In this section, you can learn the basics of business.

March 18, 2019

19 Tips for Improving Accounts Receivable Collections

In my last article, I talked about how much cash you should keep in your personal and business checking and savings accounts. Now, I want to talk to you about how to get paid. More specifically, you need to get paid in a timely manner in order to build up your cash reserves. The CFO or department head in charge of your treasury oversees your cash flow, which includes your accounts receivable. This AR division of your company is directly responsible for collecting customer payments. Thus, it’s directly responsible for the health and well-being of the cash flow into your business. To keep that cash flow coming in, I have 19 tips for improving accounts receivable collections.
March 15, 2019

How Much Cash Should You Stash in Your Business and Personal Accounts?

In my most recent Value Growth article, I mentioned that a CFO, or the person who leads your finance department, should oversee four divisions of your business – treasury, tax, accounting, and finance. Subsequently, those in the treasury division of your business handle cash flow, investments, accounts receivable (income), and accounts payable (expenses). Since cash flow is the bread and butter of your business, I want to discuss that. Specifically, I want to talk about how much cash you should stash in your business and personal accounts.
March 14, 2019

Is it Time to Sell? Overview of Personal & Business Readiness

Selling a business is a major step many business owners take when they are ready to retire. Yet the question, “Are you ready to sell your business?” can send business owners into panic mode. Truthfully, you may never be emotionally ready to sell your business. After all, you’ve poured your life and soul into your business. However, you can make personal and business preparations now that will have you ready to sell your business in the future.
March 13, 2019

Why Every Business Needs a CFO to Reduce Business Risk

Most of the time, business owners think that their Chief Financial Officer (CFO) or their Certified Public Accountant (CPA) only worries about company tax issues and payments. However, your company’s financial needs involve more than taxes. You need a CFO or a CPA to oversee multiple departments and to wear many hats within your organization. By creating harmony within the company’s finance departments, a CFO reduces business risk and increases the functionality of your business.
March 11, 2019
Building a Best-in-Class Finance Department

An Introduction to Building a Best-in-Class Finance Department

In this Value Growth Series, I’ve developed mini-series for each of the 8 Foundational Components that drive up your business’s value. Thus far, I’ve discussed planning, leadership, sales, marketing, personnel, and operations. Starting with this article, I’ll be talking about finance. Whether you are a solopreneur or an owner of a business with hundreds of employees, I want you to think about finance as a department, or a distinct area of your business. And whether you’ve reached success in spite of your own financial ignorance or you are a financial guru, all business owners can improve in this area of finance.
March 8, 2019

History Lesson: The Evolution of Business Operations Management

Thus far in this Value Growth Series, I’ve discussed operational systems you can use and operational steps you can take in your business. Yet, in order to understand how operational systems work in your company, you need a little history lesson. Therefore, in this article, I’m going to take you through the evolution of business operations management.