Salt Lake City Bookkeeping Blog

Today's Salt Lake City Bookkeeping blog post is a guest article from an anonymous author. The author has had a wild ride on the stock market in the past few years and tells his story of where his head is at now. The story is interesting as are the questions the author asks at the end. Comment with your thoughts and share...enjoy!

Typically in life obsessing about anything is bad. However, I do believe that there are some financial obsessions that are healthy both for you personally and your small business. Many individuals, families and small businesses are just plain bad at managing their finances. Some people just don't understand accounting or bookkeeping so their finances tend to get the back burner. Avoiding managing your finances is a huge mistake and will always come back to haunt you. Here are five financial obsessions that you really should keep in mind and try to follow.

When a business starts having financial troubles it seems that everyone’s first instinct is to cut expenses. I tend to disagree with this mindset. The reason I disagree is I would be more concerned with increasing revenues than I would be with cutting expenses. I feel that a business should always be operating under expenses that are paid attention to and controlled. If a business is not operating under a budget then it is a business that is already out of control. Those businesses that put a budget in place and stick to it have no choice when faced with financial issues; they must increase sales or go out of business.