Today, we’re going to discuss everyone’s favorite topic…budgeting, of course! Let’s face it—no business owner wants to spend their time creating, refining, or even talking about budgets. However, failing to budget is the most expensive mistake a business can make....
Are your personal values and business goals in alignment? If not, you’ve got a major problem on your hands. Think about the manufacturing process for a moment. It always begins with raw materials. In a small business, guess what? You, the owner, are that raw material!...
Marketing is expensive, and you don’t always get what you pay for—especially if you don’t know what you’re doing! John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” This is true for many business...
I hate budgeting, and I know I’m not the only one. Most business owners do! After all, the time you spend creating a budget is time that could be spent finding customers, making sales, delivering products, and collecting receivables, right? If you’re anything like me,...
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...