Financial Freedom Classroom

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SAM wants you to have FREE advertising

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Image courtesy of vectorolie at freedigitalphotos.net
Image courtesy of vectorolie at freedigitalphotos.net

This is not an April Fools joke!  Want some free advertising? Any business would, right? At www.sam.gov you can get it!

The System for Award Management (SAM) is an official U.S. Government managed website which encourages companies to register for free.  An added side benefit to registering on this website is that your company will be able to receive government contract awards.

When registering be careful to select the appropriate socioeconomic categories that apply to your business. If you are offering quotes on government contracts it will make a difference.  For the details on the categories visit the SBA website government contracting page.

Click LIKE if you appreciate FREE advertising!

Are you and your family protected?

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Image courtesy of David Castillo Dominici at freedigitalphotos.net
Image courtesy of David Castillo Dominici at freedigitalphotos.net

Insurance can be very confusing and expensive. Thursday at 7:30pm we will have award winning super sales representative Rachel Foley from Liberty Mutual Insurance joining us to talk about auto, home, term life, investment property, and umbrella insurance. It will be a jam packed half hour!

Rachel will share the guidelines to ensure proper coverage as well as some money saving tips! Specifically, we were able to save a significant amount on our auto insurance when our teen began driving. This tip alone saved us hundreds per year!

Life insurance can be another slippery slope, but sticking solely with term insurance is the best way to go. This is a great topic because you don’t always need life insurance but if you do, you want to make sure you have the right amount to protect your family.

Click LIKE if you will be joining us on Thursday for this very informative webinar!

Know the VERY important numbers

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Image courtesy of Stuart Miles at freedigitalphotos.net
Image courtesy of Stuart Miles at freedigitalphotos.net

In business you must know your numbers, always. It is the heart beat of your business. If you don’t know them, your business could flat line.

At the very least the following need to be kept updated:

  1. Balance sheet which consists of the total assets and liabilities. It can also be known as the statement of financial condition.
  2. Income statement which states the revenue or gross income, minus the cost of goods sold in order to determine the gross profit of a business. This report can also be known as the profit and loss statement or P&L.
  3. Cash flow statement which summarizes how much cash is going in and out of the business. Be sure to draft a projected statement for anticipated income and expenditures so you have a fiscal road map to follow.

Keeping these reports updated at least monthly is a great way to keep the pulse on your business, ensuring a strong, long life.

How frequently do you update these reports?

How much should you pay yourself?

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Image courtesy of David Castillo Dominici at freedigitalphotos.net
Image courtesy of David Castillo Dominici at freedigitalphotos.net

Well, it depends. If you have ever been a business owner you know what we mean. Technically speaking you should get paid what you are worth but as a business owner there are many variables that need to be considered.

One very important consideration is to pay from the profits, ONLY. It can be difficult to watch the money come in and think WOW I got it made! But if your expenses are large you really don’t. So be careful to only pay from the revenue minus the expenses or the profit.  Remember to include TAXES in your expenses.

In some legal business structures the business owner’s pay might be restricted. For instance, if the business is incorporated and there are stockholders, usually the business owner is on the payroll, like an employee. Conversely in a sole proprietor situation you can pay yourself whatever you want!

As a business owner, do you feel you are paid enough? Please comment.

Out of website ideas? Watch this from The Idea Garage!

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Great information regarding business websites from Beau Esby at The Idea Garage!

Watch this great interview from someone who knows how to build professional, eye catching websites.  You will be glad you did!

Please comment on your favorite tip below!

One of the most important tools for your business…

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Image4 courtesy of Stuart Miles at freedigitalphotos.net
Image4 courtesy of Stuart Miles at freedigitalphotos.net

Where does everyone look to find a business for what they need? The phone book? Not any more…it is the INTERNET! If you don’t have a website, you don’t stand a chance at staying competitive in the market place.

Join our webinar tonight at 7:30pm when Beau Esby, CEO of www.TheIdeaGarage.com will discuss her business of creating and maintaining one of your most valuable assets in business, your website. If you haven’t signed up yet, click here to receive a link to join the discussion. Don’t miss it!

Is your website important to your business?  If so, click the like button.

Want to sell to the government?

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Image2 courtesy of Ambro from freedigitalphotos.net
Image2 courtesy of Ambro from freedigitalphotos.net

To help businesses cut through the confusing world of government contracts PTAP is there.  PTAP stands for Procurement Technical Assistance Program and is FREE in every state to provide direct services to business.  They provide workshops and seminars on a wide range of government contracting topics.  Want to get connected to other small businesses and agency officials who might need what your business has to offer?  PTAP can help.  They even provide one-on-one counseling tailored to your business’s needs.  Did I say all of this is FREE?  Why yes it is check it out!

Please comment and share your experiences with PTAP.

Score some FREE business help

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Image courtesy of David Castillo Dominici from freedigitalphotos.net
Image courtesy of David Castillo Dominici from freedigitalphotos.net

Did you know you can get FREE business help? SCORE.org is a staffed with volunteer experienced business people who can provide a plethora of information. You can get a lot of help by requesting a mentor or as little help as emailing in a question.  They also offer events and workshops on a wide range of topics. There are even online business tools available. Be sure to take advantage and SCORE.org.

Please share any great business tips you have.

Want to increase viewership, engagement and subscribers?

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Just one word ANNOTATIONS!  They are text overlays can be added to your YouTube videos. Did you want to add or highlight a point in your video?  Add an annotation.  Do you want to ask a thought provoking question in print to emphasize a point?  Add an annotation.  Do you want to add a clickable link to your website from your video to join your mailing list?  Add an annotation.  Do you want to add a link to subscribe to your YouTube channel?  You guessed it, add an annotation!  The list goes on and on.  This is a fantastic tool to help your business grow.  Use it today!

Please comment on how you could use annotations in YouTube to help your business grow.