Fundamentals biznes

Fundamentals biznes All processes are tied to two people - Vlasniks, who are stuck in the operation: how to imagine and fears ruin your business.

Don’t Get GreedyI have received so much great advice over the years, but some of the best has come from my father. When ...
10/08/2022

Don’t Get Greedy
I have received so much great advice over the years, but some of the best has come from my father. When I was in my 20's, he said, "don't get greedy, you can't lose by taking a profit" (this was shared with me as I was going through my first IPO). The obvious interpretation of this has to do with money. Still, it also applies to much more such as giving back or taking care of the important people in your life. I am forever grateful to my Dad for this sage advice

Employees Aren’t FamilyAfter being in the restaurant business as a Chef & partner, I became a CPA and a CVA. When I ope...
09/08/2022

Employees Aren’t Family
After being in the restaurant business as a Chef & partner, I became a CPA and a CVA. When I opened my CPA and Business Valuation firm, the president of the IT company I selected gave me the following unsolicited advice, which I live to this day:

Employees are not family. Don't make your employee's problems your own. Help them when you can but hold them accountable for their problems. If their difficulties interfere in your business, it is time to consider parting ways.

Embrace ChangeWhen I asked my friend Martin about his business success, he told me that the constant of all successful b...
08/08/2022

Embrace Change
When I asked my friend Martin about his business success, he told me that the constant of all successful businesses is change.

You have to continually adapt to new needs and new market players. We are verifying this need in the last months with the pandemic.

Cashflow is KeyI'd run my business for several years and believed in knowing my numbers. I'd run the P&Ls every month an...
07/08/2022

Cashflow is Key
I'd run my business for several years and believed in knowing my numbers. I'd run the P&Ls every month and compare my results to my goals and past performance. I was proud of how I ran my business and thought I was a "really good" business owner (so important for my type-A personality). Then I was in a webinar early in the COVID crisis, and someone started talking about cash flow projections. I'd heard of this before but didn't understand what it meant and why it was necessary. After that call, I dug in to learn more. Cash flow is something I'd been completely missing. I tried it out for my business and saw how essential it was to understand where the cash is now and to project where it will be in the coming months. As a business owner, I can now see when cash flow will be tight (or a big problem). I can plan in advance for it (by accelerating deals, increasing my sales efforts, or using my credit). This effort is so much better than being surprised by a cash crunch!

Establish a Sounding BoardThirty years ago, I was about to head off for my first assignment overseas. Before I left, a N...
06/08/2022

Establish a Sounding Board
Thirty years ago, I was about to head off for my first assignment overseas. Before I left, a Navy buddy told me, "you will have better success if you establish a group of trusted peers that you can go to for a sounding board when you have tough decisions to make." I took his advice. When I look back on the most challenging roles I've had, I recognize that I was successful because I established a group of peers that gave me perspective when I had a high dollar or high risk or difficult HR situation and had to make tough decisions.

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