As a small business, once you decide to extend credit to a customer, you now have a financial stake in continuing that relationship even if you suspect there might be trouble brewing. Here are some ideas to help you manage this risk. Develop a rating system. Score each customer with a number. The number
When it comes to personal finance, guidance is often delivered in quick, confident soundbites: Open a high-yield savings account! Sign up for a rewards credit card! Buy your food in bulk to save money! On the surface, these suggestions sound like common sense. But managing your money is rarely this simple, as what
As a freelancer or contractor, at some point you may wish to incorporate and be taxed as an S corporation. Here’s a closer look at the process of becoming an S corporation and when switching might make sense for you. The main benefits of S corporations Self-employment tax savings. As a sole proprietor, you’re required to
A credit score is often treated like a financial grade. It’s the number people look at when you are applying for a loan, renting an apartment, or even getting a job. But while it’s important in certain situations, it doesn’t tell the full story of your financial health. In fact, it misses some of the
If you’re self-employed, there’s a good chance the rates you charge for your services are too low. Maybe you started out charging less to gain experience or attract clients, then never adjusted. This is the self-employed pricing trap: a cycle of undervaluing your work, attracting price-sensitive clients, and feeling stuck when it’s time to raise
Family budgeting has often less about numbers and more about finding something that works. But while budgeting used to involve envelopes, calculators, and arguments at the kitchen table, today’s families have upgraded (or downgraded, depending on your perspective) the methods they follow. Here’s a comparison of the classic vs. contemporary approach to managing money when
Building and reviewing an emergency plan can help your family know what to do in a crisis – especially if the next one is financial. Here’s how to create your own family financial emergency plan, stress-test your budget, and build a great financial foundation. Step 1: Assess your current financial situation. Start by gathering the
A negative online review can be frustrating, especially when you work hard to provide a great product or service. How you respond to the negative review, though, may matter more than the review itself. Here are several ideas for handling this type of feedback and how it could actually turn into a great opportunity to
Getting a bill for an unexpected expense can put a dent in your business’s cash flow. Here are some tips your business can use to handle these unforeseen bumps in the road. Stick to a reconciliation schedule. Know how much cash you have in your bank account at any given time. This is done by
Couples consistently report finances as the leading cause of stress in their relationship. Here are a few tips to avoid conflict with your long-term partner or spouse. Be transparent. Be honest with each other about your financial status. As you enter a committed relationship, each partner should learn about the status of the other person’s