My friend Jim was shocked. His office manager—trusted for over a decade, an integral part of his company, someone he considered practically family—was stealing from him. She had been giving herself bogus overtime and vacation pay for over a year. If he hadn’t stumbled onto her misdeeds, she probably would have continued to do so …Read more
After the holiday shopping and celebrations of December, January often shines the cold light of reality on a new year—highlighting how prepared you feel for it. In the world of small business, that includes having a budget. Last month, we looked at how your company defines mandatory and discretionary spending. Many of you replied that …Read more
Call me a nerdy numbers guy, but at NPS this isn’t the holiday season, it’s the budgeting season. Did your eyes glaze over at “budgeting”? Did your brain immediately go to “I can’t be fenced in by some bean counter, telling me how many pencils we get to buy next year!” Then I accept your …Read more
“It’s a work in process,” I said, as my wife stared at the partially installed and therefore fully ineffective replacement shower door. Where she saw an incomplete Honey Do project, I saw progress—small though it may be. I’ve run into similar situations when looking at some of my clients’ financial results. The owner will tell …Read more
Continuing the saga of “time is money…” Last month I wrote about how important it is for the small business owner to know exactly how his/her time gets spent – billable or non-billable, sales development or staff development and list goes on. This month I want to dive into tracking time at the company level. …Read more
What Can I Learn Today to Improve Our Financial Performance?
You can hear when an engine is running smoothly—or racing or sputtering. The same is true for the financial drivers of your business.
You just need to know what to listen for. The good news is that your numbers are talking all the time!
Here are the best ideas we can find on how to ask your business for the information you need, to understand what it says, and take action on what you learn.
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What’s on Your Reading List?
- The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, by Michael E. Gerber
- Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine, by Mike Michalowicz
- Managing by the Numbers: A Commonsense Guide to Understanding and Using Your Company’s Financials, by Chuck Kremer, Ron Rizzuto and John Case