Category Archives: Small Business Planning

Distinguish Your Company’s Elite: Follow the Pareto Principle

Even in America, not all customers are created equal. If you apply the “Pareto Principle” to your sales department, you’re likely to make two discoveries: 80% of your revenue comes from 20% of your customers and 80% of your sales are generated by 20% of your sales team. The ratio varies by industry, and for some companies, […]

Big Accounting Rule Changes Coming Soon

As you scramble to get up-to-date on changes to the federal tax rules under the Tax Cuts and Jobs Act, there also will be major changes to U.S. Generally Accepted Accounting Principles (GAAP). Here’s an overview of the major accounting rules that will change over the next few years. These changes are likely to require updates […]

Make Sure Your Employees Make the Connection

It’s important for employees to make the connection between their duties and your company’s big financial picture. Here are a couple of ways to help ensure that your staff members make that critical connection: Ask each employee to write his or her own job description to explain how that employee makes money for the firm. Supervisors […]

The Importance of an E-Mail Disclaimer

E-mail is ubiquitous in the American workplace and along with its growth comes the risk of lawsuits that can cost your company a bundle. In most cases an employer is held responsible for information contained in corporate e-mail messages. That means a company must take steps to ensure that e-mail communications don’t pose a legal risk. […]

Need Cash Fast? Consider Selling Your Receivables

From time to time, nearly every business experiences cash shortfalls due to the timing of cash payments vs. receipts. Why do shortfalls happen? It all goes back to the cash conversion cycle. Most businesses pay workers on a weekly or biweekly basis. They also try to pay suppliers and vendors in accordance with the negotiated payment terms […]

Avoid the Overtime Backlash

When companies depend on mandatory overtime, they must try to minimize the stress and disruptions it causes in their workers’ lives. Studies show that as overtime is extended, productivity can drop anywhere from 10 percent to 50 percent. So regular overtime can become very expensive when you add in the costs of redoing work and the […]

Selling on the Internet? Watch What You Disclose

Online advertising is expected to grow even more this year. And although Internet advertising is still relatively new, the Federal Trade Commission is watching and going after companies with ads that it doesn’t consider truthful and substantiated. By its nature, the Internet combines aspects of print, television and radio, giving consumers a multimedia, interactive environment. This […]

Layoffs: Help Avoid Employment Lawsuits

In today’s economy companies in many industries are forced into massive layoffs to ensure their survival. While those cutbacks are necessary, the decision to let a significant portion of your workforce go carries potential legal, financial and public relations consequences. When faced with downsizing, you need to minimize anxiety and disruption while maximizing the morale of […]

Protect Your Most Prized Possessions

One of the most costly — yet easily prevented — disasters for any business is the failure to secure ownership of intellectual property (IP). Here are the details you need to know. Under the law, the ownership of copyrights and inventions may actually belong to your employees and independent contractors unless there is a prior written […]

Having the Right Stuff

If numbers are a barometer of success and figures don’t lie, how do we explain the following contradictory evidence: More than 50 percent of all chief executives of Fortune 500 companies had C or C- averages in colleges.   Sixty-five percent of all U.S. senators were in the bottom half of their classes.   Seventy-five percent […]