Technology

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3

min read

Information Overload

Gone are the days where we wake up at dawn, milk the cows, collect the eggs from the chickens, and pull weeds the rest of the day.

Small Business

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4

min read

Self-employment, stress, and you!

In all seriousness, being self-employed can be awesome. Focusing on what you’re passionate about, flexibility in your schedule, and potential for wealth are just a few reasons to love being an entrepreneur. However, it’s not easy or for the faint of heart.

Growth

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5

min read

Ideas vs. Execution

Sometimes a good idea + a horrible idea can still result in success if properly executed. Take the Toyota Prius. This is a good idea (Eco-friendly hybrid automobile) along with a horrible idea (awful looking car! Very, very, very ugly). However, this car sells in the hundreds of thousands each year. Why? Because Toyota executes on their ideas really, really well!

Accounting

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7

min read

Small Business Accounting: Understanding the Income Statement

At ProvenCFO, we focus on simplifying the Income Statement as much as possible to ensure the lessons are easy to understand and apply. A complicated financial statement is just a simple financial statement with more detail on the front page.

Accounting

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1

min read

Understanding the accounting equation

Assets are everything you own or are owed. Liabilities are everything you owe. Equity is made up of all the contributions and withdrawals of the shareholders as well as the current and retained earnings of the business.

Accounting

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2

min read

3 great accounting tools every business needs

Data drives decisions. I might end up writing this a thousand times… but you first need to have some useful data before arriving at a conclusion.

Small Business

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4

min read

Essentials of Entrepreneurship

Find a good banker, a good lawyer, and a good accountant. Get to know your suppliers, your vendors, or your distribution channel. Take these people to lunch, invite them to your office. Pick their brains. Don’t forget to ASK for their support. The idea of “self-made” is nonsense. Donald Trump (love him or hate him) quickly wrote a book “Crippled America: How to Make America Great Again” to try ensure all of America remembers him during this 2016 election cycle. This is only possible because he is surrounded by a massive support system. Success is built on good support. As a suggestion — if you need support and you’re in the early stages of business, try connecting with a mentor on Micromentor.org. I know some really amazing entrepreneurs. Find someone or several people who inspire you and emulate them.

Growth

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6

min read

Discovering your passion

I know many people who would love to “be their own boss” or “do something meaningful in business” or “not work for the man” — but are hoping to stumble into something that works for them in business. Being an entrepreneur requires a boatload of passion for what you are doing. This still leaves us some big questions — how do I find what I am passionate about to drive me towards success? I don’t really want to start my own business, but I want to be part of something awesome — Is passion only for entrepreneurs?

Accounting

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7

min read

Small Business Accounting: Understanding the Balance Sheet

In my opinion and experience, the Balance Sheet is the most neglected and least understood financial document in the small business world. Too often a small business owner will skip the Balance Sheet entirely to focus solely on the Income Statement. Even if the Balance Sheet is utilized in decision making — it is often only the Cash & Cash Equivalents line item. Two significant issues exist from ignoring the balance sheet. First, the biggest misclassification of entries occurs on the Balance Sheet. Second, a great wealth of knowledge is missed from not correctly interpreting the picture created from Balance Sheet data.