Article - Why It’s Vital to Pay Yourself First in Business

“Why It’s Vital to Pay Yourself First in Business,” posted on Entrepreneur.com by author Sam Harrop, is a great article that gives entrepreneurs an idea and a good visual on how to pay yourself first, as well as why it’s important.  Many new business owners find it difficult to separate their money from the business’ money, and oftentimes there is no clear line or a standard established when the business is started.

Highlights of the article:

• It’s important to figure your basic living expenses
• Have multiple budgets for the different stages your business goes through
• Get insurance

TheDataFyles feels that a good starting point is your budget, and knowing how much you are spending monthly for your living expenses.  This will help to determine how much your business needs to make in order for you to cover your basics, how much you need to break even, and how much to make a profit.

The best way to determine this information is tracking your expenses, and separating business expenses from personal expenses.  A simple Excel Spreadsheet is a quick and free way to track.

--Click here to read the article


For more information about the TheDataFyles, visit:
www.thedatafyles.com
www.thedatafyles.blogspot.com

Article - 6 Parts of Your Business You Better Have Organized

I ran across an article that supports the core of my business.  "6 Parts of Your Business You Better Have Organized" by Kimanzi Constable, posted on Entrepreneur.com, discusses the importance of having your data organized.

The author states, "Lack of organization has hurt and even shut down many businesses. It takes a lot to run a business. Management of the many moving parts is crucial to whether a business flourishes or fails. You need strong organizational skills or a team that can keep these six parts of a business organized."  

The article goes into detail on the importance of having the following six items organized:

1. Paperwork
2. Tax-related information
3. Client records
4. Your schedule
5. Content/product/services creation
6. Sales and promotions

--Click here to read the article


At TheDataFyles, our motto is All things organized, and this is because we truly believe that success comes from organization.

For more information about the TheDataFyles, visit:
www.thedatafyles.com
www.thedatafyles.blogspot.com

Email:  info@thedatafyles.com