More clients depend on software for their operations. The amount of data produced is staggering. But it takes sophistication, beyond Excel to excise precisely what’s needed in a data set for meaningful analysis. At times it can be like finding the proverbial needle in a haystack. I started out as a software developer back in the days when creating your own programs was the only way to procure and sort data from various systems. As I transitioned to leadership financial roles, I’ve discovered that I often dip back into my engineering background, especially as meaningful data becomes key in financial
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Entrepreneurs, start-ups, and founders of privately held businesses can be excellent at projecting and planning for the success of their business. But in the honeymoon days of a new business, many partners are reluctant to consider what will happen if a dispute arises. To help ensure true success, however, businesses must plan for disagreements and even, in the worst case, the dissolution of the business. To do otherwise could be a costly mistake. With a little planning on the front end, and a well-considered operating agreement, likely disputes can be avoided or resolved without placing the business in jeopardy. To
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“The 500 Hats of Bartholomew Cubbins” by Dr. Seuss was one of my favorite books as a youngster. It’s the story of a boy that tries to take off his hat when the king comes by, but another one just pops up in its place. He gets into trouble, as he keeps taking the hats off, and new ones appear on his head. Each one was grander than the one before, until the final one, which was the most glorious hat of all. Bartholomew is a bit like every entrepreneur I know. As you start a business, you’ll be wearing
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Every business owner is buried by information. There aren’t enough hours in the day to read, digest and then decide what you should act on. So how do you decide what to deal with today that can’t wait till tomorrow? Many business owners have dashboards that tell them how their companies are doing. Some electronic systems continuously scroll information about the company. Some use reports that are created weekly or monthly for the management team. It’s nice to have that information, but all those reports and all those numbers could cause your eyes to glaze over. TMI – Too much
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Are the people who work for you honest? Of course – or are they? Internal controls are designed to keep your business safe. No matter how honest people are, when they get into trouble, it’s just a short step from borrowing $20 from petty cash to issuing a check to themselves (or a fake company) and signing it. Even if they’re just “borrowing” from you, it’s still theft. Every year, owners discover that the office manager they trusted has been writing checks to themselves for $1,000 to $10,000 a month for the last 10 years. The losses run from thousands
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