The season is upon us….its that time of year you walk into Hobby Lobby and know exactly what time of year it is without need a calendar. When your significant other comes home, you can tell what is on their mind. While it should be a festive atmosphere, it often gets tense after awhile. Yes, […]
14 Budgeting Season Tips and Tricks Read More »
Earlier this week I was having coffee with a potential client when I heard two interesting statements from him within 5 minutes. It started with him saying, “My income statement doesn’t make sense to me. It says I have this huge net income, but that cash isn’t in my bank account”. A few minutes later
That Other Statement – What is the Statement of Cash Flows? Read More »
Many would be surprised to learn that there was little science to flight combat during World War I and II. In fact, the beginning of thinking of how to develop pilots into better pilots didn’t being until the 1950s. If it weren’t for the work of John Boyd, it may not have begun until several
How to Win in a Fighter Jet and in Business Read More »
I didn’t learn it on my first go around. I studied a lot about entrepreneurialism and small business. Like many, I read books, articles, and most whatever else I could find on the topics. However, what most missed on was the financial part of operating a business. Sure, most of these books talked about ideation,
A Quick History on “Paying Yourself First” and Why It Matters Read More »
Some might look at the title of this article and say “Oh ya, how do you know?” Odds are, you fall in one of those groups. How do I know…because as a number’s geek, odds say that the above statistics cover about 95% of private business owners. However, I get it…I really do. First, accounting
Your Accounting and Finances Could Be Better Read More »
The last time you budgeted for your business, I am sure you did it the way 99% of owners do. You projected your revenue based on what your expectations were and prior history. You then moved on to expenses and again, projected this based on the history of the business. In the end, you scrolled
Crash Course: Budgeting for Profit Read More »
Let me get this off my chest right away….most business owners stink at reviewing their financial statements. It’s not an intelligence thing or even a lack of effort. The cause boils down to three reasons: Whoever prepared the financial statement for the owner (i.e. bookkeeper) is so consumed with the process of getting the statements
3 Keys to Reviewing Your Financial Statements Read More »
I talk with a lot of business owners and most immediately dismiss a CFO. I hear it all… ”they are too expensive”… ”I am just a small business owner” … ”my business doesn’t have the need”. Honestly, all of those statements are flat out wrong. Businesses with a well-defined and executed strategy out-earn their peers
Real Talk about CFO’ing for the Small Business Owner Read More »
I have spoken with enough small business owners to know they don’t understand what role a Chief Financial Officer (“CFO”) would play in their business. Admittedly, the role is not as cut and dry as other jobs they most likely have filled in the past. Small business owners can tangibly see what a sales manager,
Why Your Small Business Needs Some CFOing Read More »
I was recently at a 2-day franchisor retreat. As a franchisor myself, I am around the industry quite a bit. It was one of those retreats that are typical when you think of such events. Yes, it was at the airport (actually, the hotel attached to the airport). Most of the attendees had flown in
CFO’ing for Franchisors Read More »
