One Simple Way to Put Money Back to Your Bottom Line

2018-07-06T15:09:30+00:00By |Business, Business Process, Efficiency, Finance, Growth, Operations, Planning|

One of the easiest ways to increase profits is to decrease expenses. It’s a logical step that many business owners neglect because they feel befuddled by finances or have “abdicated” the role to their bookkeeper or finance person.Too easily, we can be seduced by the idea of upgrading our marketing and technology to increase clients and revenues. However we forget that there’s a simple process that provides quick results. A Recipe that WorksWe give our expenses a frequent look throughout the year. We ask ourselves “are these expenses maintaining or attracting customers?”  If each expense isn’t doing the job we wanted to accomplish, then it gets serious analysis for being eliminated. Each expense should help return a profit.The discipline of revisiting all expenses, no matter how large or small, is an important business owner “muscle” to keep in shape.There’s nothing like keeping your finger on the pulse of your business by [...]

One Basic Skill that Will Make You Win More in Negotiations

2018-07-11T16:51:39+00:00By |Business, Business Process, Efficiency, Finance, Growth, Leadership|

"Each party should gain from the negotiation" - Andrew Carnegie What is the least practiced, yet the most important skill to have as a leader or a business owner?  It’s the skill of negotiating! Whether you’re an expert or a neophyte to negotiation, you always want to learn and practice the essentials, just like a professional athlete consistently practices their craft to win at their game.   Work the Fundamentals First!    One of the most important first steps in negotiations is to clarify and identify the interests of each party (Harvard Program on Negotiations, Feb. 2018). Clearly identifying both your interests and the other person’s interests makes it possible to notice options for agreement.  And, equally important, you become aware of strengths and weaknesses in what is being offered or asked. Knowing all your interests and the interests of the other party will help you to create the [...]

Make an Exit Plan that Creates the Future You Want

2018-07-11T16:45:58+00:00By |Business, Business Process, Documentation, Finance, Growth, Leadership, Planning, Team Building, Time Off|

"Action is the foundational to key to all success"  -- Pablo Picasso Sometime in the future, you’ll want to transition from the daily running of your business or simply want to sell it.  Maybe you’re there right now and are not sure how to exit – gracefully and with your future in tact. You’re not alone! UBS, a multinational investment bank and financial services company reveals, “48 percent of business owners don’t have a formal exit strategy.” (Q1 Investor Watch Report). Its never too late to create an exit plan for your business.  However, the earlier you start, the better the transition can be for you, your team and your clients. Most business owners see their financial future tied to their business.  I have worked with clients that have not built a solid team or created enough value into their business to have anything to sell.  Others have sold their [...]

Three Ways to Increase the Return on your Labor Costs!

2017-12-02T12:36:59+00:00By |Documentation, Efficiency, Finance, Growth, Human Resources, Productivity, Team Building, Training, Uncategorized|

Is labor a big expense in your business? For most businesses it’s the largest expense category and one that needs focused attention to obtain the best return for your labor costs investment. […]

Twelve Golden Nuggets to Finish the Year Strong! #5

2016-12-01T00:28:35+00:00By |Finance, Planning|

Here is the 5th of our holiday gifts to you! Use these strategies to finish your year strong and get ready for a successful start to the new year. Gold Nugget #5: Wrap-Up Your Financial Story for the Year! It is essential to be an excellent money manager in order to have a sustainable and thriving business. Part of that role is wrapping-up financial tasks that need to be done before the end of the year. This is an elementary activity that many business owners miss. As I get ready to wrap-up our business year, I work through my annual checklist to make sure that nothing is missed. Its my way of putting together the financial story for the year. […]