As an accountant for small businesses, the critical differences between cash and profits have been ingrained into your mind. You know that both profitability and cash matter to the health of a business. But your clients are focused on cash, and often ask you, “why doesn’t my cash match my profit?” This informational gap is all too common with advisory relationships—so how do you overcome it, once and for all?Read More
New entrepreneurs frequently ask me for advice about forecasting their sales. These entrepreneurs are always optimistic about the future of their new company, but when it comes to talking about the details, most aren’t sure how to predict future sales and how much money they’re going to make.Read More
Running your business takes more than just a passion for your customers and the products and services you sell. You also need to keep a close eye on your business financials so you can track performance and know how your business is doing.Read More
If you want to know how your business compares to the competition, you can find your answer in industry benchmarks. Benchmarks are industry standards, or guidelines, for key financial metrics. Basically, they represent the average of key numbers collected from many different businesses and then sorted by industry.Read More
Here’s the simple truth of business: Without customers to buy your products, you’re not going to make any money. Almost every decision you make—what you sell, how much you sell it for, where you’re located, who you hire—is made with the intention of bringing in the maximum number of customers to your store, and to optimize the likelihood that they’ll buy your products while they’re there.Read More
We’ve just released some exciting updates to LivePlan that make it easier to create new financial forecasts. We’ve also given you a new option to forecast cost of goods sold and improved how we provide help.Read More
A SWOT analysis is an incredibly simple, yet powerful tool to help you develop your business strategy, whether you’re building a startup or guiding an existing company.Read More
We’ve all sat through that horrible powerpoint presentation that’s nothing but bullets in 10 point font.
It’s not just boring—it’s mind-numbing. The information presented is usually hard to understand and nearly impossible to remember.
And it’s not just elevator pitch-type presentations that suffer this malady. When you get that stack of financial reports or that huge Excel file that’s nothing but numbers, most us of tend to tune out.Read More
LivePlan has released the first of what will be a series of updates to our reporting and forecasting features: LivePlan’s Scoreboard has become the Dashboard.Read More
In the business world, angel investors are sometimes equated with actual angels, sent to help us fund what could not otherwise be funded. These guardian angels of innovation are responsible for bringing many new ideas to life.
Today, I want to introduce a new approach to business planning: Lean Planning.
Lean Planning replaces lengthy business plans with a planning process that focuses on increasing your chances of success in business.Read More