From time to time some companies lose money on projects through labor overages, material overages or mispricing a project. They have to work harder and more efficiently to make up for those losses. But how much harder and how much more efficiently?
Are Declining Sales OK?
Most business owners think that you have to grow your sales from year to year. But is that really true? Volume is vanity. Profits are sanity.
The Real Cost of Overtime
Whether you pay hourly or by salary, overtime is expensive and often not worth the expense. In most cases your employees should be able to complete their work in the 40 regular hours each week.
What if You Did Bottom-Up Budgeting in 2014?
What if you first decided what profit you wanted in 2014 and then determined the revenues that you needed to generate those profits? What if you started at the bottom of your 2014 profit and loss statement and worked up?
Involve Your Employees in Your 2014 Plans
It’s December. The last month of the year. The holidays are upon us. If you are like me, you comment on how quickly the year has flown by and start reminiscing about its good and bad points. Then your focus turns to 2014.
Lease or Buy?
The next time you need computer hardware and software, a copier, or vehicles, you’re likely to ask yourself the question, “Should I lease or buy it?”
3 Things That Can Put You Out of Business
There are three simple things you must do to survive in business. None of them will put you out of business immediately. However, lack of attention in these three areas causes a slow death spiral and will eventually lead to business failure. Here are the things to pay attention to.
Don’t Be Afraid of Net Profit per Hour
To have profitability you need to know where you are starting with profitability. That means calculating your net profit per hour.
My CPA Should Have Told Me That!
CPA’s provide a valuable service. However, you can’t expect them to read your mind, tell you what is wrong with your business, or give you opinions about your business. Some are great business consultants along with their tax knowledge.
7 Easy Clues Your Financial Statements Are Wrong
As an owner or manager, your responsibility is to review accurate financial statements on a timely basis. This allows you to make good business decisions and spot minor issues before they become major crises. Here are seven easy-to-spot things to look for when analyzing your financial statements.