For most companies, establishing and maintaining strong vendor relationships is one of the biggest keys to overall success. Vendors often provide services, supplies, merchandise and raw materials that are integral to a business’ ability to deliver quality products and services to its own customers. Ideally, vendors should be viewed as partners...
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...
It’s always good news whenever a small or mid-sized business lands a new client. However, before you break out the party streamers or pop the cork on a bottle of champagne, it might be a good idea to check the creditworthiness of your new client first. This is especially...
It’s not uncommon for owners of companies that have survived the startup phase and become a viable operation to exhale and let their guard down a little bit. After all, they’ve made it through what is often the most difficult part of entrepreneurship: Getting a new venture off the...
Unless they are required to by a lender or potential investors, small and mid-sized firms often choose not to have their financial statements reviewed or audited. There is not only a financial cost to having an audit performed, but the audit process may require a significant commitment of time...
An ERP software system is a critical element of the financial and operational infrastructure for many companies — especially once a small or mid-sized firm reaches a certain size and sophistication level. This makes the selection and implementation of an ERP system one of the most important tasks business...
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...
It has been said that the six most dangerous words in business are, “We’ve always done it that way.” This is referring to the scenario where companies fall into the trap of doing things the same way over and over again just because that’s the way they’ve done...
It seems that hardly a week goes by without headline news of another major data breach at a large U.S. corporation. A recent online article1 listing the biggest data breaches so far in 2016 included major cyberattacks at the U.S. Department of Justice and the IRS, Snapchat, Premier Healthcare,...
There are a number of situations and scenarios where the owner of a closely held business might need to conduct a business valuation. These typically include selling the company, passing it on to heirs, drafting a buy-sell agreement, creating an ESOP, going through a divorce, and dealing with taxation...