Do you ever wonder why communications within your team don’t always work well? Maybe you aren’t asking the right questions? We work with a consulting firm that teaches you how to ask the right questions, with the right language and how to interpret the answer you received. Doug Krug runs Read more…
Restart or reinvent? The PPP loan program was designed to provide paychecks and not save your business directly. There are three goals for you to consider how to use the funds: How do I save my business or better yet, how do I make it thrive? How do I best Read more…
This is the final blog after our 3 Steps in Dealing with a Financial Pandemic and Phase 2 Steps in Dealing with a Financial Pandemic blogs. Step 1: Discover your “new normal” You and your business have experienced a major life impact event which requires a change in thinking and Read more…
This is a follow up blog on our 3 Steps in Dealing with a Financial Pandemic published March 27, 2020. Step 1: Cash Management The newly approved federal rescue programs are now being put in place. Contact your banker to get in the queue and complete the SBA application forms. Read more…
Here is a three-part process summary that we recommend getting through the current economic shutdown. Step 1: Cash is King Contact your landlord and negotiate a 90-day rent delay. You may have to settle for a major reduction rather than 100% but you are in the driver’s seat. Many local Read more…
There is an old saying regarding financial leadership: “a good Controller will know your numbers, but a good CFO will know your business.” You should determine what skills are needed for your business and how much. This article will help you answer these questions for your business. First, think of Read more…
Currently interest rates are near historic low points and make long term borrowing attractive. On the other side is the bank that does not want to lend long-term at today’s rates. What can you do when the bank says no to fixed rate, long-term loans? It is called interest rate Read more…
Managing employees and their benefits is becoming more difficult by the day. The rules and regulations surrounding employees are complicated, require a great deal of reporting and compliance, and may create liability on the part of the company and its owners. One of the options to address the multiple requirements Read more…
Changing accounting systems is costly and time consuming. So why do companies do it? Usually it is because the company has grown, become more complex to manage and better data is needed to support decision making. This generalized statement can be broken down to specific areas of need within the Read more…
Some lessons are best learned by repetition: doing it over and over and learning from our own mistakes. Selling one’s business is usually not repetitive, but this story is about an owner selling three times. If I could offer one bit of advice to an owner thinking about selling: The Read more…