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Two Details Your Lender Is Asking About, and You Should Too

The bank's Female African american Mortgage Officers shake hands with customers to congratulate them after signing a housing investment loan agreement.
There are a lot of words to describe the current economic environment, uncertain is one of them. And while many companies may not be seeking new financing in the near term, there are a number of reasons a business owner and its lender will be having conversations soon if not already – 1) a renewal of an existing loan 2) terms were modified as a result of COVID-19 impact 3) quarterly or annual covenant or other performance requirements.… Read More
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The Most Important Three Feet Businesses Face

Silhouette of man climbing up a mountain
One of my favorite quotes is from Royal Robbins, a pioneer of American rock climbing, who said, “When it’s been a long day of climbing, and I feel like I can’t go any farther, I concentrate on the next three feet.… Read More
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Practical Tips for Managing the PPP

Benjamin Franklin face on USD dollar banknote with red decreasing stock market graph chart for symbol of economic recession crisis concept.
The Payroll Protection Program (PPP) has provided a lifeline to assist businesses through the economic confines caused by the COVID-19 pandemic.  For many small businesses, confusion has been constant with respect to loan status, forgiveness and how to manage the loans once they are funded. … Read More
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Navigating through a Crisis – Immediate Steps to Take

Diverse Group of People Talking in a Casual Modern Meeting Room in Office. Group of Colleagues From Different Ethnicities Working Together as a Team on Crisis Management. Wide Shot
None of us could have expected the disruption to daily life that a sudden pandemic can cause. News changes by the minute, and countless businesses are faced with significant and, in many industries, severe pain. There is no easy solution to a crisis, especially one with such a global macroeconomic impact.… Read More
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Accounting vs. Finance – Both Matter

The financiers are calculating personal taxes for their customers.
Accounting and finance are two commonly used words to describe functions within businesses. Let’s look at what they mean to small and mid-size businesses, some key differences between them and reasons why both are essential for long term success. The most important point however for any small and mid-size business is a solid, intentional balance between the two.… Read More
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The Year End Financial Checklist

Document management concept, Businesswomen cheek finger on certificate electronic documents and document checklist management System and process automation efficient management digital form checklist
Approaching the end of the year can be a hectic period for many small and mid-size businesses.  The balancing act of finishing the year with as much revenue as possible and prepping for a good start to the new year while working around vacation schedules often leads to a frenzy of activity. … Read More
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ERP Systems Part II – Successful Implementations

Software designer speaking to his client on the phone in an office
In our last article (link here), we covered key considerations in evaluating a new ERP system.  So, at this point, the decision has been made to implement a new system, the requirements of the new system have been agreed upon and the specific platform has been vetted and selected. … Read More
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Three Keys to Evaluating a New ERP System

Businessman using a computer to document management for ERP. Enterprise resource planning concept.
Whether they realize it, all businesses use some form of ERP (Enterprise Resource Planning) system, it just may be that one or more components are manual or disjointed. An effective ERP system provides greater team efficiency, continuity of information, enhanced visibility into the business and data security.… Read More
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5 Steps to Manage Cash Flow

Cash Flow Business Concept
One of the primary challenges we see in working with growing small and midsize businesses is managing cash. The simple reality is growth can burn cash, so a healthy P&L can accompany poor cash flow. Businesses don’t fail when they lose money, they fail when they literally cannot pay their bills – and even when utilizing outside capital such as equity partners and banks, without properly managing cash, long term viability in a growth mode can be very difficult.… Read More
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KPIs & Your Business – A Management Must-Have

Web developers using a computer together in an office
The KPI is a common buzzword in business, but what is it, and more importantly, how do you use it to manage your business? Used properly, Key Performance Indicators, or KPIs, allow a business owner and management team to evaluate the overall health of a business, identify areas for corrective action, and make decisions on important opportunities.… Read More