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...
Since we last wrote about big data over a year ago, the topic has been getting a lot of media attention. It seems like businesses of all sizes and in all industries are figuring out how to use data mining techniques to tap into big data and use...
“We’ve always done it that way.” These may be the most dangerous six words in the English language. Los Angeles and Southern California small businesses that don’t adapt to change could eventually end up being the 21st century equivalent of the buggy manufacturer who in the early 20th century...
Despite low interest rates and an improving economy, many Los Angeles and Southern California small businesses are finding it difficult to obtain financing. An article published late last year in The Wall Street Journal1 pointed out that “the biggest banks in the U.S. are making far fewer loans to...
In a previous article we looked at the importance of planning early and adequately for business succession, including having the right management team in place that will be ready to lead the company into the future after you have stepped aside. With so many Baby Boomer owners set to...
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...
Wage and salary issues are at the forefront today for many business owners and entrepreneurs. Finding the right balance between paying wages that will help you attract and retain the best and brightest employees and still maintaining your company’s profitability is an ongoing challenge that shows no signs of...
Most people learn more from their mistakes than they do from their successes. Sure, success is great, and nobody goes into a new venture with the goal of failure. But with the right mindset, we can learn valuable lessons from our failures and mistakes that we can put to...
When they hear the term “financial planning and analysis,” or FP&A as it’s often referred to, many small and mid-sized business owners tune out, assuming it’s something that only large corporations can benefit from. But this can be a big mistake: Any size firm can benefit from conducting the...
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...