Last time we defined business transformation and its role in a thriving business. How can you know when your business might need a transformation or major tune-up? Here are nine warning signs that you may be overdue. Is your financial data accurate and correctly organized? Lack of good financial reporting […]Continue Reading » →
Posts Tagged Growth
In almost every business, just 20% of customers account for 80% of profits. And many businesses would be better off if they simply did not have to serve the bottom 80% at all!
But before you go out and fire 4 of every 5 customers, take a closer look. By understanding the profitability of each customer segment, and adjusting your operations accordingly, you can keep the customers and maximize profits.Continue Reading » →
I recently hired several new accountants to join our staff — a task that I had been dreading for months. Drowning in a flood of mediocre resumes sounded like an administrative nightmare.
The average job posting gets more than 250 applications… but you really only want the 3 best. And if you could be instantly handed the ONE that was a perfect fit? Even better, right? With that in mind, recruiting seems like a huge waste of time… and yet the process is vitally important.
Happily, there are several ways to cut the time required and assure a much better outcome. Here is the first trick I found that saved me about 3 days of toil.Continue Reading » →
Ed Goodman has invested in over 100 companies including Apple Computer and Staples office supply stores. He shared with me the five worst rookie mistakes that entrepreneurs make when pitching to venture funds. See if you recognize yourself in any of these:Continue Reading » →
Whether your business is growing rapidly or just getting started, you need cash. But negotiating with investors or VC can take a long time – time you don’t have. Most entrepreneurs report that investors take 6 months or more to write a check. You need cash NOW… not months from now when investors […]Continue Reading » →
When you’re excited about a new venture, stopping to write a business plan is a drag. When it starts to feel like a burden, many of us quit. Either we venture on without a plan (to certain doom) or we decide not to pursue the new idea at all.
JK Rowling planned her 700-page Harry potter novel on one page of notebook paper; entrepreneurs can do the same with a business plan. So before you write a 30 or 40 page business plan that describes every aspect of a new venture, write one page.Continue Reading » →
Forget “magic number” theories of SaaS business models. Grab this free Excel spreadsheet to find out if your SaaS business will thrive or dive. Includes Churn and GM%.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 » →