Michael Giuffrida

One of the biggest mistakes small business owners make is neglecting to come up with a yearly budget. This is different from the one, three, and five-year projections made before opening the company. The annual budget takes into account all the things that take place while the business is actually running. It’s this yearly budget that allows owners to make some adjustments to the business. More or less, it can be considered a "readjusted operating budget." Alongside these invaluable operation tweaks, owners can also see the bigger picture and have confidence in the business. Image source: business.com The readjusted operating budget may take a lot of work, so it is best to start with simple numbers at first. Predict both revenue and revenue growth and list direct costs (costs of products sold and the expenses for their delivery). More often than not, numbers, especially for the first year, will only show the business either breaking even or at a loss (if the...

For two decades now, the email has been one of the main avenues of communication in business for good reason. Emails are messages that can be sent and read instantaneously, and provide an unprecedented level of convenience. Image source: information-age.com Nowadays, it’s common practice for some companies to have their employees access the company email on their personal mobile phones. It’s common practice—but is it good practice? Is it safe? What are the chances that other people outside the company will take advantage of the company email? These are questions a number of managers have been trying to answer. This is one of the reasons the AUP or acceptable use policy exists in companies. And this needs to be emphasized as soon as an employee starts training to be a regular part of the company. Employees need to understand their responsibility and put it in black and white by signing the AUP. Companies also need to have plans in place if an employee loses his mobi...

What happens in monthly financial tallies is the result of day-to-day financial management. There are a lot of consequences business owners could face if they don’t properly manage their daily financial activities. Their business can slowly bleed, resources could be misallocated, and revenues would not be as big as they expected. According to financial expert Michael Giuffrida, business owners, especially of small enterprises, should know the importance of effective daily financial monitoring. Here are some day-to-day finance tips for small businesses. Image source: foundersgrid.com Hire a trustworthy bookkeeper Not everyone who goes into business has a knack for accounting and finance. This is why business owners should consider hiring a bookkeeper to help give them a transparent look at their finances. Not only can a bookkeeper have the business’ finances on track, but they can also make suggestions on assets that can be improved upon. Actively evaluate employee r...