Articles on: Finance

Why Should You Focus on Profit?

It has been said, you get what you focus on.   Focus your mind and your efforts towards the things you want and you’re more likely to get them.  This is true in careers, sports, having healthy family relationships, and mastering a new skill or hobby. And in business, it must include focusing on profits. A […]

As a Business Owner, How Much Money Should You Make?

When you’re heads down running your business, it can be really challenging to get some perspective on how things are going…even something as straightforward as how much money you should be making. We presented last week for Enterprise University – our topic was “Do You Own Your Business…or Does Your Business Own You?” (catchy right?). The focus of […]

Does your business have a Salary Cap?

With summer winding down, it’s time for the NFL to kick off. So…do you have a salary cap for your business? You don’t?  Maybe you should…Greg Crabtree is the author of Simple Numbers, Straight Talk, Big Profits and one of the great ideas in his book is the recommendation that every business should self-impose a […]

Winning Advice #4 – Collections (Getting Paid)!

If your company doesn’t have a handle on getting paid in a timely way, chances are your business will eventually fold, regardless of how great your products or services are.   That was the next message; #4 of 5 on the handwritten outline, thoughtfully drafted by a senior peer of mine at a time when failure […]

Winning Advice #3 Retain Profit Margins

I’ve talked before about the great advice I got from a mentor of mine. Profit Margins were the focus of Winning Advice #3 on a list of 5 that became part of my blueprint for success in the spring of 1997.  In short, it said a business owner must understand the importance of establishing, understanding, and […]

4 Ways to get your business audited by the IRS

Tax season is shifting into high gear.   This is also the time of year we are most likely to think about the potential of being audited by the IRS.  Even though the potential for an Audit is only about 1% for  business owners,  the simple math says out of 100 of your business peers at […]