By this time, you are well on the road to executing your strategic plan for this year. You spent time at the end of 2019 putting together your goals and aspirations for yourself and your business. You evaluate your client relationships – do they fit into your business model? Are they time consuming? Are they as profitable as they can be? Business owners should also evaluate their banking relationship, as this can have a profound impact on their ability to execute that strategic plan. Banks play an important role by providing working capital, equipment financing and real estate acquisition financing,
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When people talk about having all their eggs in one basket it can mean many things. A lot of times it relates to Investments, Career Choices or other personal matters. But the same is true for businesses. Are you aware of these business risks, and doing something to protect your business from an inevitable crash, or are you following Humpty Dumpty’s advice? Here are some areas you should consider in your planning: Customer Concentration Leadership Staffing Products Financial Resources Technology Customer Concentration is an easy one to understand. If you have only one or two primary customers, your business is
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Companies run into trouble from time to time. But why do some companies survive those troubles and others don’t? To me, there are two issues. First, it’s knowing when to ask for help. Second, it’s being willing to follow the advice that you’re given. But not everyone waits till they’re in trouble to ask for help. I remember getting a call from a business owner who said he was doing pretty well, he just wanted some help because he “didn’t know what he didn’t know.” Sometimes I meet with companies that are in a different situation. They have waited so
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Credit Umbrella IDK Series
Part of the I don’t know what I don’t know series No business owner wants to borrow money. It strains your emotions, costs you interest, and eats up valuable staff time. Properly used, credit can be a boon, because it can propel your business to the next level. Or maybe it’s a safety net so you can sleep at night. What are some special things that you should know? Credit costs money – Borrowing money costs more than just interest. Origination Fees – If you’re borrowing from the bank, they charge you to initiate the loan. Commitment Fees – They
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bussinessman stepping out for vacation
5 things to keep your eyes on this summer It’s summer, and you’re planning a three-day weekend or vacation with your kids. What does that mean for your business? Here are some things to watch during the summer months. Budgeting – Remember that your budget is your business plan for the year. Compare your budget to your actual YTD results. It’s important to make changes to your company operations so they will get you to where you need to be to meet your goals. Inventory Control – You should be continually evaluating your inventory. Do you have sufficient stock in
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