Posts Tagged ‘outsourcing’

Time to Try Something Different

How often have you or someone you know tried something repeatedly only to see it fail each time? For most of us it is more than we care to admit. It’s amazing how often people act foolishly and fulfill the saying attributed to Albert Einstein, “Insanity: doing the same thing over and over again and expecting different results.” So, here is the question. If we know what we’ve been doing is not working and we know that it is insanity to keep doing the same thing, why do we? Read the rest of this entry »

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Scope Creep

Think about the last time you bought a television, computer, or appliance. Did the sales person try to sell you an extended warranty? Of course they are trained to ask that as that cross sell is highly profitable since the likelihood you will make use of the extended warranty is very small. Many people even forget they have the warranty. So what does this have to do with the title of this article, Scope Creep?

What Business Are You In?

In this case the question “what business are you in” is not talking about the idea that your real product is not what you Read the rest of this entry »

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Outsource and Save

There is a tendency for business owners to try and do it all. Often that is not the best use of resources. In a previous posting Spend Wisely – Go Part-Time I talked a little about the financial advantage of outsourcing. In particular I compared my experience as both an employee and a part-time CFO/Controller. In this article I looked mainly at two things; cost savings and best use of talent. Now let’s consider other benefits to using outside resources.

First Things First

Just to summarize, the first point previously discussed had to do with having a highly skilled employee spend most of their time on tasks that really did not require their level of expertise. In the second point an example Read the rest of this entry »

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Government is Not Going Away

Do ever wish you could just run your business without having to comply with a bunch of government regulations? Actually we all at some point wish that was the case.

Some Examples

Every business must deal with tax issues, whether a sole proprietorship, a partnership, an LLC, an S-Corp., or a C Corp. That is just a fact of life. Usually when we think of tax issues the first thing that comes to mind is income taxes. But it doesn’t stop there! There are business licenses, real and personal property tax, sales taxes, and several others. The point is, even if all federal and state income taxes disappeared tomorrow, government is not going away.

Taxes, however, are just the tip of the iceberg. There are all sorts of Read the rest of this entry »

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Cut Your Losses

There are some businesses or products and services that stick around way past their time. Sometimes it is better to cut your losses and move on.

Know When to Say When

You may have a company or product that has performed very well for quite some time. Then one day you look up only to find that either what you offer is losing demand or somebody else has something better. If you cannot revamp or rebrand to become competitive, it may be Read the rest of this entry »

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Preparing for an Economic Slowdown

An economic slowdown is one of those topics few like to talk about, including me. Regardless, it is something that every company should be prepared to face. Failure to do so is actually an invitation to significant trouble or worse.

The Business Cycle

If you have been in business any length of time, you are undoubted aware that our economy goes in cycles. There are boom times, times where business is okay but nothing really all that special, and times when you wonder what happened. That’s the reality of business. In fact, some businesses 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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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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Payroll – Avoid the Pain

You’ve probably heard someone say about a task they needed to do, “I’d rather have a root canal.” Unfortunately, for many companies that is how the payroll process is viewed. It doesn’t have to be that way.

A Critical Question

Why are you in business? Unless you are a payroll company, it is doubtful you said, “We’re in business to process payroll.” No, in fact payroll is probably viewed as Read the rest of this entry »

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