Business

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…

Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable. You probably had to automate some tasks before others; your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. What’s worse, lack of…

Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located in the same geographic region. If a key customer or supplier experiences turmoil, the repercussions travel up or down…