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Category Archives: Managing business expenses

Help Your Accountant Help You – 3 Tips

Here are 3 tips to improve your relationship with your accountant for your business: 1)     Don’t wait for them to call you about a planning meeting. In a perfect world every accounting firm has unlimited time and energy to be proactive and think about your business and it’s future. In the real world, a lot of firms end up being reactive ... Continue reading

When Less Money is More Money

Here’s a sad story about trying to get more money when the end resulted in far less money: A business was owned by two friends. The relationship soured and as a business advisor, I was attempting to facilitate an agreement for one partner to stay and the other to exit. The most probable buyer offered over half a million dollars. The other partne... Continue reading

Rent Some Money to Make Some Money

Have you ever heard the saying, ‘you need a quarter to make a dollar’? What if your business has the opportunity to purchase $100,000 worth of new product that can be resold at a 35-40% mark-up? Why wouldn’t you buy it?  One reason you might not make the purchase is you don’t have an extra $100,000. Even if you have credit available, s... Continue reading

Vacation – Tax Deduction?

Wouldn’t it be great to take a winter vacation and get a tax deduction too? The first person to convince is your tax advisor and the second review could be by the income tax authorities. Here are some tips to assist in your negotiations: Be real – I am strong supporter of getting away from the day to day business distractionsto focus on st... Continue reading

Increase Profits by Learning to Say ‘NO’

Some business owners have trouble saying NO. This often costs them financially. Here’s why: 1) Customer selection criteria - Let’s say you have a current customer who consumes a lot of resources and also owes you money. If they want more credit to get more services, the correct answer is NO. You are already losing money servicing this account... Continue reading

Slow Paying Customers

When a customer is tardy in paying their account, they typically get a lot of attention from you as a business owner. You might even call them up and ask how things are going and find out if you can help them along – so they can pay their outstanding account! But when a customer pays you right away, you tend to do nothing – except cash the che... Continue reading