Posts Tagged Budgets & Forecasts

Will Your Company face Bankruptcy in 2017?

You may not know Edward Altman, but he knows an awful lot about your business — like whether your company will be bankrupt in the next two years. In the 1960’s Altman developed a corporate finance formula that will accurately predict business bankruptcy more than 90% of the time. The formula, called Altman’s Z Score, needs just 8 numbers — and all of them can be found on your income statement or balance sheet.

How healthy is your business? Take the Z Score Test and find out for sure.

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Part 3 – Financial Reporting: You Can’t Make Good Decisions with Bad Data

Better Business Decisions Start with Better Financial Reporting

Last time we looked at nine warning signs that your business might need a transformation or major tune-up.  This time we’ll talk about how to get started, with four improvements in management information and financial reporting.  In short, to make better decisions with better data, you need to: 1. Correct errors in your […]

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Is There a T.I.G.E.R. in Your Office? 5 Things Your Business Dashboard Must Do

Powerful Business Dashboards are TIGERs

There are hundreds of ways to look our business – we can spend hours staring at financial statements and ratios. But financial statements alone won’t help us make progress…what an entrepreneur really needs is a map. A great “business dashboard” can be that map, showing us not just where we […]

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Flash Reports! Great Management Decisions Should be Based on Data

Flash Report Template XL

There are so many moving parts to worry about when managing your business. And to make a hard job even harder, accounting systems never seem to have a single report that draws all your most important data together in one place. Key Ingredients Instead of relying on 12 different financial reports, build one […]

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How Financially Disciplined is Your Company? 3 Rules for Surviving any Storm

Thousands of companies closed their doors during the recession. After working with both the wounded and the survivors, I’ve found a clear reason why some businesses made it through the recession unhurt. Those that survived (and thrived) had 3 things in common, all related to their willingness to use finance tools to drive decision making. How financially mature and disciplined is YOUR business?

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The CFO who Fired Himself

A funny thing happened to me during the 5th year of my 3rd start-up: I fired myself. The company continued on, but I walked away. Why? I could say that the company could no longer afford a CFO. (Sales had dipped during the recession, and I was working at half pay.) But that’s just an excuse.

The real reason I fired myself from the company that I helped start has everything to do with being a company owner and nothing to do with working in the company you own.

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Keep your Sanity and your Money with this One Simple Bookkeeping Mantra

simple accounting rules

Its amazing how complicated you can make bookkeeping if you try. Apply for a handful of credit cards, get two or three bank accounts, and carry arround a checkbook … and you’re on your way to a life of late payments and bounced checks. There’s a better way. In fact, […]

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The big piece of paper that changed my business forever

People say that writing things down creates a certain kind of magic. It must be true.  Some of the most powerful magic I’ve ever seen came from a 24″ x 36″ piece of paper and a colored marker that became my business dashboard.   After I created a business dashboard, […]

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