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Business strategy
How to properly determine your business financial standing.
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[QUOTE="King bell, post: 279798, member: 75687"] When it comes to your business, it is important to always be aware of your financial standing. This way, you can make informed decisions about where to allocate your resources and how to best grow your business. There are a few key things you should keep in mind when determining your business financial standing: 1. Know your revenue streams. The first step to knowing your business financial standing is to understand your revenue streams. This means understanding not only how much money is coming in, but also where it is coming from. This information can help you make decisions about where to focus your efforts in terms of marketing and sales. 2. Understand your expenses. The second step is to understand your expenses. This includes both fixed and variable costs. Fixed costs are those that remain the same each month, such as rent or insurance. Variable costs, on the other hand, can fluctuate, such as inventory costs. Knowing your expenses can help you control them and make sure they are in line with your revenue. 3. Track your cash flow. The third and final step is to track your cash flow. This means keeping tabs on how much money is coming in and going out each month. This information is crucial in understanding your business financial standing. It can help you make decisions about where to allocate your resources and where to cut costs. By following these three steps, you can get a clear picture of your business financial standing. This information can then be used to make informed decisions about how to best grow your business [/QUOTE]
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