In this series, we’re discussing how to inflation proof your business. With interest rates at all-time lows, company debt has surged. If inflation begins to rise, your debt could begin costing you significantly more when the Federal Reserve begins fighting inflation with higher interest rates. My very first, and last, small business loan was at 18% interest. That experience taught ...
In this series, we’re discussing how to inflation proof your business. When expenses increase due to inflation, your net profit will be negatively impacted unless you increase revenue. In my experience, small businesses are more reluctant to implement price increases than most large businesses. There is certainly reason for concern, but price increases are usually less traumatic than most realize. ...
In this series, we’re discussing how to inflation proof your business. A friend owns a chain of restaurants. He was concerned when he discovered that people were selling large quantities of ketchup packets on eBay. He realized a shortage of ketchup and increased prices were coming. He called his suppliers and asked for all the ketchup they could find. He ...
In this series, we’re discussing how to inflation proof your business. For most businesses, payroll costs are their largest expense item. Recently, President Biden signed an order requiring all federal contractors, including any subcontractors, to increase their minimum wage from $10.95 an hour to $15 per hour in 2022. This action will drive wages higher and force the private sector ...
According to new research from Bank of America Securities, mentions of inflation by CEOs have exploded 800% year-over-year. With age comes some added responsibility to share experiences. As inflation discussions have increased dramatically, I realized I have some experiences that many leaders have not had. If you are under 50 years old, you have never experienced inflation above 5% in ...
Scott Tucker was a race car driver who amassed tremendous wealth by charging borrowers incredibly high interest rates through his payday lending operation. Tucker is currently spending 16 years in prison for criminal racketeering. There are many victims of Tucker’s operation who would like to see restitution. The Federal Trade Commission levied $1.27 billion against Tucker to repay victims. But ...
Zachary Horwitz, a virtually unknown actor in Hollywood, allegedly paid for his lavish lifestyle through a Ponzi scheme. According to the Wall Street Journal, Horwitz bilked investors out of $690 million by claiming he had licensing rights to movies that he was selling to Netflix and HBO! Since Ponzi schemes are sustained by obtaining money from new investors, Horwitz’s plot ...
William Rick Singer identified a college admissions niche when he discovered that wealthy people would pay incredible sums of money to assure their children get into the right schools. Singer found, through bribery and deception, a way to make millions by convincing key people within universities to accept his clients’ kids into their schools. Singer used fees he collected to ...
When Bill was younger, his business was struggling for survival about the time he attended a ministry retreat. During that retreat, the ministry founder challenged the attendees to pledge at least $1 million in their lifetime to support evangelism. Bill said it felt crazy, but even though he was broke, he made the pledge. Within 10 years, Bill had surpassed ...
The theory behind balancing a bank account seemed straightforward in college. But during my first auditing engagement, I worked two weeks trying to reconcile a payroll account. In theory it seemed easy, but with inadequate information it became impossible. When I told the audit partner, we were out of balance $900,000, he said, “Write off the difference. $900,000 is immaterial ...
Equipping Others to Do Work Differently
