On January 20, we witnessed one of our nation’s greatest traditions: the peaceful transfer of power from one political party and President to another. While we sometimes take this for granted, it’s important to remember that what we saw in Washington, D.C. when our new president was sworn into...
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...
In our recent article – Does Your Business Do Strategic Planning? – we discussed the importance of strategic business planning. In particular, we talked about the difference between having a strategic plan “in your head” and engaging in true strategic planning. By going through the formal process of strategic...
The do-it-yourself (or DIY) craze has become very popular among many people. Whether it’s tackling home repairs and renovations or working on cars, some folks today have decided they’d rather do things like this themselves than hire someone else to do them. Some people want to save money while...
If you ask them whether or not they do strategic business planning, most business owners and CEOs will say, “Yes, of course!” But then if you ask them to describe their strategic planning process to you, the majority will probably stammer for a few seconds and then say something...
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...
As difficult as it might be to envision someone else at the helm of your business, the fact is nobody can run a business forever. Eventually there will come a day when it’s time for you to exit your company. This may be because you’re ready to retire,...
When they first start a new business, entrepreneurs often create a centralized organizational structure. The authority in such a structure is top-down, which makes it easy for the owner and his or her key managers to make important decisions and keep tight control over all aspects of the organization....
Manufacturers make or create products to sell to customers, but service businesses sell customers something a little less tangible. While manufacturers keep careful track of their product inventory, service businesses need to track a different kind of inventory: the time employees spend working that can be billed to clients. This measurement...
When they start their companies, many entrepreneurs create a business plan to serve as a blueprint for the structure and organization of their businesses. Unfortunately, once the business has been successfully launched and is up and running, owners often put the business plan on a shelf where it collects...