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 »
I love Under Armour. I am very brand loyal and it is not uncommon to see me in multiple Under Armour outfits throughout the week. As I coach both of my boy’s flag football teams, I do so decked out in Under Armour gear. However, I also know that as a company, Under Armour has
Decoding Accounting: A Crash Course in Inventory Management Read More »
I don’t know a business owner that I have sat down with in the past that has said: “I have just the amount of customers I want.” Thinking about the prospect of that conversation actually makes me laugh out loud a little bit. Most small business owners are in fact constantly trying to figure out
An Easier Revenue Growth Formula: Building Your Ideal Customer Profile Read More »
I was meeting with a business owner last week who told me they were interested in moving to accrual-based accounting method. They were currently on the cash basis and their bookkeepers were inquiring if they wanted to convert over. The company was just entering their 3rd year and always prepared their financial statements and tax
Decoding Accounting: Cash vs. Accrual Read More »
In late July I was having drinks with an acquaintance, let’s call him Derrick, who is contemplating franchising his men’s hair salon concept. I was put into contact with him through a mutual friend a few months earlier. Since I had been heavily involved in franchising for the past few years, I was the first
Back of the Napkin Profit Growth Read More »
The Department of Labor released a new rule to make it easier for small businesses to band together to create joint 401(k) retirement plans for workers. The new rule will take effect on September 30th of this year. Under the rule, companies in different industries—for example, a salon and pizza parlor—could create a joint plan
Decoding Accounting: Old 401(k) Math + New Rules Read More »
According to the Small Business Administration, 70% of businesses are owned and operated by sole proprietors. While that is a huge percentage, it still leaves a 3 in 10 chance that your business will have more than one owner. It’s almost impossible to say how many of these non-sole owner businesses started out with one
5 Considerations For Bringing in a New Partner for Your Small Business Read More »
I was sitting in a local chamber of commerce meeting this past February where the discussion topic was how to attract more young employees into the workforce. The businesses in this local community were having a particularly hard time finding people to fill all of the hourly wage jobs available. At the end of every
Flowers and Profits – How One Small Business Owner Manages Through His Bank Account Read More »
The ride-sharing company Uber had its initial public offering (IPO) in May 2019. Depending on how you calculated their valuation, the Company was worth between $75 and $82 billion. As I write this article on July 21, 2019, their current valuation is still around $74 billion. What made their IPO interesting was that a variety
Bid Ideas for Small Business: Scaling Your Small Busiess Doesn’t Always Lead to Profit Read More »
