Growth always requires cash. Why? Many business owners are seeing a rapid increase in the demand for their products and services. The additional revenue, while good, can be a mixed blessing because it cost money to ramp up production if you manufacture or ramping up people if you’re in a service business. The added revenue…
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…
If you’re a service firm, how do you control direct labor costs? This is an area where I see many firms struggle. Direct labor tends to be the most significant cost for service firms. Most firms use a timesheet and record labor costs for specific jobs. However, the labor force wants to show they’re fully…
One of my mentors told me a long time ago, “the path of least resistance is what makes men and rivers crooked.” This is true when it pertains to getting a line of credit for your business. Sometimes our path of least resistance is obtaining a line of credit from a bank. Other times, there…
So, you’re getting ready to shop for a line of credit. What type do you need? How much and for how long? Are you OK with a borrowing base? If you don’t know the answers to these question, you could easily find yourself in the wrong type of line of credit and unable to meet…
I had the privilege of speaking with a group of investments managers last week. One of the points I emphasized was that most business owners are terribly undiversified and the largest asset they own is the investment in their closely held business. To make the diversification worse, the business is also the sole source of their…
We’re ending a four part series on how Strategy, People and Processes affect your bottom line. Today we’re going to talk about how execution affects your bottom line. Unless your business is totally automated with robotics, it will be people executing your business plan. There will come a time when your business may struggle to…
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…
Are you looking to fill vacancies in your organization? Having a hard time finding the right people? There’s a war for talent going on in the marketplace. There are not enough people to fill all the openings in your business. Your best prospects for employment are your competitor’s best people, but the reverse is also…
I’ve had several experiences with clients that are looking at their processes and discovering that they’re coming up short of expectations. In two instances, processes were either non-existent or critical information wasn’t being captured which had a direct impact on work flow management, billing and cash flow. In order to have effective processes in your…
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