When a recession comes calling, many business owners don’t know how to decide to weather the storm. They don’t know where to start or what to do leaving them confused, worried, and sometimes paralyzed. Financial security for your business shouldn’t be so hard to achieve during times of economic uncertainty. Recently, we talked about how…
Every business owner dreams of a big pay day when they sell their business and go off on around the world trip. However, many owners don’t follow a unified strategy of how to go about selling their business, leaving them confused and frustrated because they don’t know where to start. The top 2 characteristics of a quality…
Coming up on mid-year, you might be reflecting on the first half and are either looking to course correct or finish strong. What are you going to start doing, stop doing, and keep doing? One of the ways to determine this is to look at the key metrics of your business and see if you’re…
For my wife’s and my 25th wedding anniversary, our family went to France. Paris, Provence, Chamonix and on the way back to Paris to catch our flight home, we went to the cathedral in Reims. The one with the Chagall stained glass and where Joan of Arc was to be crowned by King Charles in 1429…
We’ve all had the experience of driving down the road and trying to change lanes, only to realize just in time that there was a car in your blind spot. Or maybe you didn’t realize in time and the day ended much more disastrous than expected. Keeping an eye on our blind spots and checking for things we…
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…
You might be in a growth phase of your business. Growth always requires cash and cash is generally at a premium. Further, there are some liquidity traps to be avoided as you grow. Here’s 3 to watch out for: 1) Excess build-up of accounts receivable It’s normal for your receivables to increase when you grow. However, if…
Every business owner wants to make more money and maximize profits. The problem is that many business owners don’t know how to manage the finances of their business or what levers to pull to improve overall profitability. One of my business owner clients put it like this: “I never had a problem making money. Revenue…
According to a study published by Forbes, 69% of small business owners are kept up at night with concerns about cash flow. It breaks my heart to hear that high of a number, especially knowing there a few things that can help. Let’s call them “sleep insurance”. There are 4 things you really need to…
Every business owner has a big vision for their company and wants to make it happen. The problem is most business owners don’t know if the decisions they’re making are helping or hurting, leaving them confused and frustrated. In a recent LinkedIn post, I asked what the one thing was that you wish you knew…
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