There are two important steps required to achieve effective cost reduction in your business. The first step is to have a well thought-through strategy in place. The second step is to understand the enormous impact your leadership has on your business.
Learn to manage cash flow and produce consistent financial results.
Few things will kill a business faster than lack of cash. Even once profitable businesses can fail when they run short of the cash they need to sustain operations.
Venture capital, business loans, and lines of credit: all this and more exists for businesses that need to grow, to purchase equipment and inventory, or expand their facilities. Much of the initial growth for small businesses is funded on borrowed money. It’s the way things are done. But it comes at a cost.
As many business owners are painfully aware, it's not an easy thing to create an operating budget for a business whose revenues tend to be all over the map. Yet this is the reality for many businesses.
Is your business doing well?
Okay, let’s be real. Most business owners don’t create budgets.
You know what a bad sales call feels like. The aimless small talk, the thinly disguised attempt at ‘relating’ to you, and the ever-present background anxiety of the sales person desperate to meet their monthly quota. All you wanted was a real conversation with a real person to help you make an informed decision. N...
Even if you have no immediate plans to sell your business, it's never too soon to start building your company's value. Doing so will not only help you in the long term (if you're depending on the sale of your business to fund your retirement or your next venture)—it will also help you create a thriving and revenue...
Is your blog getting you down? Do you wonder whether it’s worth all the effort, whether people are really getting something from it, whether you’re “doing it right”? Maybe you think you’re not a writer, or you simply feel like you don’t have the time to write with all the other demands of your small business.
Did you know that your chances of obtaining business financing can increase by more than 250% if you have good business credit? The problem for many business owners is that they think that just because they're in business, they're automatically building the good business history required to get credit. Not necessa...
In this podcast episode, Robby Reynolds, a tax and business consultant and President of The Business Consulting Group in Shelby, North Carolina, joins Wendy Vinson to talk about how small businesses can legally reduce tax liability by taking advantage of certain tax rules.
This week's podcast is about a topic that is top-of-mind for a lot of business owners right now: funding. What kind of business funding is available to small business, how you go about getting it, and what's different about securing funding now during these challenging economic times.
Between your end-of-year business obligations and your holiday family schedules, you’ve got a lot on your plate. The last thing you want to think about during the merriment and bustle of the season is the tax man. Alas, as December 31 approaches, so too does your window for last minute tax breaks.
Your business plan is based on increasing revenue. You're looking forward to more revenue creating more profit. And with the increase in cash flow you'll finally be able to hire more people so that your struggles will ease and you will finally be able to get free of the technical work.
Passion and drive go a long way. There were 5,000 little things you did to survive in the face of long odds of small business success - the late nights, juggling expenses, praying for new customers. You leaned on that passion and drive to get through - and it worked.
You grow a business by increasing sales. That simple assumption is the default way most businesses operate - especially small businesses. While this thinking is almost always wrong, the real problem is that it can easily take you further from the two goals you're probably really after, which are (1) increased prof...
This week's E-Myth Insider newsletter touches on tax tips for US businesses to take into account as we approach year's end. The supporting article lists useful US business and personal deductions, along with links to IRS' Small Business resources, Section 179 guidelines and energy-efficiency tax credits.