One of the main things venture capital investors will want to see before committing to investing money in your business is your company’s integrated financial plan. This is a model that encompasses all the financial aspects of your business and includes the three primary financial statements — your income...
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...
If you own a family business, there’s a good chance that you hope to one day pass it on to your children, grandchildren or other family members. Family-owned businesses have formed the backbone of entrepreneurship in America for hundreds of years, and their success is vital to the ongoing...
In our recent article, Key Steps to Building a High-Performance Finance Staff, we examined some of the key steps involved in building a strong finance team. While this is critical, it’s equally important that the finance staff be viewed as an integral part of the overall team. The fact...
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...