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As small businesses grow, managing cash becomes far more complex. You have to: forecast cash needs and cash receipts, establish processes for tracking payments and dealing with late payers, produce financial statements, establish budgets, invest unused cash and much more. If you expect to keep growing your business, you can’t spend [...]
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Continue ReadingSmall-business compliance with unclaimed property laws, known as escheat laws, isn’t usually at the top of the list of most owners’ concerns. But failing to address unclaimed property can lead to audits, interest and penalties. When a customer leaves a deposit and never returns, or you issue a refund to clients [...]
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Continue ReadingVenture capitalist Tony Tjan believes that not all revenues are created equal. Companies that pursue growth of any kind and at any cost will have a difficult time achieving long-term value, according to Tjan, vice chairman of investment advisory firm Parthenon and general partner at VC firm Cue Ball.
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Continue ReadingOne of the most difficult aspects of being a small-business owner is having to fire or lay off employees. Even if it doesn’t come as a surprise, it’s still shocking, and more so in a job market where it can take well over a year to find a new job. It’s difficult [...]
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Continue ReadingWhen it comes to storing old financial documents, I’ll admit that I do have a hoarding problem. Despite “knowing better,” I’m hesitant to eliminate even old receipts in case one day I’m subject to an audit and the only thing keeping the IRS from confiscating my business is an $8 gas [...]
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Continue ReadingMany small-business owners fail to plan for the five Ds as attorney Michael Burstein describes them: disagreement, deadlock, default, divorce and death. When a business is successful, owners commonly postpone dealing with potentially difficult and uncomfortable situations.
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Continue ReadingThere is never a shortage of so-called experts on television, radio and the Web talking about what the economy will do next. Everyone has an opinion and seldom is a consensus reached unless it’s to state the obvious. Having a clear understanding of what our economy…
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Continue ReadingMany small-business owners have achieved success by taking a “hands-on” approach to running their companies. Having full control over your business’ operations gives peace of mind because after all, no one is going to care about your business like you do.
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Continue ReadingThere are many ways for a nascent small business to acquire the money it needs to start operations and expand. By now, many owners realize that the traditional bank loan is the most difficult and least advantageous source of capital…
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Continue ReadingAs the economy continues its precarious path forward, consumers and business customers maintain a price-conscious attitude. Many large companies have made the decision to use price reductions, sales and rebates to increase (or maintain) unit sales. This tends to cause a great deal of grief to small business owners who [...]
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I can teach you proven strategies for growing sales and for raising money from investors. I founded EcoFin Media, Trans 24/7 and Proximo International.
