Business transformation is the purposeful change in business processes, systems, products, organization and culture, in response to changing market conditions. Does your company need it? If you face any of these challenges, the answer is likely “Yes”…Continue Reading » →
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Time and again I hear of entrepreneurs complaining about a lack of accurate books – but in the same breath say that they have been with their accountants for so long that they couldn’t possibly leave. Sounds crazy, right? Sure, your relationship with an accountant feels personal. But how bad […]Continue Reading » →
We’re in a time when anyone can spend a few hours on YouTube and learn almost anything — from brewing your own beer to making a better soufflé.
Even so, no one would try to learn to be a surgeon, or to fly a plane, or embark on any number of highly skilled tasks without expert coaching. So why is it that so many business owners take on the task of accounting without so much as consulting a professional finance person? Here’s the 4 warning signs for DIY Accounting… are you falling victim?Continue Reading » →
It’s a simple truth: “Hope is not a strategy.” It’s true in so many fields of human endeavor, but none more than cash flow. And with so many business owners relying on hope to avoid a cash flow crisis, it’s no wonder some businesses wind up in a place known for a very different saying; “Abandon all […]Continue Reading » →
Any business that deals internationally deserves to have a strong, forward-looking currency plan that supports the company’s overall financial goals and protects their profit margins. The re-valuation of the Chinese Yuan this week highlights a risk that most small businesses barely acknowledge: the cost and volatility of international money exchange.
If you’re buying raw materials from China, your costs suddenly increased by 4% (enough to wipe out the entire profit margin for some businesses), which makes foreign currency exchange a risk that you cannot afford to ignore.
How do you protect yourself against these kinds of risks? Here’s the 4 basics you need to know now…
At any given time, millions of small businesses are seeking some sort of financing with needs as varied as their value propositions. Fortunately, small businesses have many options for borrowing the cash they need, but they too vary widely in terms of how they address their cash needs. On one […]Continue Reading » →
Online accounting will transform the way your business runs. But that’s just the beginning. Every other business system will eventually be online and must connect to the accounting system. Using an online accounting system will be the single most important move you’ll make… if you follow these 7 rules:Continue Reading » →
It seems to go against the grain of strict accounting rules, but it is true nonetheless: How you organize your financial statements is entirely up to you. It’s a freedom that can help you better understand your business — so long as you tread carefully. Nowhere is this freedom more […]Continue Reading » →