Category: Finance & Accounting
Every business owner has experienced cash flow problems at one time or another, and the gut reaction for most entrepreneurs is to immediately ramp up their sales efforts in an attempt to turn the tap back on and get cash flowing again. This instinct however is counter productive. In fact, in most cases ramping up […]
Deciding to sell your business is a big decision and one that you don’t make very often. You weigh the pros and cons of your exit strategy, read all the articles and books on the secrets to selling your business and you begin to take a good hard look at your own business processes and […]
Tired of working longer hours with no increase in revenue? Try these 5 simple things that you can do today to increase your bottom line. I recently shared with you my top 5 Ways to Increase Your Profits, and the response was very positive. So much in fact, that I would like to share you […]
Professional Service Coaching Clients — A Powerful Strategy to Increase Your Profit Margin by 15% or More
Most of our professional service coaching clients come to us with an operating profit margins of 25-40 percent. This means that out of every dollar of revenue, 25-40 cents drops to their bottom line as pre-tax profits. I want to share with you a simple strategy that one law firm I work with used to […]
It’s an exciting time, as start-up culture has taken the business world by storm over the last ten years. People are eager to bring their visions to life and dream that “their” idea is the “next big thing”, and that it’s the “new and improved” Facebook or Airbnb. Because there are so many new start-ups launching every day, the competition for start-up capital is tight.
One advantage of working with hundreds of business coaching clients is that we get to see which “levers” in a business are the easiest to quickly impact profitability. Here are my three favorite “profit levers” for you to adjust to increase your company’s operating profit margin. One: Raise Your Prices I know you may be […]
Here’s a simple method to regain control of your cash flow (and why your P&L “profit” is often a misleading indicator of your cash position). I was giving a keynote address to a group of medical practice business owners when one of the people in the room came up to me after and shared about […]
When you give lots of keynotes or public talks to business owner and entrepreneurial groups like I do you get hit with the same questions over and over. One of the most common questions I get is, “How do I increase my profitability?” It’s a great question. Here in one list are 30 simple strategies […]
Over the past twenty years I’ve coached thousands of companies in dozens of industries. One of the most common reasons someone reaches out to my company, Maui Mastermind, to help them scale their business is a painful cash flow challenge. Here is the diagnostic process we’ve refined over the years to help pinpoint the precise […]
“David,” Tina said [actual business coaching client, but not her real name], “We’re really struggling to meet our payables this month but we have over $700,000 in profit year-to-date, how can this be happening to us? This is not something we’ve experienced before. Do you have any business advice?” That’s when I had to share […]
Charlene (name changed) was an attorney with a sterling reputation as a business attorney in Chicago. She was also struggling with cash flow challenges, which is what had prompted her to hire my company as her business coach. It was Charlene, one associate attorney, and one paralegal, and collectively they were billing roughly $600,000 per […]
Here are 23 ways to reduce your five biggest company expenses so that you increase your profit margins.
We all have our reasons why we started the companies we did. For some it was a higher social purpose, for others it was the challenge of creating something new, and for you it might have been a different reason altogether. One thing we all have in common is the need for our companies to […]
One of the highest leverage places to focus your time as a business owner is on the big picture strategic decisions you make. Here are 6 tips to make smarter strategic financial decisions to help you scale smarter.
Here are 5 tips to tighten your collections system so that you collect more of what you are owed.
Check out this simple scorecard to help you incrementally improve your company’s Finance Pillar so you have a stable base upon which to scale.
Here’s a simple distinction to help you make smarter spending decisions to better scale your company.
Thinking of bringing in a new partner or formalizing a long term joint venture, here are 30 questions you must ask up front – or else…
If you use bank financing to operate your business, here are 8 valuable tips to better manage those relationships.