Finance

Knowing Your Business

2021-02-16T02:26:16-06:00February 16th, 2021|Tags: , , |

Years ago, I ran a consulting practice when a rapidly growing retail chain hired me to improve their cash flow and to resolve what the owner believed to be a “minor” tax problem. As I began asking for financial information, I began to understand the problem. Their bookkeeper had resigned, and they had ignored their bookkeeping for months. They had ...

Presuming on the Future

2021-02-10T22:26:00-06:00February 10th, 2021|Tags: , , |

With low interest rates and easy credit, many businesses have been piling on debt at a record pace. Any time you borrow money, however, you are presuming that you’ll have the ability to repay that debt. Your cash flow and collateral may be strong, giving you confidence in borrowing money. But what’s often overlooked is that only God knows the ...

Business Planning Principles: Part IV

2021-01-07T02:35:53-06:00January 7th, 2021|Tags: , , |

In this series, we’re talking about principles for business planning. The fourth principle is this: “Diligently executing God’s plan is more profitable than hasty pursuits.” The TV program, “60 Minutes” did a feature on a company started by some political consultants to sell “personal protection equipment.” Although they had no experience in securing PPE, they had great political contacts. This ...

Giving Tuesday Boost

2020-11-30T21:13:17-06:00December 1st, 2020|Tags: , , |

According to past studies, at least 30% of annual giving comes in the month of December. This year Giving Tuesday falls on December 1st, giving the final fundraising push for the year a good boost. One reason December is such a big month in giving is due to the generosity of small business owners. As they determine their profitability for ...

Planning for Famine

2020-09-22T23:36:55-05:00September 22nd, 2020|Tags: , , |

Anyone who has been in business for long knows that there are business cycles. There are bull markets and bear markets. There are seasons of prosperity and there are recessions. With over 10 years of prosperity, we recently ended the longest run of economic expansion. If there was ever a time to have been prepared for an economic famine, it ...

The Consequences of Debt

2020-09-22T23:37:30-05:00September 21st, 2020|Tags: , , |

2020 should be a year that reminds many business leaders that excessive debt comes with consequences. According to the Financial Times, since the 1950s, business debt has been dramatically piling up on corporate balance sheets. With interest rates at an all-time low and considering the tax benefits for borrowing, many CEOs believed accumulating debt seemed reasonable. Borrowing money at less ...

The Cost Challenges of ReOpening

2020-08-28T00:20:56-05:00August 28th, 2020|Tags: , , |

A recent article from the US Chamber of Commerce suggests, “Many businesses are asking for customers to help mitigate the cost of keeping their staff (and patrons) safe. Sometimes it’s in the form of a clearly stated COVID-19 surcharge, often between 3% and 5%, to cover the cost of things like masks and gloves.” No doubt the costs to reopen ...

5 Steps from Struggling to Thriving in Business: Part IV

2020-07-09T00:01:52-05:00July 9th, 2020|Tags: , , |

In this series, we’re discussing five steps to move from struggling to thriving in business. The fourth step to discuss is Communication. When I was hired to collect the bad loans at a troubled bank, I learned to appreciate those who openly communicated with me. Out of shame and uncertainty, people often refuse to communicate their struggles with their creditors. ...

5 Steps from Struggling to Thriving in Business: Part III

2020-07-13T11:29:21-05:00July 8th, 2020|Tags: , , |

Over the years, I’ve helped many businesses become more profitable. In this series, we’re discussing five steps to move from struggling to thriving in business. The third step is to Project a Realistic Future. Without a financial plan, you will continue with bad spending habits or miss your sales goals. If your business is struggling, strive to convince your creditors ...

5 Steps from Struggling to Thriving in Business: Part II

2020-07-13T11:29:07-05:00July 7th, 2020|Tags: , , |

Over the years, between my banking and consulting career, I’ve helped many businesses become more profitable. In this series, we’re talking about five steps to move from struggling to thriving in business. The second step is to Raise Cash. Struggling businesses are always cash starved. Many businesses have unproductive or underproductive assets. Let me share two ways to raise cash. ...

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