Increasing your profits requires selling more and/or spending less. While building up your sales may require an extended effort, business costs are often very ripe for a quick trimming. Here are some possibilities. Supplies and Other Purchases Usually, in any business, relatively few items represent a very large share of all outlays. The first step… [Read More]
Best Business Practices
Find and Keep the Best Talent for Your Business
Finding the best candidate to hire is often costly and time-consuming. But, if your new hire turns into a loyal, hardworking, long-term employee, your investment may be worth every cent and minute. Locate Candidates How do you find good people? In the past, people who were job hunting would look in the “help wanted” section… [Read More]
Do You Have a Business Continuity Plan? You Should
What if disaster strikes your business? An estimated 25% of businesses don’t reopen after a major disaster strikes.1 Having a business continuity plan can help improve your odds of recovering. The Basic Plan The strategy behind a business continuity (or disaster recovery) plan is straightforward: Identify the various risks that could disrupt your business, look… [Read More]
As a Corporation You Need to Follow the Rules
When you started your business, you may have formed a corporation to protect your personal assets from lawsuits against your company. However, you must also operate your business like a corporation — or risk losing the liability protection you expect to have. No matter how long you’ve been in business, always treat your corporation as… [Read More]
Take Advantage of Your Financial Statements
Financial statement information is most useful if owners and managers can use it to improve their company’s profitability, cash flow, and value. Getting the most mileage from financial statement data requires some analysis. Ratio analysis looks at the relationships between key numbers on a company’s financial statements. After the ratios are calculated, they can be… [Read More]