well, it helps you make better informed decisions about which strategies will grow and boost the bottom line. It will reveal the real cost of doing business and whether or not you’re charging enough for your products and services. Below are 5 key ...

According to the SBA, one of the top reasons small businesses fail is due to poor accounting, which boils down to one thing – not looking at the numbers. Do you have a system and process in place to monitor your bottom line? If not, how will you know when you’ve achieved your financial goals? How will you know which marketing strategies and actions are paying off and which ones are not? The numbers tell all! You may be thinking all I need to grow my bottom line is get more clients. More clients alone will not solve the profitability problem. Tracking and monitoring your numbers on a monthly basis will. Below are 5 key steps to help boost your business profits and achieve your financial goals: 1. Clarity – Clarity will grow the bottom line. Get clear about where your business profits are now. Then identify what your annual profit goal is or essentially where you want to end the year. 2. Focus – Focus on what you want to create based on step #1. Remember, what you focus on be...

Course: Creating an Exit Strategy Lesson 1: HOW TO CREATE AN EXIT STRATEGY Just revving up or about to retire, you need to know what the plan is to transition out of the business and help a new leader transition in. Lynette Khalfani-Cox a personal finance expert and founder of Ask the Money coach.com, is teaching a course on The Exit Strategy. Review the first lesson on How To Create Your Exit Strategy and get your business in order. Every business owner needs an exit strategy; this is true for the startup entrepreneur, part-time entrepreneur, long time business owner, or the serial entrepreneurs. An exit strategy simply put is your game plan for when you leave a company, sell it, or disband it. An exit strategy also helps you plan ahead, in the event of a death, disability, or a divorce, or anything else that would affect your operations. You don’t have to be running a multi-million dollar company or have lots of employees to require an exit strategy. Even if your ventur...