Owners and CEOs of mid-sized businesses face a wide range of both opportunities and threats every day. For example, new technologies like the Internet can change the face of industries practically overnight, creating new opportunities that were unimaginable before. Meanwhile, threats like the emergence of new competitors can jeopardize market...
“Honesty is the best policy.” If you’re like me, your parents taught you this when you were young, and you may have tried your best to put it into practice throughout your life — in both your personal and business dealings. In fact, noted author and motivational speaker Zig...
It’s not uncommon for owners and CEOs of mid-sized businesses to set a goal of going public at some point in the future. The allure of an initial public offering (or IPO) can be strong: Going public may represent the chance to cash in on a lifetime of...
There’s an old saying in business that “a sale isn’t a sale until you get paid.” This reflects the fact that while sales are certainly nice, credit and collections are just as important to a company’s long-term financial success. In fact, an argument could be made that credit and...
One common way for new businesses to raise startup capital is to conduct rounds of financing among angel investors, venture capitalists and high net worth individuals. This is often preferable to trying to obtain a bank loan because banks are usually hesitant to lend money to startup firms that...
It’s critical that manufacturers, wholesalers and retailers know how to manage inventory, as well as understand the LIFO vs. FIFO inventory valuation methods. If you’re a manufacturer, your inventory is raw materials, work-in-progress and finished goods, and if you’re a wholesaler or retailer, your inventory is only finished goods. Your inventory...
Have you given much thought to what would happen to your business if you were to unexpectedly die or become disabled and no longer able to run things? Many owners of small and mid-sized firms haven’t — and this can end up being a huge mistake if one...
Owners and CEOs of small and mid-sized firms rely on a variety of different tools to help them run their companies effectively. This includes both internal tools, like the latest financial and accounting software programs, and external tools provided by vendors and partners. Among the external tools that are commonly underutilized...
Successful business owners and CEOs know that it’s important to cultivate a number of key relationships in the course of running their businesses. These include relationships with their attorney, accountant, financial advisor and outsourced CFO services provider. Another important relationship that should be carefully nurtured is the relationship with your business...
Any entrepreneur who has been in business for any length of time knows that it takes capital to run a successful company. But some business owners get so caught up in the product development, manufacturing and distribution, or sales and marketing side of their company that they neglect the...