Posts Tagged ‘cost cutting’

Creativity | Vital to Your Business

As you have undoubtedly heard, the world has gone through periods known as the Agricultural Age, the Industrial Age, and the Information Age. Both the industrial age and the Information Age were driven by advances in ways to accomplish work. Additionally, each also made certain abilities and skills highly valuable and others became less valuable. Now we are told that a new age is upon us – the Age of Creativity.

The Driving Force

In a nutshell, one of the key driving forces for the Age of Creativity is the ability to Read the rest of this entry »

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CPA Firm or CFO | Which Do You Need?

If you are a small company you know that it is nearly impossible to have in house all the skills you will require. Probably, like most small business owners, you are concerned with keeping expenses under control, and as a result you have a staff that can handle the day-to-day functions. When it comes to financial matters, depending on the size and complexity of your business, you likely have a controller or bookkeeper and perhaps one to three others that handle specific areas such as accounts receivable or accounts payable.

When You Need More Financial Horsepower

Again, most small businesses as well as large ones have those times when they need Read the rest of this entry »

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Nothing Will Change After the Acquisition

An acquisition, merger, split-off, split-up – all are major business events. It has always amazed me how top management will sometimes try to reassure employees when they are confronting this kind of upheaval.

Let’s Think About This

Let’s just consider making an acquisition. I like this one because I’ve been there numerous times and seen this play out several ways. Regardless of what the final results were, one thing was amazingly consistent. In each case Read the rest of this entry »

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A Company Diet

You may be wondering what I mean by a company diet. Have you ever had the experience of stepping on the scales, then being in shock at your weight gain. It seems as if the pounds came from nowhere, in essence just creeping up on you. However, if you were to take some time to think about what you have been eating, look at your exercise routine, and consider if you are getting adequate sleep, you just might be surprised that your weight gain is really no surprise at all.

A Company Weight Gain

Okay, I know we don’t weigh a company, but actually something goes on in most companies similar to Read the rest of this entry »

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Don’t Give Up Too Soon

Although I’ve never read Think and Grow Rich by Napoleon Hill, I am familiar with a story from it. The story is about a man named R. U. Darby who discovered gold and bought equipment to mine it. Eventually, the gold vein seemed to stop. After a while he gave up, sold his equipment to a junk man, and went back home. The junk man hired a mining engineer who identified the problem as not being familiar with fault lines. Calculations showed the gold should be about 3 feet from where Darby stopped drilling. As the story goes, that was correct and the junk man got rich. Now whether the story is true is not the point. The point made in Hill’s book was Read the rest of this entry »

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Cash Flow–The Bottom Line

In the 1986 move Jerry Maguire, there is a famous line, “Show me the money.” Actually, when ever I read or hear about how profitable a business is, that line comes back to me.

Cash or Profits?

While there are any number reasons a company may fail, one of the most common is falling short of cash – that is insufficient positive cash flow. In fact, on paper some companies are very profitable yet they still fail. On the other side of this same coin, some companies remain unprofitable for an extended time and still survive because they possessed adequate cash flow. Of course, let’s be realistic here – a company cannot continue forever being unprofitable. But, profit alone is not enough. Read the rest of this entry »

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Shopping Insurance

Do your business insurance rates go up every year? If you don’t know, then take a look at what you were paying the past 2 or 3 years and what kind of coverage you received. Here I am speaking primarily of business casualty insurance, but the same concept applies to group health, life, and short and long-term disability insurance.

Renewal Is So Routine

If you are like many companies, you have used the same agency for many years to obtain auto insurance, workers compensation, general liability, property, and product liability insurance. Of course, many businesses do not need product liability insurance, but it falls in the same general category of business insurance. If it is true that you have used the same agency for years, you may have fallen into the routine of Read the rest of this entry »

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Income Taxes, Bureaucracy, Policies and Procedures

Having just finished my personal tax return, I am reminded why Income Tax Preparation and Planning are services I have never had an interest in providing. There are two reasons why:

  1. My belief is that this service is specialized and should be handled by someone who makes it their specialty
  2. I also believe the U. S. Tax Code is absurdly bloated and complicated, causes countless wasted hours to comply with, and in the end is non-productive

Increasing Complexity

Like the U.S. Tax Code, over the years companies have a tendency to add layers of bureaucracy and increasingly complex procedures. If you own a company or have worked somewhere for an extended period, stop for a moment and look back to what the company was like when you first started. Chances are things were a lot simpler and perhaps more efficient. Read the rest of this entry »

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