How much money are you going to make this year? Since 75% of the year is over, October and November are good months to get with your CPA and discuss tax strategies. While it’s a good idea to minimize taxes, many of you could have cash flow or leverage covenants on the credit commitments with…
Kaizen is the Japanese word for gradual continuous improvement. It simply means change for better. So, how does this apply to you and your business? As you begin to make plans for 2018, I’d like to challenge you to commit to making a series of 1% gradual continuous improvements in your business across the board….
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…
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…
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…
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…
I worked with a business owner for that past two years that was coming off a dismal year in 2014. They had a break out year in 2015 making close to $6 million and $500,000 in profit and successfully sold the business last year. During one of our coaching sessions he asked me, “Where’s the…
End of content
End of content