Ask any business owner if they ever have enough money or enough people to get the job done and their answer is probably a guffaw and a resounding “NO!”
When you ask them who they need (in a perfect world) you’ll hear they need sales people, operations people and line workers. Rarely do they say they need this one critical position.
When businesses look for cost savings, one of the first places they look is to reduce one of the largest expenses on their P&L–their employees. We agree that employees are a great place to start saving money– except our approach comes with a twist.
March is the time when most businesses start collecting and turning over their documents to their accountants to prepare their taxes. For some businesses, it is pulling out a shoebox of receipts, for others it may be a scramble to bring their books up to date. In either case there is a certain level of financial “madness” that happens in March. There is a simple way to avoid the rush and improve your business at the same time.
If you’re like most companies, at some point you’ve had a large customer that’s made up a majority of your income. We refer to them as giant clients. It’s hard to look past the steady stream of orders, and the big fat checks. In the back of your head you know you’ve got all your eggs in one basket but it’s hard to think about that when you are so consumed in the day-to-day of delivery and service. It’s a good idea to start diversifying your portfolio of customers—adding more and possibly in different industries. You’ll need to get creative and here’s how…
OK, I’ll be frank. Sometimes business owners can be the greatest downfall of their own companies. You’ve probably heard the hundred ways this is possible from management and HR issues to lack of “business” skills. I’m in the business of finance, so I’ll talk about only one—handling money. There are two scenarios where a business
Many companies that offer unique or custom products figure out what to charge by adding up their costs and tacking a markup on top of that. That’s called cost-plus pricing. However without being careful, you may find that cost-plus pricing can actually benefit your customers more than you.
Have you ever wondered why you may be selling more and more but aren’t making any more money? You may have a problem with your mix. Just as too much of one ingredient can ruin a recipe, mix can make the difference between profitability and losses, a cash crunch and money in your pocket. It