Category: Finance & Accounting
I recently sat down with Tara, a business owner, who was having trouble with the marketing pillar of her business. She had made it a goal to get new clients and her marketing department head had a ton of ideas on ways that they could market the product line and get the word out, but […]
Business costs is something that no business, even the most successful ones, can overlook. However, there are ways a business owner can cut back on these costs and save money in the long run. I recently shared with you 17 Things You Can Do To Reduce Your Overhead Costs within your business, and the tips […]
Over the years, I have shared with you many tips and tricks to improving your profitability. Things like raising pricing, focusing on your winning products and services and redesigning workflow and systems, all play a huge part in your bottom line. Today I want to address some ways that you can look at your cash […]
Do you ever wish that there was a magic number that would give you an insider view on your profitability? Do you wish that there was an easier way to take the pulse of your business’s financial health? Do you wish that there was one financial metric that you could use to help determine if […]
“I would love to scale my business, David. But I am really struggling with cash flow issues right now.” I hear this every single day from small to medium business owners. They have a great product and a loyal customer base, yet they still can’t seem to make ends meet and cash flow is always […]
Do you know how to read a profit and loss statement? Do you know what your gross profit margin is and what it means for your bottom line? How about your Cost of Goods Sold? If you are like many business owners, you have a basic understanding of your financial statements but leave the heavy […]
How many meetings have you attended this week? This month? If you are like most business owners, the answer is too many. In my own business coaching firm, I sat down and crunched the numbers on our bimonthly executive meeting, and the results were eye-opening. Every two weeks my executive team and I meet via conference […]
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 […]
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 […]
Think for a moment about how much money you spend on digital and print ads. If you’re like many of our business coaching clients your ad spend may total up to 10 percent of revenue. Yet what if you’re wasting a massive portion of that money? Here is a simple principle that is guaranteed to […]
Tired to trying to get your team to engage? Try these 15 non financial ways to engage your team. The statistics are depressing: • A January 2016 Gallup daily tracking survey showed that only 32% of workers are engaged. • Only 49% of employees would recommend their current employer to a friend! (Glassdoor Data Labs, […]
Johnathon, one of our business coaching clients, ran a successful professional services firm with just under $4 million a year in revenue. In his niche the firm had a strong reputation. When I questioned him about his pricing strategy he shared that he billed hourly for his professional staff. A deeper dive found that his […]
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 sold multiple companies and helped my business coaching clients sell many more. Here are the six most costly mistakes that I’ve seen entrepreneurs (including myself!) make when selling a company. Mistake #1: Celebrating the sale before it has closed. You need to make sure you run your business well […]
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 […]
Business Advice: The Top 20 Financial Controls to Protect Your Company from Fraud, Theft, and Embezzlement
In my last article I shared some business advice with our readers. Three time-tested, broad-stroke strategies to protect your company from fraud and embezzlement. Let’s dive deeper into the nitty-gritty details of financial controls. Here are the top 20 financial controls to safeguard your company and protect your bottom line. I’ve divided these powerful suggestions […]
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 […]
Financial Pop Quiz: Do You Have the Financial Savvy to Run Your Company (Take this short quiz and find out)
Here is a simple 10-question quiz to see if you have the financial savvy to effectively run your company.
It gives you deep insight to pricing… to production costs… and to profitability… and 9 out of 10 business owners don’t understand it and how to use it…
Here is a quick-list of my 5 favorite ways to increase your company’s profitability.
If you’ve ever put off doing what you know is the right decision or strategy to grow your company, here’s what really was going on (and 5 tips to deal with it.)
Here are six simple tips to better manage your company’s expenses and increase your bottom line.
Too many companies only focus on top of line growth. Savvy business owners know that often the easiest path to growth their profits is to focus on their margins. Here are 5 concrete ways to improve your margins and earn more money.
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.
Growth always sucks up cash. Here are 7 little-known strategies to leverage your vendors to fund your growth.
Ever felt the anxiety of not knowing what your income or expenses would be from month to month? Here are 8 strategies to make your cash flow more predictable and consistent.
Why Women Make Better Business Owners than Men (and the most costly pitfall that holds female entrepreneurs back)
Ever wonder why women owned businesses are 1.7 times more productive than male owned businesses? Here are 3 reasons why women make better business owners than men.
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.
8 concrete suggestions to control what for most companies is their largest expense – their staff costs.
Here’s a simple distinction to help you make smarter spending decisions to better scale your company.
Which of these 5 expensive mistakes is hurting your company’s growth? Read through this concise list and evaluate your company’s hiring practices.
If you use bank financing to operate your business, here are 8 valuable tips to better manage those relationships.
If your business needs more systematic ways to increase sales, here are five powerful options to choose from.
Leverage your competitors to help you grow sales and become more profitable. Here are 5 strategies to help you use your competitors to scale.
Struggling with cash flow issues? Here are the 6 fastest tactics to get immediate relief.
Cash flow is king, but options are queen. That was the theme of a Dec. 2 teleseminar by Maui Mastermind Chief Catalyst and COO Patty DeDominic, with an assist from business coach Mike McCormick. The cash flow teleseminar was in advance of the next Maui Mastermind conference Jan. 9 in San Diego. Patty emphasized businesses […]
I want to share with you five specific selling systems you can use to increase your business’s cash flow. My suggestion is that you read through this letter closely and choose one or two selling systems that you think would be most important for you to implement in your business this quarter.