The driving force in many expansion plans is to generate higher sales, with the hope that profits, too, will rise. But before making moves to buy new equipment, expand your plant or implement a new business idea, you need to grasp the profit angle. In some cases, an expansion plan boosts sales but not profits. […]
Small Business
Why your business absolutely needs a budget
Most business owners view a budget with utter disdain. They’ll use any excuse to not prepare a budget. Some of the excuses I have heard over my career: “Who has time for that?” “Our annual earnings don’t really change from year to year.” “Sales are flat, why bother?” Most business owners run their business based […]
Employee non-compete agreements: Enforceable or not?
No employer wants to find themselves competing with a former employee. Nor do you want valuable inside information, strategic plans or trade secrets shared with a rival company. So, how do you craft a non-compete agreement that’s both effective and enforceable? It’s all about the word “reasonable” Courts have long attempted to balance the interests […]
Accepting checks? Proceed with caution
Check fraud costs individuals, businesses and financial institutions as much as $50 billion annually, according to one estimate. Forged checks have always been a problem, but with inexpensive laser printers and easily accessible paper, check fraud is more prevalent than ever before. Victims include financial institutions, businesses that accept and issue checks, and of course […]
Keeping your firm’s debt in check
Paying your company’s bills is just as important as collecting your own receivables — and they need just as much management. The good thing is, you have a surprising amount of control over how and when your company’s debts are paid and that provides several advantages. Start inside the business… First, adopt good internal controls […]
The connection between PR & profitability: How a proactive strategy can help your bottom line
Sometimes how leaders react during a business crisis can have more of an impact than the crisis itself. Remember when Equifax announced that the personal information of over 143 million Americans was compromised in a huge cybersecurity breach? The company claimed they learned about the attack in July 2017, but didn’t share that information with […]