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Finance & Succession Planning

Rules for Retaining Tax Records

An explanation and some clarity on the IRS guidelines

Originally published Published: 03.01.09 Author By Mike Coyne

Reporting Monthly Financial Results

By using a margin contribution accounting method, you can report net profits by division and properly allocate expenses.

Originally published Published: 12.01.08 Author By Ron Smith

Avoid Down Cycles

Smart money management protects your business in slower times.

Originally published Published: 12.01.08 Author By Ruth King

Thinking About Selling?

To get your business ready for sale, good due diligence asks questions in all areas of your business.

Originally published Published: 11.01.08 Author By Ruth King

Overtime Pay?

Whether an employee is labeled "salaried" or "hourly" does not answer whether the employee is entitled to overtime pay. The Fair Labor Standards Act has very specific rules regarding overtime …

Originally published Published: 11.01.08 Author By Mike Coyne

Check Fraud Checkup

Annual check fraud losses now exceed $20 billion. Businesses with checking accounts face a substantial shared risk. Frank Abagnale reviews your liability and offers procedures to follow to reduce your …

Originally published Published: 10.01.08 Author By Frank W. Abagnale

Flattening Out Seasonality

Service agreements, marketing and diversity will decrease dependence on the weather and flatten out the seasonality.

Originally published Published: 09.01.08 Author By Ruth King

Stop Running A Warehouse Supermarket

Limit access to the warehouse. You may need to hire a parts runner or a warehouse person. It’s the best way to save your hard-earned cash. Make the time to …

Originally published Published: 08.01.08 Author By Ruth King

Prevent Embezzlement

To avoid losses, carefully select and supervise employees, and adopt internal fraud prevention measures.

Originally published Published: 08.01.08 Author By Frank W. Abagnale

Survive & Thrive the Market Flux

Being proactive in the anticipation of change, being diversified in the marketplace, having courage to implement plans and leading your organization to quickly react and adapt are key elements in …

Originally published Published: 08.01.08 Author By Theo Etzel

Up For Bid

Look to your financial statements to see what's going on in your company. This will tell you whether you should raise prices or make adjustments in areas like productivity, marketing, …

Originally published Published: 07.01.08 Author By Ruth King

Lease vs. Buy Conundrum

There is no one correct answer to lease versus buy. Since cash is the life blood of all businesses, look at leasing versus financing versus buying outright from a cash …

Originally published Published: 06.01.08 Author By Ruth King

Get Ready For Summer

Now is the time to put the plan in place to decrease your dependence on the weather and increase customer loyalty. Here are four action items for your plan.

Originally published Published: 05.01.08 Author By Ruth King

Preparing For An Audit

If you happen to be among the 60,000 businesses that will be audited in 2008, don’t panic. Make certain your paperwork is in order and consult with your tax professional.

Originally published Published: 04.01.08 Author By Mike Coyne

Spring Cash Mistakes

Start preparing for the busier months ahead while you still are experiencing the slow, late winter months. This slower period gives you enough time to think and plan so that …

Originally published Published: 03.01.08 Author By Ruth King

How To Boost Revenues With Price Increases

It is possible to increase revenues per service ticket without increasing your hourly rate. Ruth King describes how.

Originally published Published: 03.01.08 Author By Ruth King

Tax Man Cometh

Small business tax tips to consider after year end.

Originally published Published: 03.01.08 Author By Brandon G. Jacob

What To Expect From Your CPA

Good CPAs are an integral part of your advisory team. They help you see the “forest through the trees” and keep you informed so that you can make good business …

Originally published Published: 02.01.08 Author By Ruth King

Three Things That Kill Your Business

Being proactive, eliminating non-productive employees, and watching cash flow are three critical resolutions to keep in 2008.

Originally published Published: 01.01.08 Author By Ruth King

How Do You Want To Operate Your Business?

The best way to operate your business is by plan. Implement your plan. Keep your plan out, communicate it and track it.

Originally published Published: 12.01.07 Author By Ruth King

Passing The Torch

You need five to 10 years to develop and implement a sound succession plan. Not developing a succession plan can put your business, your family and your employees at risk.

Originally published Published: 12.01.07 Author By Skip Snyder

Involving Employees In Goal Setting

Companies that focus their entire team on goals and communicate how they are progressing to reach those goals usually have better sales and profits, and lower employee turnover rates.

Originally published Published: 11.01.07 Author By Ruth King

Open Up To Open Book

Opening your books for review means opening a piece of yourself, too. If you truly want a team approach to your business where people are fully invested in the numbers, …

Originally published Published: 11.01.07 Author By Theo Etzel

Rules for Business Entertainment Expenses

Understanding deduction and documentation regulations will keep you in line with the IRS.

Originally published Published: 11.01.07 Author By Mike Coyne

Is Your Company Ready For A CFO?

Business is a game that is scored by profit and loss statements and balance sheets. A CFO ensures that the score is being kept properly and can give critical advice …

Originally published Published: 09.01.07 Author By Theo Etzel

Avoiding The “Mercedes-Benz Syndrome”

Make sure that you are earning enough on your jobs and service work to generate reasonable profits, and that you save some of the money you generate.

Originally published Published: 09.01.07 Author By Ruth King

Minimizing Bad Debts

Ask for proper information up front, and collect aggressively.

Originally published Published: 09.01.07 Author By Mike Coyne

Keeping Productivity High As Summer Ends

Ruth King offers To keep productivity high, you must plan some end-of-the-busy-season activities.

Originally published Published: 08.01.07 Author By Ruth King

Is An ESOP Right For Your Company?

Mike Coyne describes what an employee stock option program is and how it can benefit your company.

Originally published Published: 08.01.07 Author By Mike Coyne

It's Summer ... Time to Think About Winter

Extra effort during the busy summer season stockpiles work for slow times

Originally published Published: 07.01.07 Author By Ruth King

Cash Management Especially Important In Busy Season

Paying strict attention to cash in busy and slow times keeps honest people honest. When you get lax, honest people get tempted and can start a pattern of theft.

Originally published Published: 06.01.07 Author By Ruth King

Reduce Service Callbacks With Tracking, Training

Callbacks are a serious problem that needs to be corrected. Ron Smith defines callback situations and offers solutions.

Originally published Published: 06.01.07 Author By Ron Smith

Analyzing Financial Statements, Part 2

If you are generating accurate, timely financial statements, and the ratios are in line, you know that your company probably is healthy.

Originally published Published: 05.01.07 Author By Ruth King