Despite best efforts to communicate direction and hire well, many organizations struggle to achieve their goals. Often, the problem is one of internal bureaucracy, which prevents employees from completing tasks effectively. An “enabled organization” empowers individuals by ensuring they clearly understand their objectives, have the time and resources to achieve them, and the authority to make decisions. This month, I…

My clients arrive in financial trouble — they hire me to get them out of it. But the best way to fix financial problems is to never get into trouble in the first place. The key is to pay attention to and execute on several important financial things. Today’s newsletter explains. Read more…
The post Directors and Officers: You May…

My clients arrive in financial trouble — they hire me to get them out of it. But the best way to fix financial problems is to never get into trouble in the first place. The key is to pay attention to and execute on several important financial things. Today’s newsletter explains. Read more…
The post How *Not* to Become My…

A loan is both a contractual agreement and a relationship. Ensuring the health of that relationship requires ongoing and positive communication with the lender. Today’s newsletter takes a look at lender communications and offers suggestions on how to do it well. Read more…
The post How to Improve Your Lender Communications (June 2024) appeared first on Goodrich Associates.

Selling a distressed business is almost always better than liquidating. But it is not easy, nor is it the same as selling a business that is healthy and solvent. You’ll need experienced, capable professionals by your side and a bias towards moving quickly. In today’s newsletter, I review the necessary steps for getting this done and share pointers for avoiding…

Often, business owners incorrectly assume their business is profitable because they rely solely on financial statements. While these are certainly important, a true picture of business profitability requires understanding economic profit as well. In today’s newsletter, we explain the distinction and look at why evaluating economic profit is critical in assessing true financial performance. Read more…
The post Why Worry?

Every business runs on dollars — but there are limits to purely financial analysis. When tracking performance and working to maximize the output of critical measures, it is important to look beyond just financial indicators and consider other factors as well. In today’s newsletter, I share examples of additional, quantity-related measures that should be included in the overall mix. Read more……