Sometimes I get a little frustrated and feel stuck. Do you ever feel that way? No? Well, then skip this article. But if you do, and you’re thinking about swatting something (leave that poor puppy dog alone…), let me share something that really helps me work through “stuff” when it starts piling up in my head and feels unmanageable. Here’s the recipe: Step 1: Find a quiet place and get a piece of blank paper Step 2: Draw two lines separating the page into 4 equal quadrants Step 3: Label the top left “Strengths”, the top right “Opportunities”, the bottom left “Weaknesses”, the bottom…

Did I just get your attention? I’m very glad I did!! So by now you’re asking how in the world can I make such a bold claim. I can absolutely guarantee it. How? By implementing our “Profit First Cash Management System (PFCMS)". Have you heard of Profit First? Our friend (yes, he’s our friend) Mike Michalowicz wrote a book a few years ago called “Profit First.” I first became acquainted with Mike at a conference several years ago. I was so enthralled with his presentation that I immediately bought and read his book. Then I called up his office to see what…

In school, our parents and grandparents studied the 3R’s. Do you know them? Reading, Righting, and Rithmetic. There is even a song about it called “School Days.” How about putting a more modern spin on it? 'Reading' “There are none so blind as those who will not see.” This has nothing to do with eyesight. I’m talking about your openness and desire to see what really needs to be seen in your business. It’s easy to see things like our daily tasks (Send an email, make phone calls, etc). But how good are you at reading your business? Do you have a clear picture…

You’ve Got Problems? Whoa, Dude (or Dudette), We need to talk!! Last month we started talking about how our “Profit First Cash Management System” can help you better manage your contracting business. Now it’s time to show you some of the snakes hiding in the grass. Oh yes, there are snakes… While it sounds simple to create a few extra bank accounts and start allocating cash into them, that doesn’t mean it’s easy. There is a big difference between simple and easy, you know. Simple means that it’s doable. But sometimes it takes a lot of work to get to “simple’” And…

One look at my name and you’ll know that I have an Italian background. You should also know that I’m from Chicago, and yes, I really do have an Uncle Vito. So I speak with some authority when talking about a “Mafia Offer". What is a mafia offer? It’s an offer too good to refuse. And it’s one of the most powerful ways of increasing sales and margins at the same time. The problem: We constantly hear from customers that their biggest concern is cost. I’m not about to suggest that cost is not important. But focusing sales efforts on beating the competition…

  Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to know where you can realistically go. At year’s end, review the goals you set last year and use your numbers to see how your business measured up. Whether or not you met your…

  CashFlow is the Fuel That Keeps Your Business Running For contractors, the idea of cash flow management can seem overwhelming. But with the right strategies, you can ensure that your business has the necessary funds to cover expenses and remain profitable. With Profit First, you can learn how to manage your cash flow so that you always have the right amount of cash in the right place, at the right time. In this blog post, we’ll take a closer look at how Profit First can help contractors make sure their businesses stay solvent and profitable. Understanding Cash Flow Management for Contractors and Specialty…

Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have to do them – and regularly. Read on for some tips on how to determine how much you should raise your prices. Company costs The type of business you run will determine how much it costs to stay in business. If you’re service-based, you will need to…

Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project the time it needs It’s true that people may enjoy coming to work. But for most people, earning money is the main reason they seek out employment. Our jobs make the world go round, and support…

In a world with endless distractions, it’s no wonder that we find it difficult to complete tasks. Focus is hard to come by these days. This is especially true when you’re working from home. Household tasks that would otherwise be out of sight and out of mind are suddenly in your workspace. With that said, there are some proven methods to help you get things done. Time blocking and Time boxing are the two main techniques, though there are some others as well. Read on to find out what might work best for you. Time Blocking You’re probably most familiar with time…

When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort itself out. Here are some tips for how to manage inventory for your small business. Look back to look ahead Forecasting is a vital activity when running a business, especially if you’re…

The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you. The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few.There are many benefits to switching this traditionally paper-heavy and arduous process online. Read on to learn 5 great reasons to make the switch. 1. Make a great first impression Some surveys suggest that up to 50%…

There comes a time for every small business to raise their prices. While it may seem scary, remember that it’s your job to keep prices fair, both for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Read on for six reasons to raise your prices. Your costs have grown The thing about inflation is that everyone is going to feel the pinch – including you. If your business supplies are now more costly than they were before, you have to pass those costs on. Otherwise you’re the one losing…

It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend and how you can save Like most pieces of financial advice, everything starts with a budget. It’s crucial to understand exactly where your money is going because it’s not going to go as…

When you own a business everyone’s got their hands out for some of your money. Whether it’s employees, suppliers, the government or even customers – you’re paying bills and paying people left-right, and center. But it’s not just business – you have a family and friends and the sports club and the girl's night out – many things that require you to make payments. Sometimes it can be a challenge to keep it all straight. In fact – it really is like having multiple personalities with you that sometimes all try to come out together,

To understand why growth slows or stagnates in any business, we first need to look at how a typical business evolves and why the frustration starts to mount as this growth slows. We call this the ‘Growth Roller-Coaster’.

Word is spread by customers and referrers about the great, cost-effective products or services and new business is easily gained. The business quickly expands to a peak at point A, driven by the personalities and skills of its owners.