Business

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues.…

In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies a big step forward — perhaps the acquisition of a competitor or the purchase of a new property — but, financially, there’s no way across. The money is just not there. One way to bridge…

  Written by Christine Howard, a Certified QuickBooks ProAdvisor at tonneson + co QuickBooks is one of the most popular accounting programs available today. Both user-friendly and flexible, the program can be a valuable resource for small businesses in almost every industry when used properly. Though users appreciate the convenience QuickBooks offers, they sometimes miss…

Is business going so well that you’re thinking about adding another location? Before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether a new location will grow your company — or stretch it too thin. Here are four to get you started: 1. What’s driving your…

From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s hoarding excessive cash may be doing itself more harm than good. Liquidity overload What’s…

What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever the potential cause might be, every business needs a disaster recovery…

Many business owners buy accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get the return on investment they’d expected. There’s a simple reason for this: things change. Technological improvements are occurring at a breakneck speed. So yesterday’s cutting-edge system can quickly become today’s sluggishly performing albatross. And this…

Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. If your company defines itself as such, it’s important to optimize your operating cycle to anticipate and minimize shortfalls. A high-growth example Consider a manufacturer and distributor of lawn-and-garden products such as…

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down. There are a wide variety of ways you can decrease insurance costs. Two examples are…

When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. You’ll have to communicate clearly, show some patience and have a clear idea of what you want to accomplish before stepping down. Here are some tips on putting your successor…