tarting a business is only half the battle. Keeping an organization protected is an ongoing issue that every owner has to deal with. Asset protection may seem complicated, but it really all comes down to several fundamentals that every business owner should be aware of. Here are six key concepts that you should consider applying […]
Assets
How a Small Business Should Calculate Company Assets
Assets are those things which a business owns or controls and which can be used to create positive economic value. Assets can, therefore, be turned into cash. Consequently, it’s important for a small business owner to understand what their assets are so they know what the business’ health is and if they have the means […]
How Do You Handle Your Cash Reserves?
Here comes some advice for all of us to use in business or in our personal lives. But to understand it, we need to delve into the short-and long-term sources and uses of cash. Good cash strategies to remember It is tempting to use available cash in good times to build the business and in […]
Your Core Competency and Why Not to Stray
Consider your core. It is the one skill, process or advantage you have over your competition. Then think of all the things you do to surround that core with people and assets that complete your company and allow you to release your product or perform your service. Which of your IP assets is your core? […]
Here’s a Rule for Companies with Outstanding Loans
Here is one that is so important to the continued health of a growing company that it cannot be overstated. It’s a bit complex for novices. But hang in there as I explain a bit about accounting classification of assets and liabilities. Differences between types of assets and liabilities First, let’s be sure we know […]
Reduce Risk by Segregating Assets in a New Entity
The Problem: Often business owners want to segregate valuable assets from potential adverse liabilities generated in the operation of a business. For example, a bakery will likely own: (1) equipment used in its operations; (2) the factory building; and (3) a fleet of delivery trucks and vehicles. If all of these are owned by the […]
Don’t Ignore the Human Factor When Managing Your Business Assets
Asset management can be an overwhelming process, one that demands constant attention regardless of business size or shares. No company is an island, but the summation of accumulated assets. As businesses begin to grow, mounting resources like finance, branding and buildings begin to falter if they are deprived of proper management. Consequently, you need to […]
Protecting Your Company: Asset Control
What controls should be put in place to protect the company’s assets from fraud? Company assets such as inventory, equipment and vehicles are highly susceptible to fraud and need to be protected. Internal controls should be put in place to protect these assets. Discussion: Below is a discussion of the controls to be put in […]
