Business owners tend be pulled in various directions. They have to make important financial decisions on an almost daily basis. And oftentimes, those decisions are in areas outside of their expertise. For that reason, it’s important that business owners have advisors - subject matter experts who can be trusted to provide insight and direction into financial matters that business owners are unfamiliar with. Specifically, there are four main people business owners need to be able to have transparent conversations with regarding finances: an attorney, a CPA, an insurance agent and a banker.
The great Yogi Berra has a famous saying: “It's like déjà vu all over again.”
On April 15th (Tuesday April 18th in 2017) the IRS is going to want the money that taxpayers owe them for 2016 taxes. In addition, they would like taxpayers to send their first installment of their 2017 taxes. This double whammy can leave taxpayers feeling like they are a weather man in a small Pennsylvania town in February.
Recently, Tesla, the electric car company, set another record. However, instead of a speed record it was a financial one as investors bid Tesla’s stock above $310 per share. In the process, this valued the entire company at $51 billion—more than either GM or Ford. At a minimum, the growth of its stock price has been impressive—especially for a company that did not exist 15 years ago.
The purpose of benchmarking your financial performance is to find opportunities to improve your profitability and cash flow. The process of benchmarking is to compare your results on certain key performance measures against your past results and/or the results of other companies like yours so you can identify opportunities for improvement.
Learn how others do it. Download our guide to growth.
In November of 2015, Congress and the President - through the Bipartisan Budget Act - changed two spousal claiming options regarding Social Security. The first change was the elimination of the “File and Suspend” provision, which allows one spouse to file for benefits at age 66 and then immediately suspend those benefits and wait until age 70 to claim them (thus earning an 8% delayed credit for each year between 66–70).
Rarely a day goes by without someone endorsing the wisdom of investing in index funds. And the more this mantra is repeated, the more we see misapplication and frustration from investors attempting to follow this advice. Although index funds are easy to understand conceptually, successfully building portfolios with them can be complex. And while they can be an efficient tool, index funds are no cure for cancer.
Weve written several articles about the importance of regular financial benchmarking (both internal and external) for the health of a business. Of all the financial benchmark ratios a business owner could use to measure the financial health of their business, liquidity ratios may be the most important.
As a business executive, cash management is a vital skill. Cash is one of the top five financial variables by which business are evaluated for potential investment, commercial loan approval and the sale of the business. It is the fuel that drives growth, and managing cash incorrectly can have a negative impact on the success of your business.
Open office spaces, lacking walls and cubicles, are becoming increasingly popular. In fact, a study by the International Facility Management Association found that approximately 70 percent of companies have an open seating plan. But for some workers, open office spaces can be difficult to navigate.
For some, concentrating and staying on task can prove to be difficult without walls to block distractions. Those distractions can include coworkers’ phone calls, loud meetings, or office gossip sessions. Here are a few tips employees can use to navigating an open office space and avoid actions that might rub coworkers the wrong way.
Topics: Human Resources