There are a lot of different factors that go into successfully running and growing a small to mid-sized business. One that’s sometimes overlooked is shrewd management of working capital in order to ensure ample liquidity and a strong cash position. This will give companies the ability to be flexible...
Standard financial accounting systems don’t always meet the accounting needs of all small and mid-sized firms. This is especially true for project-based businesses that provide professional services and companies in the construction and manufacturing industries who have long project lead times, as well as companies that work with government entities...
There are two main approaches your business can take when it comes to segmenting markets: You can either go deep or go wide. Going wide is sometimes referred to as a horizontal segmentation strategy, while going deep is sometimes referred to as a vertical segmentation strategy. An example of...
Labor costs continue to be the largest fixed expense for many small and midsized businesses. Government-imposed wage hikes in the form of higher minimum wages that have been implemented in some areas and are being discussed on a national level certainly aren’t going to help. In this environment, businesses should be...
When planning to relocate or expand their business, owners and CEOs look at a variety of different factors that will impact the cost of the relocation or expansion. These include such factors as infrastructure, raw materials, equipment, skilled labor, land costs, utilities and site improvements. One important expansion or relocation cost...
In a recent article, we discussed the fact that it’s now essential that the finance function apply digital technology in order to properly serve the constituents of any organization. The current reality is that the operating model of the modern finance department will continue to evolve by automating non-value...
Pricing is one of the most critical tasks that any successful business has to get right. Price your products and services too low and you won’t earn a high enough margin to meet your expenses and earn a profit. Price them too high and you might not sell enough...
The 21st century is sometimes referred to as the Digital Age due to the fact that so much of what we do is done digitally. This includes everything from listening to music and watching television to accessing our news, information and entertainment on handheld mobile devices like smart phones...
Most businesses, regardless of their size, utilize policies and procedures as part of their organizational structure. The larger the organization, the more important policies and procedures (or P&Ps) tend to be. However, even small firms can benefit by creating well-defined P&Ps, communicating them throughout the organization, and taking steps to...
Many companies today are under considerable pressure to sustain growth by increasing revenue, controlling costs and improving profits. In the process, they are reviewing their cost management programs with the goal of improving results, especially during this time of the year when most companies are submitting budgets for 2016...