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 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...
Labor costs continue to be the largest fixed expense for many small and midsized businesses. Government-imposed wage hikes in the form of higher minimum wages that have been implemented in some areas and are being discussed on a national level certainly aren’t going to help. In this environment, businesses should be...
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...
Most small and mid-sized business owners associate the financial disciplines of forecasting and budgeting with the profit and loss statement (or P&L). In addition to the P&L, forecasting cash flow is vital, and including a balance sheet makes the projection complete. This exercise is essential for any business that wishes...
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...