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This article is Part 1 of a 2 part series focusing on selling your business. It takes significant planning and preparation to successfully exit a business.  Understanding the strategy behind selling your business will help you make decisions concerning your business both today and when you sell it. Here are several questions you need to consider. What are your financial needs?  The first step is figuring out what you need to get out of your [...]

Sales projections are always wrong for six reasons. There are questions you can ask that will make them better and more reliable. Below are the reasons, questions, and how to use the answers you get. Sales projections are wrong because… 1. Sales projections are not supposed to be right. They’re a snapshot of what to expect each month based on relevant criteria and are defensible. Projections accepted without question are useless. Questions to ask: Why [...]

In a challenging workforce environment, incorporating effective training into your business can have a dramatic impact across the dimensions of culture, cost, time and quality.

Managing cash flow in a manufacturing business is complex. There are an amazing number of interconnected processes and decisions that ultimately determine profitability and whether you have the cash you’ll need to survive and thrive (in good times and in bad times). One of the drivers of that complexity is inventory. I like to look at inventory as a necessary evil. Necessary in that it ultimately becomes revenues. Evil in that it’s a huge portion [...]

Spring 2013 Tax, Retirement & Estate Planning Strategies As we rang in 2013, we welcomed a new tax package. We highlighted the majority of these in a January commentary. However, now the sequester is front and center and we are having to deal with the outcomes of the tax package. Given this, we thought it might be helpful to review a few of the bigger points and offer up some strategic considerations. Spring 2013 Tax, [...]

Are you a manufacturing business looking for space for your business?  If so, you’ll be interested to read our easy checklist of questions to answer before getting started.  There are many factors to consider when looking for warehouse or industrial space for your manufacturing facility including distribution requirements, storage needs, location, delivery, and loading/unloading. Checklist of Questions for Your Warehouse/Industrial Space: Identifying Your Space Needs Do you need your own warehouse space? Do you distribute [...]

Is your company safe from internal threats? Cyber security is certainly critical. It’ s something to be concerned about and to use every effort to stop or prevent. But there are security breaches that aren’t coming from terrorists on the outside. They’re coming from the inside. The people who commit them would be astonished to know that they were guilty of harming their company. The results can be disruptive enough to kill sales, drive away [...]

Manufacturers have a complicated sale whether they are selling direct or through a channel. It takes the best salespeople to be successful in this environment. It also requires the company to do their part. Completing the seven pre-hire tasks below makes the hiring process more productive for you and your staff.  They apply whether you’re hiring your first salesperson, expanding your sales force, or rebuilding it. 1. Have a sales process that works and is [...]

As we discussed in the prior blog there are many different options for a company that is interested in setting up a retirement plan.  In the prior blog we discussed the IRA based options and in this article we will discuss qualified retirement plans such as 401(k)’s and Defined Benefit Plans. Qualified Retirement Plans Qualified Retirement Plans (QRPs) are generally more flexible, and thus more complicated than IRA based plans.  In the prior blog we [...]

Tax planning in business is smart. Income taxes are a big expense that requires your attention in order to manage them effectively (and properly). But there is a difference between wise tax planning and crossing the line into foolishness. Here are 3 tips to help you make wise decisions about the income taxes you pay in your business. 1. The Higher Your Tax Bill, the Better Your Business One of the interesting (and sad) developments [...]