There’s a scary question I often get asked whenever tax season rolls around: “I received cash, and I don’t really have to report that, do I?” Wrong. If you received any cash throughout the year, regardless of the amount, it’s considered income, and you are required to...
Recently, we’ve spent a significant amount of time talking about the cash conversion cycle, an estimate of how long it takes your business to receive the cash from a recent sale. If you’ve been following along, you’ll know that I’ve been stressing the importance of...
Tired of chasing down past-due invoices? What if you could devote more of your time to growing your business rather than begging customers for the money they owe? To collect receivables on time, you need a plan that addresses them before and after a sale. The...
Cash is the lifeblood of every business. Can you imagine a world where your employees go home, your vendors stop working with you, or the lights get turned off? Unfortunately, this happens to “good” businesses all the time, and it’s why improving your cash conversion...
Advertising is expensive, especially for a startup or small business working with limited funds. In many cases, you can’t afford a large loss, which is why you must be intentional about targeting the right customers, controlling your message, and measuring results....
Don’t have a huge marketing budget? You’re not alone! This is a common issue for small businesses, especially those just starting out. Nonetheless, marketing is a necessary tool if you hope to attract new customers, create loyalty, and grow your business. Today, I’m...
The ability to sell to current customers is the most important tool in your marketing toolkit. After all, these people already know you, like you, and trust you! The problem? You need some way to reach them. This is where email comes in. An email address is a direct...
If you want an easier way to not only generate more sales but also upsell to your existing customer base, there are few strategies more effective than autoresponder email campaigns. You see, once you have someone’s email address, you can start automating a major...
Is bookkeeping dominating your time, giving you inaccurate data to work with, and potentially costing your business thousands of dollars? If you’re managing your own books, I already know the answer—yes. As both a business owner and certified public accountant (CPA),...
In my 40-plus years of tax planning, I’ve learned that some business owners pay much less in taxes than others—even if they make the same amount of money! But wait…that’s not fair, is it? Well, of course it is—they do everything legally. They’re just the “smart”...