Two things have become increasingly apparent to me. If you're a big company, you have good access to capital and can find the funding needed to finance your business. Small companies don't have that access to capital and finding funding is difficult. Here's why:
The baby boomer generation is retiring and those who are business owners are selling their businesses. So, where do you start? How much do you pay for the business? What's it worth? How do I get if financed? Depending on your situation, you may only buy and sell one business in your lifetime, so you want to do it right.
Have you ever had the experience where sales and growth were either happening way too fast or not fast enough? The success of both requires management on the part of the owner and his or her management team. The size of the business will determine what the division of labor is for these management tasks. Here are three ways to manage both:
The Great Recession is clearly a thing of the past. The economy appears to be expanding. Businesses are seeing sales, growth, and profits. Entrepreneurs are experimenting with new products and markets, starting new divisions and making investments in people.
When you first start your business and begin recording business transactions, you must decide whether to use cash basis or accrual basis accounting. The big difference is in how you record your cash transactions. Many people use cash basis accounting for taxes and accrual basis for managing the business. Here are 5 things you must know when considering which to use.
Fundamentally, there are four ways to increase profitability (without merging with another company). There are no quick fixes. Gradual progress will get you there, but you must focus your strategy and execution on one or two to be successful.