Category: Other

It’s February – Is Your Budget Already Broken?

For business owners and operators, it is frustrating to realize that the budget that you and/or your staff prepared in the fall of last year looks now, in the early stages of the New Year, to be veering to the left or right of reality.  In either case, whether prospects are way better than your… Read more »

Do You Rely Too Heavily on a Few Customers?

  Be Prepared for the Unexpected  One danger that many small businesses flirt with, is the over-reliance on one or two large customers.  Especially if those customers are currently sending enough business to keep things busy.  The obvious risk is that the customer might suddenly disappear.  As unlikely as it may seem at the time,… Read more »

Does an ESOP Make Sense for Transition of Your Business?

Most business owners are aware of ESOPs (Employee Stock Ownership Plans) as a potential vehicle for transition of all or a portion of their business, but many are unaware of the intricacies of ESOPs and the benefits and disadvantages of implementing an ESOP.  Almost unknown until 1974, ESOPs are now widespread; as of the most… Read more »

Sick Business? The Prescription May Be With Subscriptions

How Can You Find Recurring Revenue? How can you simultaneously make your forecasting easier and improve the salability of your company? Figure out ways to turn as much of your revenue as possible into recurring revenue.  This may be with the use of renewable subscriptions or service contracts.  A few examples of models you can… Read more »

Does Your Company Have a Book?

Does your company have a book?  This is not a reference to favorite recipes or a history of the company.  Does your company prepare, on a monthly, quarterly or at the very minimum, annual basis, a complete set of comparative financial statements with supporting footnotes, schedules and narrative. In many cases, companies must issue and… Read more »

Disaster Recovery Plans. Worth the Time and Money? Yes!

In the wake of the destructive hurricanes that have hit the United States recently, I thought an appropriate topic this month would be disaster recovery.  It’s not normally in the nature of an entrepreneur to be a pessimist, but to protect your business you must at some point imagine what a worst-case scenario looks like.… Read more »

A Daily Exercise for All Business Owners

There is one piece of information every business owner should know at all times, or should at least have at his or her fingertips – the amount of available cash.   This sounds very basic, and it is, but it is surprising how many business owners would be unaware of that number. And it’s not that the actual… Read more »