With my blog I am trying to convince business owners to use their accounting data to make business decisions. There are many reasons to use you accounting information on a regular basis, preferably monthly. In addition, there are many different ways to use the data. Accounting data can be used to: 1. Determine how liquid [...]

Many business owners follow the motto that “cash is king.” And while cash is extremely important, the ending balance in your bank account does not tell you much about how you generated or used cash. Looking only at your cash balance may cause you to miss some key indicators on how your business is doing. [...]

What does your cash flow look like right now? Are you still worried about the economy? Have you been putting off purchases or hiring a new employee because cash is a little tight? What about that new computer you need because the one you are using is 2-3 years old? A friend of mine recently [...]

In my local paper today there was an article about a night club owner who is being sued by the neighboring businesses. As I was reading, I couldn’t help but lecture the business owner for not doing his research or more of it before spending ALL that money, $1million to be exact, and opening his [...]

A few months ago my business coach asked me to make a list of strategic business partners. I used my contact database to evaluate who I knew in my local area that could be a good referral source for my business as well as my ability to refer business back to them. The criteria I [...]

I’m currently reading a book called Parenting with Love and Logic Teaching Children Responsibility by Foster Cline, M.D., and Jim Fay. You are probably wondering what in the world this has to do with business, let alone a blog post here. In reading this book, I realized the concepts could be applied to any relationship. [...]

Do you have a great business idea, but cannot find a bank or investor to give you any funds? Maybe you need a little extra cash for your business, but again, you cannot find a bank lend you an money. There are really few options when you are in these types of situations. Often friends [...]

A friend of mine wrote a booked called: Everyone Wins! Playing the Game of Conflict Resolution In All Your Relationships. I’m embarrassed to say that I’ve had his book sitting on my bookshelf for a while now. I just finished reading Good to Great and was looking for another business book to read. Many times [...]

When you started your business hopefully you wrote a business plan. If you did not, you can create a short version of a business plan now. While writing a business plan helps you prepare for the initial start-up phase and the first few years of operations at some point it becomes outdated. Many business owners [...]

Most business owners are not accountants and know enough about Net Income and/or Cash Flow to get by. Your financial statements are full of a wealth of information and each statement tells its own story of what is happening in your business. While cash is King, the balance in you checking account doesn’t tell you [...]