Most small business experience cash flow problems at one time. But what really causes a cash flow problem? Accountants tell you not enough cash coming in the business for what you’re spending causes cash flow problems. That’s great to know, but why isn't cash coming in the business fast [...]
How to Strategically Increase Profits in Your Small Business In writing this post I did some research. What I found when searching “increasing profitability” was very disheartening. Why, you might ask? Because everything was a list of tactics that could be used to improve profits. But, which one [...]
Business profitability and growth not where you expect? If the only operational KPI’s you review are on your financial reports, then you don’t have the control necessary to influence your business’ performance, resulting in decreased profitability and less dollars going into your pocket!!! "So, what else should I be [...]
Reviewing financial statements begins during your business planning process. The last step of your business planning should be developing your your financial budget. That is what financial targets should your team be focused as you execute your business plan? Problem is more than half of the business owners I [...]
How do you keep the pulse of your business? You must be monitoring business performance to successfully achieve your business goal. But too many small business owners think this means just reviewing their financial reports when it strikes them. We know how well most owners do their financial accounting. [...]
I am not an accountant, I am a business growth consultant. But, I use management accounting information for planning and decision making every day when growing a company. So, I ask you. How good is the management accounting for your growing business? If it’s not in good shape, chances [...]
Creating Accountability is Critical to Business Growth I talk with small business owners struggling with employee issues all the time. . I often hear “Oh, that stuff is just for big companies. We only have 10 employees.” Their mistake is that if business growth is really the goal, then [...]
I saw this article and infographic in Entrepreneur on how to develop a successful business plan and said “they nailed it!” You’ve heard me talk about successful business plans from time to time. It’s not the plan that is important to you as a business owner. It’s what you learn [...]
For years I have tried to spread the word that business growth is a standardized process as I documented in my post The Search for Business Growth Continues. The main premise is that a business matures through stages. There are a specific set of objectives to achieve in order to mature [...]
What would it be worth to know exactly what every person in your business needs to do to achieve your revenue goal for next year? Imagine if every person's objectives were set specifically to support the revenue goal! It's actually simpler than you might think. It’s all about tuning [...]
As I presented in my previous post Succession Planning vs. Exit Planning Which Do You Use?, the primary goal of any succession plan is leadership transfer. So, you can imagine that things can get a little tricky. One of the biggest reasons is that most succession plan checklists out [...]
Often the terms succession planning and exit planning get used interchangeably. However, there is a definitive difference between the two. It’s important as a business owner that you understand the difference. Succession planning focuses on transferring the power or leadership of a company. Exit planning focus on the transfer [...]
Succession planning is something too many small business owners think about too late! Many don’t even think about succession planning because they believe that they will just sell their and that’s the end of it. However, even with the sale of a business succession planning is critical. The buyer [...]
While cash flow is a regular topic here, it's been a while since we hit the topic from a finance and accounting perspective. While many small business owners find accounting to be tedious it is extremely important if you ever want to have success with your business. The reason [...]
I see small business owners get distracted from their main vision all the time. It’s amazing how many owners have attention deficit disorder (ADD). ADD can be a strength in business. But, it also presents its challenges by creating what I call – shiny object syndrome! Shiny object syndrome [...]
Is Your Business Ready for You to Leave? Last week I post a question, “What's Your Greatest Challenge in Exiting Your Business?”, on LinkedIn. My intent was to get some feedback before writing the next few weeks’ posts on “exit/succession planning.” While I got a few interesting comments, which [...]
The number of people using their personal credit cards for business purpose is growing and that might just prove to be a disastrous financial decision given the risk of mixing pleasure with business. The National Federation of Independent Businesses has found that the percentage of small business entrepreneurs using [...]
Ok, so it’s the week 3 of the New Year. Did you make a New Year’s resolution for business growth? If so, where are you tracking so far, and will you make it? Most will tell me, “it’s too early to tell?” But, is it?!!! There are things that [...]
Last week’s post was directed at those who set business growth as a goal for New Year. While the 7 questions addressed in the post are critical, they are not all the pieces to the growth puzzle. The 7 questions only address the business aspects of strategic planning and without [...]
To build a business it takes a team. In fact, it’s more important than most small business owners think! Ask any investor or lender and 9 times out of 10 they’ll tell you the most important factor that they evaluate is the TEAM. Why? Because if they’re giving you [...]
