At some point, every business owner needs a kick in the pants, a trusted confidant or a shoulder to lean on—especially when the ups and downs of entrepreneurship seem insurmountable. The ability to find and maintain focus while adapting to change is no easy task, and here are a few instances in which you may want to seek some unbiased, third-party help…
Most small business owners have little or no accounting experience. They certainly don’t start their business for the sole purpose of accounting, and so it is really no surprise that the majority of small business owners rate accounting and taxes as the part they like least about their own business.
I hear about and stumble across interesting books all the time. When I do, I add them to an ever-growing list.
This ever-growing list has become a point of frustration. Some highly recommended books weren’t living up to expectation, and other books sometimes seemed like a waste of time. I figured there had to be a more productive way to learn what these books had to teach.
The success of your business is strongly tied to financial stability. As your company grows, cash flow will become a make or break issue. This is particularly true for product design companies who encounter unique expenses.
We recommend a phased-approach to building financial strength, and the following step-by-step guide may help your business to alleviate or avoid the most common cash flow problems…
Every business should serve a purpose that is greater than simply making money, but profit ultimately makes purpose possible.
Profit is also the most accurate measure of business success, and it is an especially important metric for product design companies. Revenue is often a more exciting conversation piece, but it can certainly be deceiving. Business decision-making (when to launch a new product, when to invest in new equipment, etc.) that is based upon revenue can sometimes be downright dangerous. Consider the following…
1. Develop a Strategic Plan
Many business owners measure their success by how hard they are working and whether there is enough money to cover payroll. In reality, “working hard” is not an accurate indicator or prediction of business growth. Businesses operate best with a strategic plan and a methodology for measuring and executing that plan.
1. Inadequate Financial Records
Are you keeping a close eye on your cash flow? You need to have a clear understanding of what you have on hand, how much is owed and how much will be collected. Ensure that your records are current and detailed. You cannot determine the health of your business by sales alone.
What’s the recipe for business success? It’s really more of a process than a recipe; one that is cyclical in nature. The following strategies will help to guide you through that process…
1. Define Your Business Purpose
Why do you want to own your own business? Why is that so important? Why does this business idea make sense to you? Why, why, why? There are no lies after 5 why's! Like a 3 year old wanting to understand, asking yourself WHY will help you to uncover the value you offer to customers and the true goals of your business.