Each month, you may anxiously await the reports that provide the numbers that help you manage your business. Revenue, net income, total expenses, and payroll costs are just a few of the items that you may be monitoring on your profit and loss statement. Those numbers will help you meet and improve your business goals, […]
Category Archives: General Business
It is always a good idea to help employees stay motivated, and there are many things you can do besides the traditional cash bonus. Here are twelve ideas that cost little, yet go a long way with employees, contractors, and other business associates. 1. Compressed workweek. Employees love getting Friday afternoons off, or even a […]
How much is the average client worth to your business? Not just per project or even per year, but for the lifetime of your business. Calculating the lifetime value of a client is an eye-opening exercise I recommend to every small business owner. Repeat business Let’s take several examples. A client who eats a $15 […]
As our businesses grow and our schedules fill with serving clients, it’s easy to overlook how our personal financial needs might have changed. Here are eight best-practice tips of millionaire business owners and how they personally protect their wealth. 1. Move your money from banks to brokerage accounts. Instead of having their money tied up […]
We never think it will happen to us. Becoming a victim of fraud is a horrible experience. It can cause financial damage, sometimes significant enough to put us out of business. It is a time-consuming business disruption which often involves accountants, lawyers, credit bureaus, bank executives, and IRS and state tax agents. Worst of all, […]
As business owners, we naturally lean toward being an expander or a contractor in our businesses. In a nutshell, an expander makes things bigger and a contractor pulls things in, but there’s far more to this analogy which can explain a lot about what roles you want to have in place in your business. The […]
You wouldn’t be in business if it weren’t for your customers . But, sometimes we almost forget that we are ultimately in business to receive a salary and to make a profit. In a large company, a balance must be maintained between serving customers and serving the shareholders. In your small business, the shareholder is […]