A good relationship with your lenders is important. You depend on them for liquidity and, in turn, they (rightfully) expect you to be forthright, timely, and capable in your communications regarding your financials. With that in mind, today’s newsletter looks at some “Do’s and Don’ts” when working with your lenders. Read more…
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When What You Know to be True Isn’t (February 2023)
Making decisions based on what we think we know to be true can be dangerous — especially when what we “know” is either partially or wholly incorrect. Today’s newsletter looks at the three causes of this problem — flawed data, flawed models, and flawed thinking — and offers suggestions for avoiding these common traps. Read more…
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Establish Clear Roles and Responsibilities (January 2023)
Clear roles and responsibilities — that is, everyone knows what everyone is supposed to do and get done — represent a critical component of any high-functioning organization. Today’s newsletter explains why this is so and offers suggestions for implementing this in your business. Read more…
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How to Pick an Accounting Firm (December 2022)
There is a great deal of variation in the services provided by accounting firms; one size does not fit all. However, the accounting firm you choose matters quite a bit, so it’s important to select one that fits your particular circumstances and objectives. Today’s newsletter reviews the essential factors to consider.
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Prepare Now For the Next Recession (November 2022)
There is little doubt that a recession is on its way. The hard part, of course, is knowing when it will arrive. Regardless of the timing, there are things that every business should do now to prepare. Doing so will leave you in a stronger financial position when it occurs, and may even provide you with new opportunities. Today’s newsletter…
Beware the Risks Your Business Can’t Transfer (October 2022)
Every business faces risk. Fortunately, some of these risks can be transferred, primarily through various types of insurance. Many other types of risk cannot, and so the business owner is stuck with them. In today’s newsletter, in which I use business interruption as an example, I explain how to identify non–transferable risk and offer suggestions regarding what to do about…
Establish Processes for Routine Practices (September 2022)
Well-run, routine processes are critical to business success. In today’s newsletter I explain why such processes are important and share tips for ensuring that yours are doing all they can to maximize profits for your company. Read more…
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How to Liquidate a Business (August 2022)
Having to liquidate a business — for whatever reason — is rarely a happy event for its owners. However, if and when that day arrives, there are several things to keep in mind to ensure the best possible outcome. Today’s newsletter considers the available options and offers tips for managing the process as painlessly and effectively as possible. Read more……
Are You Making Real Money? (July 2022)
Every business needs to “make money.” But the term itself can mean many different things, depending upon the measures used and the circumstances involved. In today’s newsletter, we explain the concepts underlying this term and offer suggestions for making sure you are applying them accurately in the way you make decisions and measure your success. Read more…
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Communicating Effectively With Your Lender (June 2022)
Lender communication is an important (but often overlooked) aspect to any loan agreement. Long after the ink has dried on the closing documents, successful businesses work diligently to communicate effectively with their lender(s). Today’s newsletter explains how. Read more…
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