Executive compensation can be a hard topic to tackle, especially for startups and other growing companies that need to attract experienced talent on a smaller budget. What you may not know is that base salary is the smallest component of executive compensation, generally outweighed by incentive pay. That is good news for growing companies with…
When you first start your business, it’s important to “follow your gut” because you don’t have any track record and your numbers don’t point anywhere. Your “gut” is your true north. In the fog and confusion of a start-up, you need something “steady” to hold onto, and your gut instinct is as close as we…
We’ve been talking this week about the value of building a budget for your business — today we will do it. If you didn’t download my magic budget spreadsheet, you should do it now. My budget spreadsheet builds your profit and loss statement for the next year by predicting the sales and expenses for each…
On Tuesday we talked about my magic spreadsheet that helps answer all kind of questions for my clients. It’s like a crystal ball that reveals the future! But I have trouble getting clients to take it seriously — they frequently avoid engaging in creating one, and once built, it can sit unused. Why? Well, here’s…
What if I told you that I had a magic spreadsheet? What’s magic about it? It is like a crystal ball for your business–you can use it to see the future! My spreadsheet can tell you: All of that from one spreadsheet?!?!? Sounds pretty neat, doesn’t it? It is! It is one of the most…
The turning of the year is, for many of us, a time of reflection. What happened in 2017? What was good? What was not so good? And what do we WANT to happen in 2018? It also just so happens to be the time when most business owners are planning and budgeting. It makes sense…
As a business owner, we all have more than one job (many of us carry 4 or 5); but two of those jobs are the same for every business owner. The first is being a great leader in your business. Whether you are the CEO/President, or a partner who shares the leadership, one of your…
One of the most agonizing decisions that a business owner has to make is deciding when to hire a new employee. It’s a huge risk! You’re bringing on additional salary, you have the cost and distraction of the search, there’s training the new person… And what if they don’t work out? It’s a difficult process…
Business is coming back a bit can you feel it? The sales cycle has quickened for most of my clients. The hesitation and “putting things off” that was common even a few months ago is waning. But it’s not all cheers of good times are here again. There’s a shadow waiting in the wings- tightening cash flow. Two…
The whiteboard in my kitchen is literally an extension of my brain. I have random notes on there that make sense to me (mostly), but it’s also the checking-in point for the rest of the family. Take Thanksgiving, for example. I write down the name of each dish, when it needs to be made, and…