• What? Are You Blind?

    | Categories: Building Strategy , Business Growth , Business Tips

    Blog by Fuel Accountants

    No, I’m not making fun of you, nor am I disparaging the visually challenged. I am simply asking if you have a vision for your business. If you don't have one, you are flying blind.  Everyone needs a vision of where they are going. Why? Because if you don’t, where in the heck is your destination?  A vision statements needs to have certain elements in order to be clear and actionable: A revenue and profit target A time frame (we recommend 3-5 years) Clearly defined market segments A clearly defined product/service mix Is a vision important to strategic direction? DUH!! If you don't know where you want…

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  • How Can We Slow This Race Down?

    | Categories: Building Strategy , Business Growth , Business Tips

    Blog by Fuel Accountants

      Is it our imagination, or does everything seem to be speeding up? No, it’s not your imagination. It’s real. And the faster the pace, the more stuff comes hurling at us. The more stuff coming at us, the more decisions we must make.  And the more decisions we make, the greater the risk that we make a poor decision. So is there a way out of this conundrum? Let me share an experience to draw a comparison. I love to ride my motorcycle. A couple of years ago I thought it might be fun to try my riding skills on a race track. I…

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  • Have You Heard the Bad News? Half of Everything you spend on advertising is a waste!!

    | Categories: Business Growth , Business Tips , Marketing

    Blog by Fuel Accountants

        Oh great. So now what should you do? Well, I guess you could cross your fingers and spend more money. Or, you could try to guess which half is a waste, and eliminate it.  The main problem is one of measurement (or lack of measurement). There are tons of marketing geeks out there that want to take your money and promise thousands of views and clicks.  The problem with Marketing Geeks: While there are a few competent folk out there, many of the marketing geeks have read “Online Marketing for Dummies” and now consider themselves experts in the field. Very few have demonstrable…

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  • So you think you need to borrow some money?

    | Categories: Business Growth , Business Tips , Cash flow , Cash Management , Profit First Coaching

    Blog by Fuel Accountants

      We are debt averse in general. Borrowing money should be the choice of last resort, not first. But there are times where capital is needed and the business does not have sufficient time to generate the capital needed through its regular operations. In that case, borrowing might be useful. But you’d better have a good reason to go down this road. There are several reasons to borrow money: Business expansion There are two aspects to business expansion:  Asset Acquisition: Sometimes when we expand the business we need to buy some assets like equipment, computers, etc.  Working Capital needs: When your business grows, your working capital needs to grow…

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  • Are you riding a rocking horse into a rut?

    | Categories: Building Strategy , Business Growth , Business Tips

    Blog by Fuel Accountants

      Excuse me for being obvious. If you ride a rocking horse long enough, you’ll end up creating a rut from repeating the same motion over and over. In other words, things that don’t change stay the same. And over time, inertia makes it more and more difficult to change. Feel stuck (like you’re in a rut)? Are you ready to get out? First, you must accept two business truths. Truth 1: Everything around us is always in motion. Tasks, phone calls, emails, texts, to do lists, etc. Then to compound the problem, as time goes by, things change. The business grows (or shrinks).…

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  • How do I know if I have enough in my tax account?

    | Categories: Building Strategy , Business Coaching , Business Growth , Profit First

    Blog by Fuel Accountants

      If you’re involved with our Profit First Cash Management System (PFCMS) you’ll recognize why we are asking this question.  PFCMS is intended to make sure you have the right amount of cash, in the right place, at the right time. When it comes time to make tax payments, it feels GREAT to know you’re already covered by having the cash ready. The Best Way To Eat an Elephant!! What’s the best way to eat an elephant? Most people think it’s best done a bite at a time. And that’s why we have you set up a separate bank account to collect tax. We…

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  • Are you in Danger of a Business Implosion?

    | Categories: Business Growth , Business Tips , Implosion , KPIs , Revenue

    Blog by Fuel Accountants

      Recently the world was transfixed on a catastrophic event where several people lost their lives due to the implosion of a small submersible vessel called The Titan.  Some people called the people involved heroic explorers, others called them silly for taking such a great risk. Which camp are you in? Either way, what I’d like to talk about is risk, and how to manage it by becoming a world class company and avoiding a catastrophic event. What can you do to insulate your business against risk? The following are the 6 Key Process Indicators (KPI’s) that greatly reduce risk and and help your business…

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  • Did You Realize That Your Service Business Has Inventory?

    | Categories: Business Growth , Business Tips , Inventory , Service

    Blog by Fuel Accountants

    What’s that you say? What have I been smoking? No, really, I’m not kidding you here. Service businesses really do have inventory they are trying to sell. Now before you think I’ve really gone off my rocker, let me explain… A service has two main things to sell: Time Knowhow And hey goofball, anytime you provide a service, you are selling both of these finite items. Let’s define what these mean… Time: You do know that there are only so many hours in the day, right? You can’t add any more (unless you have some magical power). The only thing you can do to expand…

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  • Try this hat on for size!! (How to increase your company throughput…)

    | Categories: Profit , Business Growth , Business Tips , Cashflow , Operations

    Blog by Fuel Accountants

      Instead of living in the “Cost World” try living in the “Throughput World.” If you are focused on the speed and amount of throughput in your business (while maintaining costs) you are assured of making more money now and in the future. Why is that? It’s because you are looking operationally and systematically at things you can do to improve throughput, which ALWAYS results in making more money. And if you really want to do a deep dive into this area, pick up a book called “The Goal” by Eliyahu Goldratt. It will completely change your perspective about business!!  In our next…

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  • Are you ready to SWOT something?

    | Categories: Business Growth , Business Tips , Productivity , SWOT , SWOT Analysis

    Blog by Fuel Accountants

      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…

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  • Who wants game changing business advice that will 100% guarantee that your business is profitable?

    | Categories: Profit , Building Strategy , Business Growth , Business Tips , Cash Management , Profit First

    Blog by Fuel Accountants

    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…

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  • Do You Know Your Business 3 R’s? 

    | Categories: Building Strategy , Business , Business Coaching , Business Growth , Business Tips

    Blog by Fuel Accountants

    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…

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  • Typical problems contractors have implementing our Profit First Cash Management System (PFCMS)

    | Categories: Profits , Accounting , Building Strategy , Business Growth , Business Tips , Productivity , Profit First Accountants , Profit First Coaching

    Blog by Fuel Accountants

    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…

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  • I’ll Make Them An Offer They Can’t Refuse…

    | Categories: Business Coaching , Business Growth , Business Tips , Management

    Blog by Fuel Accountants

    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…

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  • Setting business financial goals for 2023

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips

    Blog by Fuel Accountants

      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…

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  • Is Your Contracting Business Running Out of Fuel?

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips , Future Financial Planning

    Blog by Fuel Accountants

      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…

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  • How much you should raise your prices

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips

    Blog by Fuel Accountants

    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…

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  • 5 common payroll implementation errors you can easily avoid

    | Categories: Building Strategy , Business Coaching , Business Growth , Business Tips , Organized Financial System

    Blog by Fuel Accountants

    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…

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  • Time Blocking vs Time Boxing, other techniques, and how it all fits together

    | Categories: Business Coaching , Business Growth , Business Tips , Time Management

    Blog by Fuel Accountants

    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…

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  • How to manage small business inventory

    | Categories: Small Business , Business Growth , Business Tips , Inventory , Management

    Blog by Fuel Accountants

    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…

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