On a doctor’s visit, the first thing the nurse does is take your vitals: your temperature, blood pressure, pulse rate, and respiration rate. These basic measurements are the first place doctors look to see if something is wrong with our health. Knowing your vital signs, and especially when they are out of whack, is good […]
In the vast majority of industries, referrals are the most cost-effective way to gain new clients and grow your business. When you attract new clients through referrals, your marketing costs are lower, your selling process is easier and more effective, and the referral usually makes for an excellent client. It’s just good business sense to […]
You might have heard the terms “cash basis accounting” or “accrual accounting.” Your net income number can change depending on which method your books are set up for. Here’s a simple explanation of the difference, with a little help from one of the most famous cartoon characters in history. Popeye and Wimpy You might recognize […]
When you hear the word “budget,” what do you think about? Most people would say something similar to “Ugghh!” If you would rather do just about anything besides create a budget, you’re not alone. The word “budget” brings up connotations of endless numbers, constraints, the opposite of freedom and creativity, and hard work, none of […]
Technology has allowed businesses to make substantial improvements in their customer invoicing processes. The good news is that when you implement these technologies, you will almost always get paid much faster. If it’s been a few years since the last time you’ve changed your accounts receivable processes, it’s time for a new look. Here are […]
Cash flow improvement is a hot issue for small businesses; in many businesses, it seems like there is never enough cash when you need it. The last thing a business owner wants is to reduce their cash balance unnecessarily. To help you preserve or increase your cash, here are five cash management leaks to avoid. […]
Spring is here and that’s the perfect time to try something new in your business to make things fresh. Here are seven ideas to try in your business; pick the one that’s most likely to put the spring in your sales. 1. BOGO “Buy one, get one” or BOGO deals are always hot and never grow […]
As entrepreneurs, we work hard for our money, and the last thing we need is to have it disappear due to fraud, hackers, or identity theft. Some people have called 2013 the year of the hacker, which is worrisome. But you’re far more likely to experience risks with disgruntled or financially desperate employees and contractors. […]
It’s always a good idea to be on the lookout for ways to increase your profits, and luckily, there are many ways to do that. One way is to focus on cost-cutting, and here are five places that are good to periodically review for cost-cutting possibilities. Telephone Re-negotiating with the phone company every one to […]
According to the Association of Certified Fraud Examiners (ACFE), over $3.5 trillion is projected to be lost to fraud worldwide in 2011 alone. The typical organization loses 5 percent of its revenues each year. While we have a lot to think about as entrepreneurs, we do need to take time to educate ourselves about this […]