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Business Preparedness

Rising costs, wage increases, or regulatory changes can all impact your business, but there are ways to navigate these waters and maintain a successful business.

To build your business preparedness, analyze the existing financial condition of your company by calculating your revenues and profits along with your expenses. This process will help you determine your cash flow and understand how to structure your costs, such as wages, supplies, rent and other expenses. An accountant can be helpful in this regard; it also helps to gain bookkeeping skills or have a trusted bookkeeper to ensure that you are accurately recording your financial transactions, including purchases, sales, receipts and payments.

Some training on good bookkeeping practices are available from the New Jersey Business Action Center and at some Community Colleges.

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