Every business owner wants abundant cash flow in their business. It’s emotional and practical. Cash is like oxygen. Your business can’t function without it. When cash is in short supply, owners become lightheaded, then despondent, then desperate. Cash represents success and lack of it, failure. It’s not a question of “if” cash is in short supply,…
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…
Last week we talked about working on the business. Moving your business ahead may require that you step back to gain a healthy perspective. Delegating tasks to others who are equally or more talented at accomplishing them will free up your time to working on marketing, new business opportunities or maybe even a company acquisition….
When it comes time to renew your line of credit you might be wondering, what’s my banker thinking? For bankers, everything about your line of credit is analyzing any changes in risk. The financials tell a story about what happened in the business this past year. But more importantly your banker will ask you the…
Your first quarter just ended. How was it? Any changes going on in your business? It’s easy for a business to do no analysis at all and assume whatever happens just happens. Others have spreadsheets ad nauseum and really can’t draw any meaningful conclusions. I call this paralysis of analysis. If you feel like you’re…
Trying to get a line of credit? Frustrated with the bank process? You’re not alone. Navigating the banking landscape can be a very time consuming process. There are two questions you need to answer before you start: Are you bank ready? Are you bankable? What is bank ready? Bank ready is nothing more than being…
KPI’s, key performance indicators are critical for managing your business. You can’t manage what you don’t measure, right? Goals allow us to stay focused and manage our businesses effectively. Here are 4 KPI’s for you consider: Liquidity– You may be profitable, but how much cash do you have in your bank account? Measure your cash…
In our past two articles, we’ve talked about how processes and people impact your bottom line. This week we’re going to talk about strategy. It will actually fit nicely in to what we’ve talked about the past two weeks because people execute strategy and there are processes required to execute it correctly. Here are 4…
This past Christmas my wife gave me a FitBit. I’m a numbers nerd, so the ability to see my heart rate resting and during exercise, number of calories burned and consumed, how much sleep and the quality of it and how much water I drink all appealed to me. I kind of gave myself a…
2016 is in the books and a new year starts. Many of the clients I start working with are so busy working IN the business, they don’t take a step back and work ON the business. Have you had the experience in your business where you can’t see the forest through the trees? Here’s a…
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