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 owner, Roger Abbott, said, “It’s my responsibility to put the systems in place so I don’t tempt anyone again.” Bingo! Read that first part again. It’s my responsibility as the owner to put systems in place. You can put systems in place to minimize the […]
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Debit or credit or both? While we’re used to being asked this question in our personal lives, it’s important to consider this question in terms of our businesses as well. There are pros and cons to each option. I want you to be equipped with a full understanding of each option as it pertains to your business so you can make the best decision for you. First things first, […]
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First, let’s get the terms out of the way so we are all on the same page. Income Statement = P&L statement = Profit and Loss Statement These are all different names for the same thing. From here on out, I will use the term P&L to keep things simple and brief. Many small business owners don’t know how to read their P&L statements. If you fall […]
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You have a new idea for a business, a new product, or a service. Perhaps you are still in the early days of your business. You are full of excitement and anticipation with the possibilities this new endeavor will bring once it hits the market. You have done your research to understand the competition, held conversations with your ideal customers to confirm the need and fine-tune your offering, and checked […]
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If you have been around me for any amount of time you know that I LOVE organization, optimization, making things run better, faster, cheaper. In fact, during my days as a corporate engineer/scientist, that was a major part of my job. Systems and processes are essential to all businesses. They are the foundation of profitability, growth, and longevity. When I first started talking about processes and systems to small business […]
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