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 ...
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 ...
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. ...
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 ...
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. ...
In my banking and consulting career, I helped many struggling companies become profitable. Many businesses have folded recently, and many more are doing all they can to survive. In this series, I will highlight five steps that can help your business get financially stable and move towards thriving. The first step is to Know the Condition of Your Flocks. You ...
Leonard and Shawn’s business had been approved for the government’s PPP forgivable loan. They were days away from receiving close to $1 million when they both experienced a nagging feeling that something was wrong. Maybe God didn’t want them to take this money. As Leonard, Shawn and I discussed their situation, I learned that their business was flourishing despite the ...
In this series, we are looking at what we can learn from entrepreneurs about restarting our businesses post-lockdown. Sadly, many of us don’t know whether our businesses can survive this restart. That is why many startups use bottoms-up financial models to quickly test new scenarios and whether they have enough cash to survive. They make decisions to increase cash, reduce burn ...
The American Psychological Association recently surveyed workers to determine what causes the most work stress. 49% of these interviewees said that low salaries were their highest stress factor. The perception of low wages can be due to employees living beyond their means. Their stress may need to be relieved with financial training. Some employers, however, may be guilty of enhancing profits ...
An article by Investopedia says, “Your chances of being an American billionaire are similar to your chances of getting struck by lightning.” The odds of billionaire status are low, yet Wall Street and American Businesses seem fraught and consumed with focus on becoming wealthy. Proverbs 23:4 says, Do not weary yourself to gain wealth, Cease from your consideration of it.” Today ...
Equipping Others to Do Work Differently
