The economy is tough, but even when the economy is good there are many businesses that close their doors. Some of these failed businesses could have stayed open if they invested a little time in Contingency Planning. Many people don’t want to think of what might happen to their business if things don’t go as [...]

In my last two posts I discussed the financial tool, Net Present Value (NPV) in detail (NPV and NPV Example). However, often times the Payback Period method is used to evaluate a purchase or expansion project. The difference between NPV and the Payback Method is that the Payback Method doesn’t discount the future cash savings/cash [...]

In my last blog post I discussed a financial tool, Net Present Value (NPV). In this post I’ll use an example of how NPV works. You can refer back to this information whenever you need to make a large purchase decision.
In order to perform the calculation you will need to know:
1. The discount rate (usually [...]

They are predicting a very slow economic recovery. But that doesn’t mean you should wait to make purchasing decisions for your business. On the contrary, you should buy that asset — if you do so wisely.
It can be challenging to determine whether or not you should make an investment. You make every effort to [...]

Year end planning is not complete without a budget. Creating a budget can be intimidating to many business owners, but it does not need to be. Simple, yet effective, budgets can be developed using MS Excel.
One of the main reasons business owners procrastinate budgeting is because they do not know where to start. The last [...]

Join me tomorrow, October 21st (Wednesday) at 2 p.m. PST as I join my friend Dave Lindbeck on this radio show to discuss business plans. Listen here: Talk About Success.

Whether in your business or personal life, I’m assuming you have all thought about creating a budget at one point. Many people set limits on how much money they will spend each month on eating out, entertainment, etc. Businesses are doing a lot of this too. A friend of mine recently shared with me that [...]