There are a lot of advantages to owning and operating a small or mid-sized business. For example, there probably isn’t the level of complexity and bureaucracy in a small or mid-sized firm that you see in a large corporation, which makes it easier to move quickly to take advantage...
Among the most important tasks performed by the finance team is the preparation of a wide range of reports for consumption by the executive and management teams. These range from traditional financial statements (the profit and loss statement, income statement and statement of cash flows) to other financial reports...
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...
If you’re like most business owners and entrepreneurs, you started your company because you wanted to manufacture and distribute a certain kind of product or deliver a particular service. You are probably skilled when it comes to this kind of product manufacturing or service delivery, which has enabled you...
Cutting-edge companies today are taking the old saying “the customer is always right” and putting a new twist on it. Instead of blindly stating that customers are always right in every possible situation, these companies instead are creating and adopting a customer-centric culture. In this kind of culture, all...
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...
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...