Every business owner wants to maximize cash flow and profitability. But, one of the most common missteps they make is not having the right people in the right seats. Specifically, leaders and managers. This can cause confusion and frustration for staff, as well as management, when there are people in roles that don’t play to their…
Cash is like oxygen to a business owner. It’s necessary. The struggle comes when business owners get confused and frustrated trying to manage the cash flow of their business. It shouldn’t be so hard to predict cash collections and then match expenses against that. But when growth happens, receivables go up and cash goes down because revenue lags…
We’ve been talking about how running a business is like baking or cooking. You need all the right ingredients, in the right proportions, cooked at the right temperature, for the right amount of time. Every business owner wants a business that’s perfectly “cooked”, with lots of cash flow and profits and collecting receivables well. If you…
We’ve been discussing how running your business is like following a recipe. You need the right ingredients in the right amounts in order for the dish to come out correctly. We’ve talked about profitability, which is a measure of profit relative to revenue. And we’ve also talked about activity, collecting your accounts receivable and turning inventory. The third ingredient…
We’ve been talking about how running a business is like baking or cooking. You need all the right ingredients, in the right proportions, cooked at the right temperature, for the right amount of time. Every business owner wants a business that’s “cooked” just right, with lots of cash flow and profits. You can read about the…
Have you ever cooked something that just didn’t turn out right? Either you missed an ingredient or put in the wrong proportions. You cooked it too long or not long enough. I recall recently that I was trying to grill some really thick steaks. Two were supposed to be medium rare and two were supposed to be…
As the economy begins to swing back upwards, business owners are asking “Should I be investing in people or equipment or in a building that my business could occupy?” For many of my clients, the answer is yes. But with many businesses recovering from tight cash flow the past year or more, it’s difficult to look…
When it comes to running a business, every CEO wants to know if they’re making the best decisions for the financial future of their company. However, it’s virtually impossible for the CEO to be all things to all people which makes them overworked, exhausted, and sometimes even paralyzed not knowing who they can go to…
Every business owner has a big dream for their company and wants to make it happen. Yet in many businesses, too little of that work goes into determining who will take over when the founder leaves the stage. Only one in four private companies say they have a formal succession plan in place. Many CEOs are too caught up in…
Every business owner has a big vision for their company and wants to make it happen. The problem is, most owners aren’t sure how to move forward and grow revenue, leaving them confused and frustrated. That was certainly the case with a professional services firm I’ve been working with for about a year now. In our…
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