levitesandco

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#DetroitStrong #SmallBusiness #WeWillSurvive #SmallBiz #financialplanningandanalysis https://www.instagram.com/p/CAEe7DElJRy/?igshid=rir8t6rakebf

#detroitstrong #smallbusiness #wewillsurvive #smallbiz #financialplanningandanalysis

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Thank you! Thank you! Thank you! #levitesandco #detroit #detroitmi #detroitsmallbusiness #detroitstrong #financialplanningandanalysis #weareinthistogether #weareone https://www.instagram.com/p/B_5hezjFYzX/?igshid=1ip3855ookgw4

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Try if you may, but you won’t be able to avoid it. All successful business need a bookkeeping/accounting system to keep track of finances—income, expenses, capital expenditures, EBITDA, profit and loss, etc. It is the only way and understand and take charge of your business’s cash flow situation, not to mention is the basis for tax-filing purposes. Accurate bookkeeping is a necessary for any small business owner who plans to own a profitable business that will grow over time. Here are five good reasons why a good bookkeeper could be a greatest asset: 1 - Maintaining control over the assets and budget - Bookkeepers record financial entries, generate reports, pay bills, invoice customers, process payroll and much more. When starting out, business owners may handle their own bookkeeping. The primary advantage of bookkeeping is that it helps business owners understand their company net worth and stay in control of the finances. 2 - Bookkeepers track money owed, bill due dates and bank balances. Keeping track of these three things allows business owners to pay bills on time with checks that do not bounce and keep track of the company's debt overall, protecting your credit reputation and 3 - Time and Money Some business owners view the time or money spent on bookkeeping as disadvantageous. A business owner who does not want to spend time on bookkeeping must buy financial software. If a business owner handles his own bookkeeping, he takes time away from other activities that generate income for the business. If a business owner hires someone to handle the books, he has to pay that person. A bookkeeper helps the business bottom line by diligently collecting accounts receivables, paying bills on time to prevent late fees, providing the owner with information to help him make sound financial business decisions and much more. The one thing bookkeeping does not do for a business is to directly increase the income of the business. 4 - Assessment of tax liabilities - Book keeping keeps the complete records of all business transactions and get them audited. More at Facebook.com/levitesandco. https://www.instagram.com/p/B_nzQ6yFQ7t/?igshid=1vr7r53uhlh7h

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***** Day 5 of 15 **** The Cost of Hiring When a business decides to hire a new employee, it must consider the cost. When someone leaves the organization and a replacement is needed, there is also a cost. In addition to the salary and benefits, there are a number of other costs, such as recruitment, the need to create a new workspace, equipment, training and in some cases, relocation expenses. There are many variables involved in calculating the exact cost of a new hire. The Cost of Recruiting The cost of finding the right person to hire can be hefty. There are various, potentially high costs in the process of recruiting alone, including advertising the opening, time cost of internal recruiter, time cost of recruiter's assistant in reviewing resumes and performing other recruitment-related tasks, time cost of the person conducting the interviews, drugs screens and background checks and various pre-employment assessment tests. Not every new hire will demand the same process, but even an $8/hour employee can end up costing a company around $3,500 in turnover costs, both direct and indirect.1 The Cost of Training Recruitment is just the first step in the process; once the right person is in place, businesses need to provide adequate training so the new employee can do the work and start producing for the company. Training turns out to be one of the costliest investments a company can make. The Cost of Salary + Benefits The obvious cost of a new employee - the salary - comes with its own bundle of side items, as well. Life insurance, disability coverage, dental plans, tuition reimbursement is just a few benefits. The Break-Even Point So all this investment leads to increased production, hopefully, at least that's why businesses make the investment. But it can take a while for the cost to get covered and companies to see a return on their investment. According to the Studer Group, "A survey of 610 CEOs by Harvard Business School estimates that typical mid-level managers require 6.2 months to reach their break-even point." #WeAreInThisTogether #UnitedWeStand #LevitesandCo #Bookkeeping #FP&A #FinancialPlanningandAnalysis #NavigateTheNewNormal https://www.instagram.com/p/B_dAsPiFRO2/?igshid=s2s82i5zx0wb

#weareinthistogether #unitedwestand #levitesandco #bookkeeping #fp #financialplanningandanalysis #navigatethenewnormal

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A tall order, we know, but we didn’t make it this far to give up now. #WeGotThis #PushThrough #weareinthistogether #detroitstrong #LevitesAndCo #smallbusiness #smallbusinessowner https://www.instagram.com/p/B_ZAXarFaYw/?igshid=1xhjonnpv1bm7

#wegotthis #pushthrough #weareinthistogether #detroitstrong #levitesandco #smallbusiness #smallbusinessowner

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The financial objectives of a business can be related to its cash flow, capital expenditure, revenue or profits, among other aspects. They not only improve a company's financial well-being but also guide its efforts and ensure it has enough funds to operate smoothly.

 Goals and objectives of business finance create discipline at workplace is one of the main financial objectives of a firm. Countless objectives exist, but prioritizing several will paint a picture that is obvious of immediate priorities. Companies set various types of goals, including objective of business finance, to give them a plan that is solid transferring the way of long-term success

1.       Revenue Generation:

Increasing income is the most basic and fundamental goal that is financial of business. Revenue growth comes from an emphasis on sales and marketing activities, and it is solely concerned with increasing earnings that are top-line earnings before expenses.

 2. Profit Margin:

Profits is a key objectives of business finance which are more sophisticated than revenue generation. Any money left over from sales revenue after all expenses have been paid is recognized as profit. Profit, or bottom-line profits, can be used in a number of ways, including investing it back into the business for expansion and distributing it among employees.

 3. Managing Operational Activities:

Operations are one of the important objectives of business finance to keep business running. Important goals include human resources processes, accounting objectives to create payroll and payment statements on-time and daily tasks for every job role. Without sound operational objectives being met, achieving revenue goals become harder.

 4. Productivity and Efficiency:

Maximizing employee performance and productivity drives revenue. Establishing objectives each quarter, year, month or week is just a start that is good. Including incentive for fulfilling objectives will increase performance and also productivity.

 5. Sustainability:

At certain times, businesses or brands could be primarily concerned with basic survival that is financial. Retrenching is a marketing technique, predicating an objectives of business finance that tries to keep a brand name alive and keep current revenue and profit levels from falling any further during the decline stage regarding the life cycle that is product/brand.

 6. Customer Satisfaction:

The client is top priority and delivering satisfaction is a main objectives of business finance. Take the customers survey and make an objective to always look for an improvement approaches. Happy customers leave reviews that are positive, spread word that is positive of and are far more likely to repeat business.

 7. Return on Capital Investment:

Return on Investment (ROI) is a ratio can be applied to two situations that are basic. First, ROI is concerned utilizing the profits generated from investments as a primary objective of business finance. Business owners want to make sure the buildings, machinery, equipment and other furniture they purchase generates revenue that is enough revenue to justify the purchase cost.

 8. Employee Benefits:

Performance and production are very important, at the same time employee health is really a major objective of business finance. Fair compensation and benefits are objectives every continuing business should make an effort to meet. Happy employees and healthy employees are more productive.

 9. Emergency / Contingency Plans:

Unexpected occasions can break a continuing business without a proper contingency plans. A contingency is one thing a continuing company cannot prevent. For example: employees strike, natural disaster, halts manufacturing, the economy crisis. How will your business survive? create a series of contingency objectives to prepare for the worst situation.

 10. Leadership and Management:

Hiring and developing effective supervisors and business leaders is a goal that is key. Leadership upholds the core values and drives the continuing business to success. Organizations focused on developing the greatest possible leadership as a primary objectives of business finance are on a track that is positive.

#WeAreInThisTogether #UnitedWeStand #LevitesandCo #Bookkeeping #FP&A #FinancialPlanningandAnalysis #NavigateTheNewNormal #SmallBusiness #DetroitSmallBusiness #DetroitStrong #Entrepreneur #DetroitEntrepreneur

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Full Charge Bookkeeping? Yep! We do that too! Contact us. #bookkeeping #FullChargeBookkeeping #LevitesandCo #DetroitSmallBusiness #Detroit #FinancialServices https://www.instagram.com/p/B_Ox26elSP8/?igshid=1i7bxghfur6qd

#bookkeeping #fullchargebookkeeping #levitesandco #detroitsmallbusiness #detroit #financialservices

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***** Day 2 of 15 *****  😃

Every business has competition. Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows. Every business should thoroughly research, study and assess their competition on a regular basis. For starters, look for businesses with the most reviews and the highest ratings. This list obviously will change over time as products and business cycles begin and end. Narrow that list down to 5 or 10 at most. If you do not know who you competition is, try using websites like SimilarWeb.com, Buzzsumo.com or (my favorite) Alexa.com.

A personal visit is still the most obvious starting point - either to the brick and mortar store or to the company's website. Visit their location during both peak hours and off hours. Look around, ask questions, sample an item. Take notice of packaging, sizes offered and hours of operations. Watch how the staff interacts with customers. Check out the prices. Make note of their most AND least popular items. Visit your competitors’ websites. Evaluate their SEO. Determine how they are using keywords to boost their search ranking. Visit their social media pages. Review the reviews. What posts are receiving the most engagements. Who do they follow and who is following them? Further, research the owner(s) - what business background does the owners have. How many business ventures are they engaged in? How long have they been in this business?

Competitive analysis can be incredibly complicated and time-consuming, admittedly so, but it’s a necessary part of growing or just simply maintaining your market share. To stay relevant in evolving global economies and responsive when changes are abrupt, staying informed of your competitors’ activities can save you a lot of time and just as important, a lot of money.

Here is a one process you can follow to identify, analyze, and determine the strengths and weaknesses of your competition. For this process to work, you must be objective and realistic.

· What are their strengths? Price, service, convenience, extensive inventory are all areas where you may be vulnerable. How do you currently match up?

· What are their weaknesses? Price, service, convenience, extensive inventory are also areas you can take advantage of.

· What are their basic objectives? Do they seek to gain market share? Do they attempt to capture premium clients? See your industry through their eyes. What are they trying to achieve?

· What marketing strategies do they use? Look at their advertising, public relations, etc.

· How can you take market share away from their business? How much human and financial capital are you willing to invest? And for how long before you see a return?

Your competition affects how you make money and how you spend money. It affects how you make money because of the market share the competition has that you do not. It affects how you spend money in your pursuit of getting more of that market share for yourself. The products and marketing activities of your competition should be included in your financial strategy. An analysis of how the competition will affect revenue needs to be included in your planning. And of course, location.

#WeAreInThisTogether #UnitedWeStand #LevitesandCo #Bookkeeping #FP&A #FinancialPlanningandAnalysis #NavigateTheNewNormal #SmallBusiness #DetroitSmallBusiness #DetroitStrong #Entrepreneur #DetroitEntrepreneur

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***** Welcome to Day 1 of 15 where we showcase the benefits of Financial Planning for The Small Business. We hope you enjoy and receive much value from this series. *****

#WeAreInThisTogether #UnitedWeStand #LevitesandCo #Bookkeeping #FP&A #FinancialPlanningandAnalysis #NavigateTheNewNormal #SmallBusiness #DetroitSmallBusiness #DetroitStrong

How much will opening your business cost you? Once your business opens, how much cash income will you need to stay open? The second? Five years down the road? These are the foundational questions business – regardless of size – determines before beginning a new venture. One of the benefits of financial planning before you launch is that you get a clear view of what the risks and prospects are. If the financial risks are too high, you'll have to go back and revise your plans before taking the plunge.

Financial Planning begins with estimating how much your expenses will cost. This process needs to be repeated each time a new business service or product launched. Some of the monthly and one-time expenses you will likely have are a brick and mortar location, purchases of equipment and supplies, leasing or purchase of communication devices, utilities, licenses and permits, business insurance, lawyer and accountants, inventory, employee salaries, advertising/marketing and market research. Once you have your list of expenses, you can estimate how much they’ll actually cost. This process will be different for each expense you have. Some expenses will have well-defined costs — permits and licenses tend to have clear, published costs. You can search job websites like ‪Indeed.com‬, ‪Glassdoor.com‬ and others locally to estimate employee salaries and ‪Realtor.com‬ and ‪Trulia.com‬ to estimate the going rate for your ideal brick and mortar location. Look online and talk directly to mentors, vendors, and service providers to see what similar companies pay for expenses.

Next, add up your expenses for a full financial picture. Once you’ve identified your business expenses and how much they’ll cost, you should organize your expenses into one-time expenses and monthly expenses, ie one-time expenses are the initial costs needed to start the business. Major equipment purchases, hiring a logo designer, and paying for permits, licenses, and fees are generally considered to be one-time expenses. You can typically deduct one-time expenses for tax purposes (a capital expenditure), which can save you money on the amount of taxes you’ll owe. Make sure to keep track of your expenses and talk to your accountant when it’s time to file your taxes. Monthly expenses typically include things like salaries, rent, and utility bills. You’ll want to count at least one year of monthly expenses, but counting five years is ideal. Add up your one-time and monthly expenses to get a good picture of how much capital you’ll need and when you’ll need it. Once completed you now have a general idea how much income you will need to stay open.

Finally, projecting Business Revenue should be approached ever so conservatively and with thorough research. By estimating how many purchases per customer per month on average can we plausibly service, we can forecast daily, weekly, monthly and even annual gross revenue at any given time.

For example, if you are opening a gas station on a main intersection with the nearest competing gas station 1.5 miles away, in a suburban community of medium density, you might expect purchases per customer per month of 2 times. Based on these projections, if gas is X and the total amount of customers is Y, you monthly revenue projections would be 2XY.

If your business can survive and grow from these figures, all should be a go. If your figures are not possible, look at your expenses and estimated revenues and start again. Can you reduce or eliminate any of your perating expenses? How about securing a different location? Can you begin your business on line? Is partnering or collaborating an option? Should you wait another six months? A year? Be honest with yourself, determine what are true needs and what are not and move forward.

Funding your business is one of the first — and most important — financial choices most business owners make. How you choose to fund your business could affect how you structure and run your business. Determine how much funding you'll need, as every business has different needs, and no financial solution is one size fits all, your personal financial situation and vision for your business will shape the financial future of you business.