I frequently hear discussion of debt in business, with arguments coming from both sides. While I do agree that debt can have its place in growing your business, it’s important to consider all the facts first. As we are potentially looking at a recession in the future, which could leave you tempted to take out […]
Some things are just better together, like peanut butter and jelly and ecommerce businesses and credit cards. In today’s financial world, little plastic cards have become the #1 tool, especially in ecommerce businesses. So, it makes sense that the first question I get when talking about Profit First is, “Can I still use my credit […]
The typical argument I hear from my clients is that their business has to have debt to achieve growth. I understand where they’re coming from, but there are factors that need to be considered because not all debt (or growth) is created equal. You need to understand a few critical components of both debt and […]
Some things just go together: peanut butter and chocolate, washers and dryers, and ecommerce businesses and credit cards. These little plastic cards have become an essential business tool, in ecommerce especially. In fact, when I talk with clients about profit first, one of the first questions I always get is, “I can still use my […]
I often hear comments from ecommerce business owners that they have to have debt in their business in order to grow. I understand the mindset. While some debt can be a good thing, not all debt is created equally, so there are factors that need to be considered. The same is true with growth. Here […]
Just before the New Year, the new Consolidated Appropriations Act of 2021 was passed. My colleague and bookskeep financial advisor, Anna Popke of Majestic Oak Financial, summarized a few key aspects that ecommerce business owners need to keep in mind. So let’s get into the PPP loan info.
It’s been a few months since we talked about the Paycheck Protection Program (PPP) loans that many of you received earlier in the year. We have been monitoring the guidance issued by the Treasury Department and the Small Business Administration (SBA) and trying to keep tabs on the “talk” that Congress may offer loan forgiveness […]
While I generally advise many of our clients against the use of debt in their business, it can have its place, if it’s being used as a tool and is managed responsibly. There are good reasons to have debt, such as loans. Here’s how I differentiate between the good and the bad (to avoid the […]
The transition to Profit First can seem like a big adjustment when you’re paying down debt. Often, clients are so motivated as they start cutting costs that they apply all those savings to reducing debt. They are so excited about the progress that they bypass the profit account and apply all extra monies towards […]
