Setting goals is an important first step toward owning a successful business. But goals aren’t reached by chance. Without measuring your progress with data, it can be difficult to ensure you are on the right track. In short, that’s why key performance indicators (KPIs) are so important to small and medium-sized business owners. KPIs are […]
KPIs for Food Manufacturers Read More »
Ask anyone who started their career in public accounting, and they probably don’t have a strong impression of QuickBooks. However, ask any business owner, and you get a different answer. Luckily, I have experience with QuickBooks from both the service provider and business owner perspective. This article will help you determine if you should be
QuickBooks Alternatives: 5 Situations Considered Read More »
I often read articles that point to characteristics that help some be better equipped to own a business than others. I work with enough business owners to know that people with all different types of strengths can succeed. However, no matter the skill set, there are two traits all business owners seek – answers and
An Owner’s Guide to Financial Reporting Read More »
In November 2019, Dan had finally had it. He had franchised a fitness concept that had never taken root. He was franchisee #3 within the system. It was a small system, which is what Dan wanted. What it lacked in size, he was convinced it would make up in individual support. As I sat having
Financial Coaching for Your Franchisees Read More »
Success for any franchisor can be measured by their number of healthy franchisees. The statistics bear out that franchises fail about as often as a regular business. This should be somewhat surprising because many franchise concepts are modeled after an existing business that has experienced a certain level of success. Many franchise systems have failure
3 Ways to Build a Financial Support System For Franchisees Read More »
GAAP is the four-letter acronym for Generally Accepted Accounting Principles….most non-accountants have other four-letter words they might use to describe it. Most entrepreneurs and business owners I talk to rightfully comment they don’t care about GAAP because it doesn’t apply to their business. Unfortunately, franchisors are not in that category. Most franchisors think of themselves
Who cares about GAAP? Unfortunately, Franchisors must Read More »
“How can that be my net income?” “I didn’t make that much, check my bank account?” “This income statement makes no sense to me” I have sat with many business owners and heard these lines seem time and again. Their income statements make no sense. It’s no wonder many owners look at what accountants do
Why Your Income Statement Doesn’t Match You Bank Account Read More »
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 »
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 »
