One of my all-time favorite movies is the original 1971 Willy Wonka movie with Gene Wilder. Every time I watch I still get excited as Charlie opens his candy bar and finds the golden ticket which changes the trajectory of his life! Well, my topic in this blog is a little like that golden ticket in that it can greatly change the trajectory of a business by helping support its next level of growth.
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So, you’ve made it through the rollercoaster ride of another year with your small business. But wait, you’re not done yet! The end of the year is extremely important to small businesses, as you’re reflecting on what went right, what went wrong, how to close out the year successfully, AND plan for a prosperous new one.
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In the world of small businesses, where every penny counts, creating and implementing a monthly budget can be a game-changer. It’s not just a mundane financial task…okay, it can be mundane, but it’s also a strategic tool that can significantly contribute to a business’s success.
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Imagine working hard to hit the next level in your business. The money is flowing well, the business is profitable. Then, someone comes along and decides to take a significant chunk of what you have earned. That is exactly what happened to my dentist’s practice. Several years ago, my dentist’s practice was a victim of fraud. It was an inside job. An employee embezzled more than $2 million. After the incident, the […]
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Entrepreneurs love the P&L statement. Why? Because it’s focused on profitability. Scrolling down to find what is on the bottom line is like opening a present on Christmas. However, the bottom line is not the only good thing to be found on a P&L. There are so many other gems to be found within this financial statement, lessons that will help you boss better (and more profitably).
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