SpreadsheetsForBusiness.com

Every mistake made on a spreadsheet saves the cost, pain, and waste of the same mistake in real life.

[OKUNG @RussellOkung]

Anti-free speech.
Anti-free market.
Anti-small business.

It’s all connected.

[SpreadsheetsForBusiness.com @BizSpreadsheets]

"...the Price Sensitivity Meter was a concept that I'd come across that I thought was interesting and potentially helpful..."

https://t.co/d6iHVE2Okk

[SpreadsheetsForBusiness.com @BizSpreadsheets]

It is a "wizard," of sorts, for small businesses to use to find an ideal location. Information is presented in a #map or #report format.

6/6

[SpreadsheetsForBusiness.com @BizSpreadsheets]

Which tools do you use for conducting #marketresearch and how do you use them?

#Government websites are a great, free, resource for market research.

https://t.co/O20ehybcKk is the granddaddy of them all when it comes to market research for consumers

1/6

[SpreadsheetsForBusiness.com @BizSpreadsheets]

https://t.co/OLjyohbJxG is another great tool. One that's often overlooked.

The #Census Business Builder is an interactive tool that allows #smallbusiness owners to make educated decisions about the location of their businesses.

5/6

[SpreadsheetsForBusiness.com @BizSpreadsheets]

"Current assets and liabilities, like most other aspects of business, are within management's control. As a rule-of-thumb, a #smallbusiness should have enough in current assets to cover current liabilities."

https://t.co/q7m1v5IBt4

[SpreadsheetsForBusiness.com @BizSpreadsheets]

How do you calculate FIFO and LIFO? (an actual formula if you
have one)

*again, hopefully, addressed in #3

9/9

[SpreadsheetsForBusiness.com @BizSpreadsheets]

LIFO or FIFO: which one is preferred?

It depends on the circumstances. Assuming that costs are rising, then LIFO might be preferable because it will make the company's #profit appear lower. Subsequently, #taxes should be lower too.

1/9

[SpreadsheetsForBusiness.com @BizSpreadsheets]

You could, in theory, be valuing your inventory with costs that are decades old. And, that isn't particularly representative of your current financial situation.

8/9

[SpreadsheetsForBusiness.com @BizSpreadsheets]

This is a critical section for readers of your #businessplan. It tells them:

How you expect your #startup to perform financially
When you expect your new business to be profitable
How profitable you expect it to be

https://t.co/t1Dc9Id6yn

[SpreadsheetsForBusiness.com @BizSpreadsheets]

They'll give you 70-90% of the invoice amounts. Your customer will then pay the factoring company. Once the invoices are paid, you'll receive the rest of your #cash minus a fee of .5-5% per month. A potentially pricey option, but preferable to insolvency!

3/3

[SpreadsheetsForBusiness.com @BizSpreadsheets]

Tips to #Manage Your Accounts Receivable During a Crisis

Offer a discount to customers who pay quickly - if you're not already. Remind them that while 1-2% might not seem like much, the compounded annual return from such a discount is 20-40%.

1/3

[SpreadsheetsForBusiness.com @BizSpreadsheets]

If you're worried about the effect a #discount might have on revenue, you can strategically increase prices or request a down payment.

If all else fails, accounts receivable can be factored. In this scenario you "sell your invoices" to a third party.

2/3