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Possible Promise Financial

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[Possible Promise Weekly Tips] Strategies for Effectively Pricing Your Business Services

Effectively pricing your business services is crucial for profitability and competitiveness. Here are some strategies to consider: Understand Your Costs: Calculate all costs associated with delivering your services, including materials, labor, overhead, and any other expenses. This forms the foundation for setting your pricing to ensure that you cover your costs and generate a profit. Understand Your Costs: Calculate all costs associated with delivering your services, including materials,...

23 days ago • 1 min read

This is a bit more of a controversial post today, but I feel like it's something that needs to be said. There are a prevalence of bookkeeping courses out there that claim to be able to take you from an absolute beginner, to the owner of your own thriving, successful bookkeeping business with no formal training or prior experience needed. Is bookkeeping really that accessible that anyone can learn it in a matter of weeks? Or should bookkeepers be held to a higher standard? That's the topic of...

30 days ago • 1 min read

Well, it's been a while since my last blog post. I've been busy with end-of-year preparation for clients, not to mention going back to school to pursue a degree in accounting. I recently wrote a research paper for one of my classes that I thought would be perfect for this blog. The paper examines whether the four-day work week has as many advantages as commonly reported. My research surprised me, to say the least, so I hope you find this post informative. Click Here to Read the Post In...

3 months ago • 1 min read

Many business owners get burned out, putting endless time, energy, and resources into their business, but barely drawing a profit for themselves. That’s not to say the business doesn’t make a profit, but it’s common to simply want to reinvest that profit back into the business, believing that such is necessary to sustain steady growth. In this blog post, I discuss why it’s actually just as important that you withdraw a healthy profit from your business. Your business should serve you just as...

7 months ago • 1 min read

There’s more to bookkeeping than tracking income and expenses. Things can get a bit complex, especially when dealing with accrual-based methods, which involve recognizing expenses and revenues after, or even before, cash actually changes hands. Sometimes you want to prepay for an expense up to 12 months in advance, maybe to lock in a discount, or simply because that’s what the vendor requires. In accounting this is called, appropriately, a prepaid expense, and it requires special handling. So...

8 months ago • 1 min read

In software development there is a principle called “YAGNI” which stands for “you aren't gonna need it.” It basically means that you should only add a feature when it's absolutely required. You shouldn't do something because it seems cool or it might be needed later, because chances are it won't be needed after all. The same applies in business. There are a million and one things we think would really help our business — and sales people for each of those things that will tell us why we...

9 months ago • 1 min read

Starting a business is a large undertaking. There are so many moving parts — so many things to take into consideration. In the midst of all this, you're almost certainly going to make a mistake here and there. But that's OK. it's not the mistake itself that will usually impact the business in the long-run: it's what you do about that mistake. It's about whether you take it in stride, or allow it to affect your confidence and belief in your own success. Those who see mistakes as just part of...

9 months ago • 1 min read

What would you say is the most important expense in your business? Is it the rent, to make sure you have an office to carry out your business? Is it your payroll, to make sure your employees keep coming back? Maybe it's the materials that let you create your products to be sold? It's none of these. Your most important expense is the payments you make to yourself, the owner. You are the linchpin of the business. Without you, nothing else could happen. But even beyond that, the business exists...

10 months ago • 1 min read

Cash flow is a part of business that is often ignored. As long as you have profits on paper, and as long as there's cash in the bank, it's easy to think that everything's OK. And yet it's only by being intimately aware of your business's cash flow that you can answer certain questions, such as whether you can afford an additional expense, or to bring on another employee — or even if you can just pay yourself more. A couple weeks ago I did a Facebook Live discussing the importance of knowing...

10 months ago • 1 min read

When you're planning for some new venture in your business — whether it's bringing on a new employee, or taking on some new expense — I 100% believe it's important to make sure there's room for it in the budget, first. But sometimes, an idea just strikes out of nowhere — an idea that you're so certain will work out, you simply want to act on it right away without worrying about the details. I think there has to be a balance between planning and inspiration. Some people are 100% on the...

10 months ago • 1 min read
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