Encourage Candor Can your employees be completely honest with you? Most business owners assume the answer is a resounding yes. But are you sure? Unless you’ve actively cultivated an environment of full transparency and candor around your office, the real answer is likely to be something different. A closed-dialogue work environment can have serious ramifications. Encouraging Candor […]
Driving Cash Flow Through: Gross Margin! There are only two ways to improve your Gross Margin (and thereby increase cash flow): Increase prices and decrease costs. Let’s take a quick look at both of these options. Increase Pricing: A solid market analysis is an especially useful thing when determining appropriate pricing. Conduct a market analysis every few years –
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Gravity Time Isaac Newton couldn’t have seen it coming, but gravity time is an increasingly important concept in business. Gravity time is about creating super focused moments of teamwork and collaboration as opposed to requiring that everyone on your team work in close physical proximity on a regular basis. Working from home is more popular
Put Good In, Get Good Out You know the reports you’re supposed to look at each day, each week, each month, each quarter, and each year. You review them in meetings. You ask your team to speak to the numbers, especially if they look a bit wonky. It’s a matter of routine. As automatic as
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What Will Your Legacy Be? Even if you eat, sleep, and breathe your business, it exists separately from you. And you can’t run it forever. At some point, there’s an exit. Hopefully it won’t involve you keeling over at your desk, mid-conference call. You’ll have a personal legacy, but your business will also have a
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The Midwest Mindset For everyone who thinks the Midwest is simply a cluster of flyover states, take note: the Midwest mindset could be the secret to better business performance. What is the Midwest mindset? According to a recent feature in Entrepreneur, the Midwest mindset is all about hard work, sweat equity, efficiency, and—above all—smart, deliberate growth. The feature’s
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Ask Why Do you spend so much time finding out what is happening that you neglect to find out why? Ask Why To Stay On Top Of The Big Stuff As a business owner, it’s your job to stay on top of the big stuff. After all, business owners are often big-picture visionaries. And for practical purposes, you
The Five-Year Plan When someone interviews for a new job, it’s common to be asked about a five-year plan. It’s also something that frequently comes up during annual reviews. For a lot of the workforce, the five-year plan is a common point of reflection. But what if you’re the boss? What if nobody has asked
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Time for a Tax Planning Check-in When’s the last time you had an objective, third-party expert review all your processes and tax planning strategies? If you even have to think about it, it has probably been too long. And while you certainly could be missing out on maximizing opportunities, there’s more to it than that.
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Trust, but Verify We’ve written before about how small businesses are disproportionately vulnerable to fraud. It’s hard for a lot of business owners to believe. After all, the very nature of a small business means that you’re surrounded with a limited number of people with whom you probably have relatively close connections and lots of
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