Most every small business owner desires dedicated, hardworking and loyal employees. The problem is how to do you cultivate and reinforce those values? We pay people what we believe to be a fair and … [Read more...] about Rewards: Unnecessary Pay, or Positive Reinforcement?
Business colleges may take a semester or two to cover this topic. There are in-depth charts and analyses to sharpen one's skills. However, for those of us that no longer have the time to devote to a … [Read more...] about Effective Management
Why does one go into business? Consider these four classifications of Owners; the inventor, the salesman, the entrepreneur and next generation. Where does your client fall? There is almost no one who … [Read more...] about OWNERSHIP
PRELIMINARY CONSIDERATIONS One of the first considerations is the determination of the sales revenue required by the company to meet its payroll, expenses and desired profit. Are we expecting sales … [Read more...] about Fundamental Sales Planning
Many businesses have a profit drain in the guise of inventory sitting on their walls, whether it be for resale, for assembly or for use in performing company services. Dependent on the size of your … [Read more...] about Inventory: Potential Profit Drain
One of the last things that most small business owners consider is doing a Budget. A large number of owners do not understand the value obtained from a having a budget. Often, when budgets are in … [Read more...] about Budgeting: Under-appreciated and Under-utilized
Cost of Goods The importance of knowing what expenses constitute Cost of Goods and what expenses constitute Overhead are critical to establishing a meaningful Chart of Accounts. A meaningful Chart of … [Read more...] about Overhead vs. Cost of Goods
Often times our clients need to generate additional revenue. They may have a dozen good reliable customers but in order to increase their profits or cover their overhead or replace customers who stop … [Read more...] about Generating New Prospects
In general, employees who work more than 40 hours a week are entitled to overtime pay at a rate of 1 half times their "regular rate" if they exceed the 40 hours. However, certain employees may be … [Read more...] about EXEMPT OR NON EXEMPT; THAT IS THE QUESTION!
As a small business owner, have you ever wondered how to determine service charges? It is important to know exactly how much an employee is costing you per hour to do so. When calculating the hourly … [Read more...] about Familiar with the ‘Burdened Labor Rate?’