Bookkeeping tip: When deciding whether or not you should expand your business, offer a new service or product, or open a new location, use your income statement and cash flow report to help you make the decision. Your income statement calculates how much money your business keeps after all of the expenses. Your cash flow report will help you determine if you have enough cash to withstand the expansion. For more guidance, click the link below to download the first section to my book, The simple guide to accounting & financial strategy for new entrepreneurs, for free.
Happy Monday, love!
In celebrity business news, the Kardashian-Jenners took over the web. Again.
Kim, Khloe, Kourtney, Kylie and Kendall teamed with Apple to launch five individual apps. Their new apps will give their fans exclusive access to the behind the scenes of their busy lives. A smart business move. As it will cost $2.99 to download the app and will give the ladies complete control over their networks and image.
As an entrepreneur, it's important to launch a new product or service in order to keep the business fresh and exciting. Not only is this important from a revenue perspective, but also because it keeps your creative juices alive. Sometimes we can get caught up with the hum-drum of our business routines, and if we do that for too long it will zap our inspiration.
Every six months or so, I reassess my business and brainstorm a new service offering or product that I can launch. In early 2016, I will launch a bookkeeping 101 course for new entrepreneurs. I’m so excited to start putting the material together and designing its marketing strategy.
Not sure if it’s time for you to launch a new product or service?
- Are you itching to earn more revenue in order to hire a new employee or elevate the business?
- Are you feeling uninspired in your business?
- Has it been over six months since your launched a new service or product?
- Is one of your revenue streams drying up or not producing consistent results?
- Do you have the bandwidth to launch a new revenue stream?
If you answered yes to three or more of these questions, then it is definitely time for you to launch a new product or service.
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Danetha Doe (@danethadoe) is a business strategist. She was selected as a millennial contributor for Wells Fargo’s millennial campaign and honored as one of the Top 40 Under 40 accounting professionals in 2015 by CPA Practice Advisor. Sign up for her free weekly newsletter for business tips at www.danethadoe.com.