Money

How common is business debt? What are some things you can do to reduce your company’s debt burden? Studies show that 79 percent of all U.S. small and medium companies are in debt, and that 58 percent of all U.S. small and medium companies are over $50,000 in debt. According to Mike Michalowicz, the author of Profit First, pulling out of debt begins with ruthlessly cutting your expenses. Here’s how to get out of business debt in three steps, according to Michalowicz.

What is the Profit First system? How can implementing the Profit First accounting system help you improve your business’s bottom line? The Profit First system is entrepreneur Mike Michalowicz’s solution to replace traditional business accounting. Implemented properly, the Profit First system should lead your business to long-term success. However, Michalowicz notes that there are some common misunderstandings entrepreneurs have about the system, which can lead to mistakes in financial decision-making. In this article, we’ll explain the three most common mistakes entrepreneurs make when using the Profit First system, the misunderstandings that cause them, and ways you can avoid making these

Do you own a small business? How can you determine your small business tax percentage? In his book Profit First, Mike Michalowicz provides three methods for determining your ideal tax percentage as a small business owner. The tax percentage should not only cover your business taxes but your personal taxes as well. Here’s an overview of the three methods.

Are you looking to cut down on your business expenses? How do you determine what your business needs and what can be cut? When it comes to cost-cutting in business, it should never be done at the expense of your crucial functions. Before you cut costs, identify resources you couldn’t do without and cut only what you don’t need. Here’s how to lower your business expenses.