One of the most common reasons for small business failure is problems with cash flow (not having the cash you need to operate your business when you need it). Looking at this another way… by learning when to incur expenses you can turn this risk for other small businesses into an asset for your own.The secret sauce: operating profit drives expenseThe world of marketing would love for us to continue believe differently but we’re not falling for it anymore… at least not where our businesses are concerned.
Hiring can be rewarding when you’ve found just the right person with the right skills and experience that will fit perfectly into the culture of your business. It’s a big commitment though… for both of you. As a business owner, there are a few strategies you can use that will increase the chances that your hiring process will go as smoothly as possible.The Three Question TestDetermining & Evaluating the CostPreparing to Hire and Bringing Them On-BoardWhere do I Look?In Episode 02 for 2017 I’ll share my three question test for every hire along with an evaluation of cost. Front end preparation is an important part of a successful hire as is the process you go through to help them acclimate to working for your company. Where is the best place to find that new hire…? Listen now for all this plus there’s a worksheet you can download below to help you evaluate your hiring process.
It’s true. We all need help. Whether it’s seasonal sales cycles, end of year accounting or a full time staff position… there’s always more to do that hours in the day. How do you decide what help you need, how to prioritize getting it and finally who you gonna call? In this episode our focus will be on outsourcing work without adding a permanent position at your company.What is outsourcing?How does it apply in a small business situation?What should I outsource?Where do I start?In Episode 01 for 2017 we look at each of these questions. There’s a worksheet you can download below to help you put some structure to the process of outsourcing that fits your business and situation.
Still using @gmail, @aol, @yahoo or another generic email for your small business?Does it matter?In the 2016 Week 51 episode of Up and to the Right we’re going to go over why using this seemingly economic choice for small business owners may actually be costing you more than you think.We’ll also talk about how easy and inexpensive it is to get up and running with your own custom email address that will put a professional touch to the emails you send to customers, prospects and business partners.In the reading room we’re digging into Rejection Proof by Jia Jiang. Turn the whole concept of rejection on its head and then use that to push your company and life forward.
What are Financial Ratios? Can they be used to run a small business or are they only for big companies and stock traders?In the 2016 Week 50 episode of Up and to the Right we’ll learn the Secret Life of Ratios and how they can be used to operate and improve your small business.The tool this week is a ratio analysis calculator. All you have to do is download it from beyond50percent.com/2016w50 and enter 12 values from your own financial statements. Ratio analysis just got easy!In the Reading Room this week I’m recommending The Dip by Seth Godin. Push through the tough times and know when to quit when you’re going in a direction that doesn’t lead where you want to go.
I still have my 1st generation iPad. Oh the times we’ve had. In truth, it almost never came together for iPad 1 and I but that’s another story. From the beginning I’ve been following the pied piper of writing on a digital tablet – the reality of it hasn’t happened for me but I thought I’d share my stylus journey and hopefully a bit of insight about my obsession to achieve the feel of writing on my tablet. Why write on a tablet anyway? What kind of result am I trying to achieve? 4 reasons I want to write notes on my tablet and the most important thing I learned on the journey so far.
Cash is king as they say and the Statement of Cash Flows is a key report that bridges the gap between the Balance Sheet and the Income statement.In this episode of Up and to the Right I’ll discuss how to get the most out of the Statement of Cash Flows without investing hours of time or going to night school to understand the accounting behind it.I’ve provided some examples of both the entries on this report and the calculations used to arrive at the numbers. The point; however, is to understand that the Statement of Cash Flows is the best indicator of how cash works its way through your business.
The Income Statement (or Profit & Loss Statement as it is also known) is probably the most widely used and reviewed financial report. There are good reasons for this and, while the Income Statement can’t entirely describe the health of your small business, it can provide valuable insight into critical areas that can make a tremendous difference in the performance and success of your entrepreneurial endeavors.In this episode of Up and to the Right I’ll discuss how to get the most out of the Income Statement without investing hours of time or going to night school to understand the accounting behind it.
Balance Sheet BasicsHow often do you review the three standard accounting reports for your business. Accounting gets a bad rap but the reports that they generate are the first place to go to find measured results that you can use to improve your business. The Balance Sheet, Income Statement and Statement of Cash Flows can be a wealth of information and a great place to start looking for ways to improve as well as a great mechanism to monitor the results of changes you make.
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