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Accounting for the Numberphobic: A Survival Guide for Small by Dawn Fotopulos

By Dawn Fotopulos

Why accomplish that many company vendors dread the numbers? They make excuses...They do not need time...That's what the accountant is for...But the easy fact is that nobody else will ever be as invested of their corporation as they're - they usually have to take keep an eye on. As a small-business proprietor, monetary statements are your most crucial instruments - and in case you do not know the right way to learn them and comprehend their implications, you can't potentially steer your small business effectively. Accounting for the Numberphobic demystifies your company's monetary dashboard: the web source of revenue assertion, money stream assertion, and stability Sheet. The e-book explains in simple English how each one size displays the general health and wellbeing of your corporation - and affects your judgements. you can find: how your web source of revenue assertion is the foremost to becoming your gains; tips on how to establish the break-even aspect that implies your online business is self-sustaining; real-world suggestion on measuring and extending money circulate; and, what the stability Sheet finds approximately your company's worthy. Illustrated with case stories and choked with useful motion steps, this crucial advisor will placed what you are promoting at the route to profitability very quickly.

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Additional resources for Accounting for the Numberphobic: A Survival Guide for Small Business Owners

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How your business prices its talents, products, or services influences how many customers will buy. I’ll teach you how to set your business’ prices and how to recognize when it’s time to change them. • Diversifying the client base. Every client you sell to provides cash streams to the business, like a company in an investment portfolio. And just like a healthy investment portfolio, a healthy small business portfolio contains many clients, none of which represents more than 15 percent of the business’s net revenue.

Org Chapter 2 • The Net Income Statement 25 goods, or goods that quickly become technologically obsolete, it might make sense to sell inventory at a deep discount just to raise cash. Unless a business is selling rare diamonds or valuable antiques, most inventory decreases in value over time until it becomes worthless. It’s better to get a few cents on the dollar than nothing at all. But this should be the exception, not the rule. The rule of thumb is to sell a product at COGS plus 45 percent, to make it worth the risk to offer that product.

00 on every T-shirt you sold. If those Tshirts really started to sell, the business would be draining savings faster than the federal government drains its annual budget! Selling more units doesn’t lead to more profits if unit costs are too high or the selling price is too low—it actually leads to losses. ” I’ve exaggerated this example to make a point, but the truth is that far more businesspeople do this than you can imagine. Few small business managers know the true, fully loaded cost of goods of the products they are selling, so they’re pricing the product based on false assumptions.

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