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...
In 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the creation of a new principles-based revenue recognition model. This new revenue recognition standard, which is referred to as Accounting Standards Update (ASU) 2014-09, will replace the current industry-specific GAAP rules with a single...
Many companies today are under considerable pressure to sustain growth by increasing revenue, controlling costs and improving profits. In the process, they are reviewing their cost management programs with the goal of improving results, especially during this time of the year when most companies are submitting budgets for 2016...
Most Los Angeles and Southern California business owners and entrepreneurs do business with one or more different vendors and suppliers. These vendors may provide goods, services and raw materials that are essential to the manufacture of a company’s products or delivery of its services. Unfortunately, many owners fail to negotiate...