22Feb 2018 by Fred Crooks No Comments
How to judge your business success

How to judge your business success

Business Advisory, Fundamentals, Small Business
Once you’ve checked your business vitals (see our previous post, Why You Need to Regularly Check Your Business Vitals ) the next step in assessing the health and performance of your organization is to begin comparing your key business metrics with your competitors.Now, every industry has its own challenges, and its own means of measuring success, but there are a few universal standards that can be relied upon when making such comparisons.In particular, you should look at gross profit and break-even analysis.Gross profit is rather simple - it’s your sales minus the cost of goods sold (the direct cost of the production of goods sold or service provided).The break-even analysis, however, is a little more complex. It is designed to help you analyze the various aspects of your business to…
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14Dec 2017 by Fred Crooks No Comments
Is your business ill?

Is your business ill?

Business Advisory, Small Business
When a doctor first examines a patient, they’ll typically check their vital signs. This includes the pulse or heart rate, body temperature, respiration rate, and blood pressure. Taken together, these help indicate the state of the patient’s essential body functions. If any - or all - offer some cause for concern, the doctor can start diagnosing the patient more thoroughly, before suggesting a course of action... And now we’ve arrived at the part where you’re wondering why we’re discussing basic medical practice. Well, this idea of ‘vital signs’ is something that can be comfortably extended to your business. Your company’s financial health should be examined regularly to make sure there are no underlying maladies that will only grow worse if left untreated. Knowing What to Look For These financial ‘vital…
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15Aug 2017 by Fred Crooks No Comments
Don’t Be Afraid to Work Together

Don’t Be Afraid to Work Together

Uncategorized
Owning and operating a small business can be a lonely endeavor. Long days, longer nights, and no-one to talk to when the going gets tough - it can feel isolating and demoralizing. But there is a solution: speak and share with other business owners. Many small business owners actively fear working with other businesses, worried that they may take advantage of them rather than offering guidance and advice. However, the rewards can be terrific. By tapping into your local network of fellow entrepreneurs, you have the opportunity to become more knowledgeable, understanding, and efficient. Why Should I Reach Out? There’s no two ways about it; being a small business owner is stressful. All the responsibility, all the decisions, the planning, strategy, and execution; it all falls squarely at your feet.…
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20Jun 2017 by Fred Crooks No Comments
The Four Biggest Questions You’ll Ask Yourself as a Business Owner

The Four Biggest Questions You’ll Ask Yourself as a Business Owner

Uncategorized
There are many reasons for starting a business.  Perhaps you’ve spotted a gap in the market. Maybe you’ve grown weary of working for someone else. Or it might just be the fulfilment of a lifelong dream to be your own boss. No matter your reason for taking the leap as an entrepreneur, you will encounter a number of concerns as you progress. It’s important that you know how to recognize and handle these concerns so as to avoid derailing your business. In dealing with many small and medium-sized businesses over the years, we have been able to distill some of these concerns down to four of the most common questions. At some point in your business journey, you will find yourself asking a variation of the following: How will I…
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21Mar 2017 by Fred Crooks No Comments
The Benefits of SBA Loans

The Benefits of SBA Loans

Business Loans
Last month we explored the types of loans available to businesses (read here). Now we explore the benefits of SBA loans. SBA loans are partially guaranteed by The U.S. Small Business Administration. They offer a variety of loan programs for very specific purposes, from Small Business loans and Microloans to Real Estate & Equipment loans and Disaster loans. Depending on where you are with your business, and if you fulfill their criteria, you can borrow money from the SBA for a number of different reasons. These include: Purchase of real estate Building renovation Equipment purchase Inventory purchase Business acquisition Expansion of an existing business Business startup Refinancing of an existing debt; or Supply working capital SBA loans typically have lower interest rates and fees than the more conventional loans from…
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13Dec 2014 by William Simi
Keep Your Equity: Expanding Your Business Without Outside Investors

Keep Your Equity: Expanding Your Business Without Outside Investors

Business Advisory
By: Bill Simi If you are trying to grow your company, you know it takes two things: time and money.  Your time is limited to the number of hours you, personally, can invest.  Then you need money to hire people – essentially buying more time.  How can you generate enough money to buy peoples’ time without getting outside investors involved, and losing equity in your company? When you need to bring money in right away, there are two ways to do it:  offer equity or assume debt.  By offering equity, you gain immediate funding, but you lose future profits and some control of your company.  Assuming debt may be a better “investment” for you.  Opening a line of credit or getting a loan from a bank may cost less long…
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11Sep 2013 by William Simi
The Envelope System: How to Create a Budget to Reach Your Goals

The Envelope System: How to Create a Budget to Reach Your Goals

Business Advisory
By Fred Crooks Creating a budget can be a tricky task.  Allocating money to different areas of your life or business takes time and effort, and occasionally some deep introspection into your personal spending habits.  Sticking to a budget can be just as tedious, particularly if you don’t have a great system for remembering how much money is budgeted for what.  But creating and following a budget is a critical practice if you want to achieve success. Very few people achieve success in life or in business without a plan.  Budgeting is exactly that: a plan – for your money.  When you have a plan, it’s far easier to reach your goals than going at it blindly.  How you create your budget depends on your goals.  If you are working…
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16Aug 2012 by Fred Crooks
Getting Your Employees to Grow YOUR Company: Tool #4

Getting Your Employees to Grow YOUR Company: Tool #4

Employees, FREE Business Tools: Learn the Secrets
Use an Employee Suggestion Form! A suggestion is an idea that will benefit the business by solving a problem, reducing costs, improving operations or procedures, enhancing customer service, eliminating waste or spoilage, or making it a better or safer place to work. One of the most efficient and economical ways to gather new ideas is through the use of the people who know your operations intimately - your employees. Listening to and acting upon sensible employee suggestions presents the opportunity to improve profitability (many employee suggestions relate to wasteful practices and irrational policies) and at the same time increase the level of trust and teamwork within your business. At a time when businesses are paying consultants and advisors to find newer, better, and faster ways of doing things, sometimes the obvious…
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