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…
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…
I have a confession to make. During COVID, I did my share of stress eating. Pizza, potato chips and dip, fast food with fries. They don’t call it comfort food for nothing. Of course, it wasn’t one single meal or circumstance that led to my weight gain over the last year. It was probably 100…
Are you under-banked? If so, you’re not alone. A recent article I read indicated that among CFO’s, being under-banked has landed on the growing list of challenges most CFO’s face. Here’s why: A recent report stated that the financial landscape for small to medium sized businesses (SMB’s) has changed significantly. Credit markets have become increasingly biased toward bigger…
Recently, we talked about obtaining a line of credit as “sleep insurance” when growing your business and how to make sure you’re bankable and bank-ready when requesting a loan. Some people are risk takers and don’t mind going into debt. Some are totally debt averse and don’t borrow at all. But how much debt is…
In your business, money has a way of going out just as fast as it comes in. When cash is tight (and it almost always is), many business owners go home at night worrying about lack of cash in their bank account. In fact, 54% of business owners in a recent Forbes survey are losing…
People do business with people they know and trust. But here’s an interesting fact: 8 out of 10 business owners that I talk to have a bank, but not a banker. So, if they don’t know or trust their banker, how do they borrow money? More often than not, they’re starting from scratch, trying to…
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