Bill’s small-town business was out of cash and owed the IRS a significant amount of money. Without knowing how he could repay such a large sum; Bill had avoided the issue. After a lengthy discussion, I shared with Bill some practical steps to move forward. But the hardest issue was the IRS debt. I urged Bill to call the IRS, ...
When times become lean for small businesses, cash reserves are critical. Business cycles come and go and often leave devastation behind them. Having cash reserves is crucial for surviving those inevitable seasons of drought. If we study history, we can quickly realize that recessions do happen. On average, recessions occur about every seven years. To prepare for these looming downturns, ...
Former Senator Sam Brownback learned the hard way about debanking after opening a bank account for his organization, National Committee for Religious Freedom. The bank closed his account because of its religious nature. Debanking is when a bank closes someone’s account, due to factors that they believe are risky. It has become more common for banks to debank organizations due ...
This month is when many graduates begin their career and receive their first paycheck. Dale Alexander, author of The Talk, believes this is the perfect time to help these young people avoid financial bondage. In his book, Dale urges young people to immediately save 20% of their pay, give 10% to charity, and live on 70%. These three disciplines will ...
According to Statista, freelancers have grown from 57 million to 73 million workers since before the pandemic. Almost half of the employed workers in America are doing some level of side hustle vs working only one job. Freelancer’s biggest nightmare is Tax Day. It’s often a huge shock when freelancers discover that the IRS wants 15.3% of their profits for ...
Billions of dollars have reportedly gone missing from Sam Bankman-Fried’s high profile company, FTX. As the best-known leader in the cryptocurrency world, Sam Bankman-Fried, often called SBF, used other people’s money to gain influence. His so-called Effective Altruism approach deceived people to believe he made lots of money so that he could generously give it away. Instead, SBF illegally ...
The failures of Silicon Valley Bank and Signature Bank became the second and third largest bank failures in history and is likely a warning of what’s to come. Although these are the first bank failures since 2020, bank failures typically come in waves. Over 400 banks closed in the four years following the 2008 recession, which impacted many businesses ...
In this series, we’re discussing different approaches to leading a company through a recession. Visionaries often differ from the financially driven in that they view a recession as a time to expand market share. If your company has the strength financially, recessions can be a great time to expand. While Blockbuster Video stores still dominated the video market, ...
When I learned the Buffalo Bills and Cincinnati Bengals game had been cancelled due to Damar Hamlin’s injury, I was surprised. When you consider the millions of dollars in salaries, the millions spent by the fans, and the millions of advertising dollars at risk, the financial decision would have been to resume the game. Fortunately, the coaches and the NFL ...
According to a Bank of America survey, 77% of fund managers believe a recession is imminent. When recessions are likely, there are typically two types of leaders: visionaries or the financially driven. The financially driven typically become defensive in their decisions trying to eliminate risk. Visionaries, however, see a coming recession as an opportunity to build customers and market ...
Equipping Others to Do Work Differently
