Blog 23-Technology in Business

It is a brand new year and I have spent the last few days upgrading my computer.  Many of us including me, hate the idea of upgrading because it takes a lot of time, can be expensive and is usually Painful.  WE are hoping for newer, better and faster.  Many times we just get newer.

BUT as I say that upgrading is painful and many times disappointing, we need to keep our technology up to date in our business.  It can be a lot more painful not to be up to date and then lose everything we have on our computers if they go bad.  With that I will give you several ideas that may help you.  [Read more...]

Blog 20- Get a 2^nd Opinion

I believe in having trusted advisors (Accountant –Banker – Lawyer – Business Coach – Consultants ) that you can work with and trust in.  BUT also keep an open mind about what these people are telling you.  DO NOT blindly believe everything they tell you, get a 2^nd opinion.  If the advice doesn’t pass your smell test, get a 2^nd opinion. [Read more...]

Blog 18- Hiring Employees

            Employees are a key asset of your business.  Without good employees, you cannot have a good business.  Many times businesses rush in to hire the first person they find and end up regretting the quick hire latter.  Finding good employees is work and takes time but is critical in the success of your company. [Read more...]

Blog 16-The Balance Sheet for Company Management

            A number of years ago, I started working with a business who was complaining about not being able to get a long loan from his banker.  His banker told him he just didn’t have a good enough balance sheet to make a loan.  The businessman couldn’t understand this because he thought his business was doing okay.  One look at his balance sheet told me why the banker was saying what he was saying about the balance sheet to the business owner.  And then the bank was making it worse by not giving this businessman anything but a short term loan.  We will explain that further on. [Read more...]

Blog 14-Managing Your Business with the Income Statement and Figuring the Breakeven Point for our Company- Part 2

            Yesterday I worked with a company that thought they were making good money in their business.  They are using Quickbooks but have never been trained on how to enter information.  I quickly reviewed the income statement and quickly knew the financials could not be right.  How??  [Read more...]

Blog 13-Managing Your Business with the Income Statement

I have worked with a number of companies in the last weeks that have been asking for help getting a business loan.  When I have looked at their financials, they were losing money.  In this economy that is not that unusual.  The problem was that we did not know why they were losing money.   We should be able to take a quick look at any income statement (Profit and Loss Statement) and tell what is going on. [Read more...]

Blog 11-Computerizing Your Business – Just Do it Now!!

I met with an excited entrepreneur today.  We were training him on how to use Quickbooks in his business.  This was the second time that we had met.  We worked on entering invoices in our first meeting.  This entrepreneur had been doing all of his books and invoicing by hand.  [Read more...]

Blog 10-Paying off Debt you Can’t afford to Repay

This has been a very tough year for many businesses.  I get asked many times a week right now “We cannot pay all of our bills like we would like to..  What do we do??”

It is very important that you make those decisions and then stick to your plan!!  The MOST important thing to pay is your taxes (withholding, sales taxes, and income taxes).  [Read more...]