During these difficult business times many small businesses are looking to financing for reprieve from the current losses they are incurring. Though financing is a great option that should be carefully looked at, every small business owner should be looking at their operations to see where their shortfalls are inside their business. Every business has things that they do very well, while other parts of their operation lack the necessary care that will stop the company from fully reaching the potential that they have. The first step, before seeking financing, should be to discover the parts of their business that does not function the way it should. Often times, the business owner should plan to hire an outside independent consultant. The … [Read more...] about Bandages
This week in history the largest Tyrannosaurus Rex skeleton was discovered by Susan Hendrickson. In the days when the dinosaurs roamed the earth, the T-rex was one of the most feared creatures striking fear with just one roar. Today, a letter from the state department of revenue or the Internal Revenue Service elicits fear to taxpayers all over the country. So how does one avoid the various letters that can come as a roar to your mailbox? The truth is that I would be lying if I told you that there is a magical way to avoid every instance that could deliver that terrible roar to you. If you can’t avoid the letters, then what does one do? The answer is simple, document everything and keep your records and make sure you properly prepare … [Read more...] about T-Rex
When I sit down with a business owner for the first time I ask them what their short and long terms goals for the business. Many owners wish to sell their business and make enough to retire on. Some have not thought that far and only have viewed their business as a way to make a current living. Others wish to pass their business busines down to a child. No matter what their desired outcome there has to be a solid plan as to how to accomplish it. I speak of this subject today as I approach my oldest daughter’s 21st birthday this week. When I had stated my business over 13 years ago, I had the dream of working with my children in the business and eventually passing it down to one or all of them. I have 4 children and so far my two eldest … [Read more...] about Solid Planning Or Expensive Reading Material?