Image source: Small Business Trends
If you're a small business owner, you probably wear many hats at your organization. Daily tasks and operations can take so much of your time, which leads to leaving some important things behind. For example, managing your finances.
Topics: management, entrepreneurship, finance
Image source: MIT
In economics and finance, investors are perceived as rational actors focused on maximizing profits, and markets are anticipated to operate near a state of perfect efficiency. However, in reality, market sentiment creates radical swings like we've all seen. In order to understand how financial markets change, the purely efficient view has to be reconsidered.
Image source: Small Business Trends
Small business owners often don't make the right use of financial statements. They don't fully understand what they are, and can't read them properly. Although most people assume the business owners know these numbers, they usually don't have the knowledge they need for understanding and planning for their business throughout the year.
Topics: management, finance, strategy
Image source: Entrepreneur
Many business leaders are known to make decisions based on instinct and put a lot of trust in their inner voice. Richard Branson reportedly said, “I rely far more on gut instinct than researching huge amounts of statistics". However, this might not be the best growth strategy tactic if you're a small business owner. If your instinct turns out to be wrong, you don't have a corporate cushion to catch you when you fall.
With all the recent talk about trade deals in the news and politics - it's important to take a step back and consider what they are.
Topics: management, international, trade, politics, finance, economics