Preparing Your Business for the Long Term
November 20, 2022 | Barton Walter and Krier
Running a business is more than a 9-to-5 job. And with day-to-day elements to juggle in the present, it can be difficult to think about the future. But preparing your business for the long term is something to consider right now. Keep reading to learn what you should be doing and to uncover hints for succession planning. Succession Planning Rundown When it comes to business, no one can predict what will happen next week — or even tomorrow. That’s why it’s important to have a plan in place for if or when things change. Key players may retire, become ill and unable to work, or find new positions with other companies. With succession planning, you can prepare for the unexpected. The idea behind succession planning is to ensure your company has the right people in place, ready to fill certain roles should they become vacant. If a change occurs, you and your current staff can quickly adapt and keep operations running smoothly. The Benefits of Having a Plan Planning ahead for something that may or may not happen can seem like a hefty undertaking. But being proactive will help ensure the consistent pace of your business and help streamline any shifts in responsibility. When time is money, having a plan in place provides […]
Read MoreHave a Cash Flow Blueprint for Your Business
November 8, 2022 | Barton Walter and Krier
Sure, you want your business to succeed. A big part of that outcome involves keeping your operation running each day. To do that, you want to have a cash flow blueprint for your business. Keep reading to learn why this is important and discover helpful hints to control capital. What Comes and Goes While cash flow may not necessarily reflect a company’s success, it is crucial to the day-to-day enterprise. Cash flow reveals the actual money moving in and out of a business — what you’re earning versus spending. And the process is a give and take. What comes in: This is incoming cash from customers or clients purchasing your company’s goods or services. If invoicing is involved, your cash flow statement will indicate cash flow as accounts receivable. What goes out: Outbound monies are expenditures needed to run your business, such as production costs or rent. Expenses paid in installments will show up as accounts payable. You want to know what’s coming and going so you know when there’s cash on hand for covering expenses. A cash flow blueprint can help you stay organized and keep money moving in a balanced manner. Keep a Record The best way to know what’s coming and going is to keep a record. Monitor cash flow […]
Read More