Inspirational and Empowering Child Care Business Owners To Build Successful Child Care Businesses

Archive for the ‘Accounting’ Category

Spend Your Child Care Business Income on Purpose!

 

On September 28, 2011, I received eight boxes of shelving for my center! I was so excited to receive the new shelving and throw out the old shelving. The shelving came with a $1400 bill and I was given 30 days to pay off the balance.

The day that I received the shelving, the parents were in the process of raising funds to pay for the shelving. However, the money that the parents raised was not enough to pay the entire bill and I was forced to pay cash for the shelving with a monthly payment plan.

I must say that as of the date that I write this blog post, the invoice that I received for the shelving is now PAID IN FULL!!!

When I wrote the final check to pay off the invoice, I was reminded that when you create a goal and a budget for what you want for your business; you can have anything that you desire without the burden of loans!

Do you desire to purchase new equipment for your childcare business? If so, step out, create a payment plan for what you want and you will be amazed at what your business can afford when you spend your business funds on purpose!!

I look forward to reading your thoughts about this post. Talk to you soon!

Shiketa

Category:

Accounting, Business Management

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Mastering Your Money in Your Child Care Business

I was inspired to write this blog post after processing my monthly payroll and paying the bills in my childcare business. As I wrote checks to pay my business bills, I realized the importance of cash flow. In fact, when you have cash in your business, you are able to buy the things that your business needs and pay your business debts.

Several weeks prior to paying my bills, I realized that I did not finish processing my food program claim, because I was so focused on getting my center re-accredited.

When I realized that I had not finished processing my food program claim, it was too late to receive my payment in the month of February.  Unfortunately, I discovered that my payment was going to be late and this was going to cause a delay in my accounts payable.

Several weeks later,  I received that my food program payment and I was so glad that I had funds to pay bills. Furthermore, I realized that when there is a cash flow problem, this will cause you to be late paying your bills and it also prevents you from buying what you need for your business.

To assure that you have a constant cash flow in your childcare business I want to suggest the following to you:

  1. Create a monthly budget for your business
  2. Only buy what you need for your business
  3. Never stop marketing your business
  4. When you are not able to pay your bills, make payment arrangements with your creditors to protect your credit.
  5. Be diligent about collecting payments from parents. I suggest collecting payments 2-4 weeks in advance.
  6. Process Subsidized Childcare Payments & Food program claims by the due dates
  7. Always be on the look out for business grants
  8. When parents do not pay on time, charge a late fee.

This is just a small list of ways to master your money, because after all…your money is the lifeline of your business. Moreover, when there is no money; there is no Cash flow!

Do you want to become a master of your money? Are you ready to improve your business management skills? Join the Child Care Center Owner eClub. Join Today!

Are you a home daycare provider? Feel free to check out the Family Home Child Care Business Empowerment Club, where you will be empowered and inspired to manage your money and build a quality in-home preschool.

With Your Business in Mind,

Shiketa

Be sure to check out the video below and I look forward to your feedback about this post……

Category:

Accounting, Budget, Business Management, Child Care Center, Home Daycare

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