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Choosing the Right Accounting Software is Key for New Businesses
So, you've started your new small business, congratulations! You're on your way. But now the day-to-day logistics seem to be overwhelming. One of the very first steps you can take to save time and ease frustration is to secure a quality accounting software. The key question is: which one?
While QuickBooks is one of the most popular, in all its…Read More -
Could a Stronger Governance Benefit Your Business?
Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance.
In a nutshell, governance is the set of rules, practices, and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks and, when the time…Read More -
Fraud (Part II): How to Protect Yourself and Components of an Emergency Plan
In Part I of this series Ron Cox discussed the definition of fraud, who the fraudsters are both inside and outside of your business, the specific areas in your business that are being targeted, and the 10 Questions every business owner should be asking themselves. Now, in Part II, Ron will spell out the damage that can be done…Read More -
Seasonal Business? Optimize Your Operating Cycle
Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it's important to optimize your operating cycle to anticipate and minimize shortfalls.
To illustrate: Consider a manufacturer and distributor of lawn-and-garden products, such as topsoil, potting soil, and ground…Read More -
How to Protect Yourself from Fraud: 10 Questions Every Business Owner Should Ask
This is Part I of a two-part series on fraud in the workplace.
The Definition of Fraud
According to the Institute of Internal Auditors, "fraud is any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Fraud is perpetrated by parties and organizations to obtain money,…Read More -
Business Owners: Put Your Successor in a Position to Succeed
When it comes to transitioning your role as business owner to someone else, you'll face many changes. One of them is becoming a mentor. As such, you'll have to communicate clearly, show some patience, and have a clear conception of what you want to accomplish before stepping down. Here are some tips on putting your successor in a position to…Read More -
The Power of Adaptability: Part II — Developing Adaptability
This is the second of a two-part series titled "The Power of Adaptability" that discusses the increasing importance of adaptability in today's business environment. If you missed Part I, click here. In Part I of this series, I described how the increasing accessibility and presence of data, the impending generational shift, and the ever-increasing opportunities to improve business performance by…Read More -
4 Digital Marketing Tips for Every Business
How can you take advantage of the sales and marketing opportunities offered by today's digital technologies to grow your business? If you don't have a professional managing your digital marketing effort already, here are four basic tips to get you started:
Make your website mobile-friendly and add quality content. Your website is your "front door," and must be friendly, engaging,…Read More -
The Increasing Importance of Adaptability in Business
Businesses behave a lot like living organisms -- they require fuel (cash); they have inter-dependent organs (departments and teams), and they have unique personalities (culture). Just like all living organisms, businesses evolve, they adapt to survive. Some do so effectively, others, not so much. (This post is Part One of a two-part series about "The Power of Adaptability." My next…Read More -
How Can You Take Customer Service to the Next Level?
Just about every business intends to provide world-class customer service. And though many claim their customer service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with customers, it's not easy to get to that next level of truly great service. But, fear not, there are…Read More -
New Software is Live — Great! But Where are My Reports?
Implementing software can be a costly process, between the expense of the software and the time and labor it takes to complete the process. But, I urge you to invest time and resources in the reporting features that you'll need. After all, the last thing you want to say to anyone in the company is, "we used to be able…Read More -
3 Hot Spots to Look for your Successor
Picking someone to lead your company after you step down is probably among the hardest aspects of retiring (or otherwise moving on). Sure, there are some business owners who have a ready-made successor waiting in the wings at a moment's notice. But many have a few viable candidates to consider -- others have too few.
When looking for a successor,…Read More