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    If your business involves selling a product instead if providing a service your ability to make a profit depends on three factors: Your cost. The selling price How long the inventory stays in your possession.     Let’s take a look at item (3). Your primary objective is to minimize the amount of time [...]     My articles are about the subject of financial management, but you may have noticed that much of the time I don’t talk about numbers or mathematical formulas. Why is that?     It is because I have noticed that people often confuse numbers with events. They forget that numbers are only a representation of [...]    In the huddle the pro-quarterback looks at the other players and says, “We really need to win this game.  Let’s score a touchdown on the next play.”  The players respond, “Great, we’re with you QB, what’s the play?”  The quarterback snarls, “What’s the play? How long have you guys been on this team?  You’re supposed to know all the [...] A critical tool in building any successful business is an effective marketing strategy—one with an ongoing focus on creating new customers while increasing sales from existing customers. By definition, the marketing umbrella covers many business functions other than selling: market research, pricing, packaging, distribution, quality control, public relations, advertising and customer service. Businesses that focus primarily [...]    Websites are a good place to get information, but it is just as important to build a library of books that can help provide guidance on how to manage your business.    The overriding theme of my articles and podcasts is that financial management is ultimately about maximizing the value of your company.  Doing so means it [...]    So you have decided to conduct an internal, “practice” due diligence review to identify areas within your business that may need special attention.  Where should you focus your examination?  Here are some of the things you will want to know: Is your financial information accurate? What is the condition of your assets, including trading assets (inventory) and [...]    I have noticed that it is not uncommon to hear the terms, Financial Manager, Vice President of Finance, Controller, Treasurer and Chief Financial Officer used interchangeably, as though each term means the same thing.    In reality, Financial Manager, VP-Finance and CFO encompass the same activities, and these activities tend to be broader in scope than [...] |
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