A feature on the importance of keeping accurate balance sheets and how crucial a part they play in a successful business.
Tease: Ultra-wealthy families with long-term legacy objectives should establish a family constitution
Learn about family governance to assure your wealth legacy lives for future generations.
Ruth King concludes the Stupid Mistakes Series with this final installment, Don’t Make These Mistakes This Fall
Let’s make sure neither you nor your team members, both in the office or on the road, make these mistakes. And I am quite sure, once they are revealed, you …
The second installment in the series, this is the stupid truck mistakes contractors make and how to avoid making them
Protect your profitability and cash – don’t do stupid things.
Protect your profitability and cash – don’t do stupid things.
When pricing maintenance plans for additional home heating and cooling systems, you should know as a business owner, it is not merely about cutting your maintenance price for the first …
The goal on performing maintenance should be to net a profit, but at the very least you should never lose money. Contractors often have the misconception that you can lose …
Pricing Using Net Profit Per Hour Gives You Ultimate Flexibility
Two Things You Absolutely Must Have in 2022
Unless you have a year-end that is not Dec. 31st, it is time to budget for 2022.
Accounting theft, the tale of two contractors who had employees embezzle thousands of dollars.
Many business owners think they have an accurate idea about the value of their business. Owners may be surprised to find that “the gap” between the current value of their …
I had a different employee fix the customer’s system and fired the employee for moonlighting.
Get a weekly cash flow report and the aged receivables and aged payables reports to back up the report. Look at the aging reports and see if things don’t look …
Don’t let policies you enforce during slow times get ignored when you’re busy.
As much as we don’t want to admit it, cash flow is the lifeblood of a company.
A consistent gross margin means that your profit and loss (P&L) statement is probably accurate (unless you discover overhead mistakes).
Save the amount of cash that is comfortable for you. Get in the habit of putting money in savings accounts.
Continuous profits, turned into continuous cash, give your company the best chance for survival and building wealth.
Your company’s current ratio should be monitored monthly. It should always be greater than one. It should be constant or trending upward.
A good debt policy looks at your receivable days and your debt percentages.
Inventory tracking is key to a sound cash policy. You don’t want to spend cash you don’t need to spend.
Sales count. Profits count. But they’re worthless if you don’t collect the money those sales and profits generated.
Every bank deposit should have one percent of the deposit amount transferred to a savings account.
To be successful as a business leader, you have to have a grasp of the basics.
Cash is the lifeblood of your company. You should watch it every day.
If your company has a great reputation, then people will want to work there and want to stay there.
Make sure you understand the impact of Paycheck Protection Program loans.
You need to create your updated P&L to show at least a few dollars of profit at the end of the year.
Self-made billionaires almost universally have well-established and powerful personal brands that they use opportunistically to generate even greater success.
