More tips on increasing cash flow

Uncategorized Dec 06, 2021

Hello,

Today we're going to talk more about reducing that cash conversion cycle today. Cash conversion cycle remember, is the time it takes from the minute that you produce an item or provide a service to the time that cash is actually in your door, replacing the money that you put out or the time that you put out in order to provide that product or service. There are plenty of ways to speed up that cash acceleration and that's what we're going to talk about, the cash acceleration strategy. And yes, it's a strategy, you have to actively participate in the execution of reducing your cash cycle and get your team involved. And it doesn't matter if it's your spouse, your office manager, or if you have a whole team, get them involved. Anybody, the sales department, production managers, office people, get them all involved and have this brainstorming session to figure out how you can increase your cash flow and decrease your cashflow cycle.

 

I had a client, who was having some...

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How do you increase cash in your business? Reduce your billing & payment cycle time

Uncategorized Nov 30, 2021

Today we're going to continue the conversation on increasing cashflow in your business. So I have this lovely young man who comes every two weeks, depending upon the time of the year, to mow my lawn, clean up my yard, those types of things. He's a wonderful young man. He has been working and taking care of my yard for years. But one of the challenging things that I deal with, is that he always forgets to bill me. I have literally stood in my front yard after he's done an amazing job, reminding him to just text to me how much it is, and he won't do it. He leaves and he forgets. So how cash profitable do you think this business is for him? I don't know how he keeps doing it. I really don't.

I hope he's just doing it to be nice to me and he's not doing it to everybody else. But it's very simple, if you can reduce your billing and receiving cycles then you are going to increase the cash flow coming into your business. So one of the things that I suggested for him, standing in my front...

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How Do You Create Cash Reserves in an LLC?

Uncategorized Nov 23, 2021

Limited Liability Companies, or LLCs, are pass-through entities. That means sometimes owners have to deal with "phantom income," which occurs when profits are passed through only for tax purposes. That means owners are paying taxes on money they never received in their personal pockets. That is a bitter pill to swallow. What can you do?

Think of a Limited liability company, or LLC, like a colander. LLCs are pass-through entities that allow profits to “flow through” to the owners. Let’s do a quick recap.

A C corporation (or C-corp) offers business owners many advantages, but come with one major disadvantage: double taxation. Corporations pay 21 percent taxes on net profits, and then shareholders pay income taxes on dividend distributions they receive. The individual’s income tax bracket can be as high as 37 percent.

Here’s where LLCs and S corporations enter the picture. Both are pass-through entities. For an LLC owner, their distribution is taxed as...

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The Pros and Cons of Buying Real Estate as an LLC

basecamp Nov 16, 2021

Many people investing in real estate for the first time are wondering whether they should do so under LLCs, since they can provide tax advantages and limit liability while building wealth. In this article, we discuss the pros and cons of purchasing property as an LLC.

Investing in real estate is a great way to build wealth, and it’s a strategy that is increasingly used by businesses, rather than individuals. Because of this trend, many individuals who are interested in investing in real estate for the first time may be wondering whether they should buy an investment property in their own name or in a limited liability company, or LLC.

Unfortunately, there’s no simple answer. There are a multitude of factors that your client should consider, such as whether they have prior experience in real estate investing, what they intend to do with the property, whether they have an exit strategy and the risks associated with owning property.

The Benefits of an LLC

An LLC is a...

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Preparing Your Business For Tax Season

Uncategorized Nov 03, 2021

Tax time is just around the corner. One of the most common non-tax questions clients ask is “how long should I keep these?” We are talking bank records, copies of tax returns, and virtually any other piece of business information. This is a reasonably comprehensive overview on keeping business records for tax compliance, specifically, what to keep and how long to keep it in case a taxing authority ever decides to examine (audit) your returns. 

WHY

Obviously, keeping good books and records is just good business. But why? The answer to that isn’t as simple as “in case you are audited.” The answer is often evident when a business owner needs to substantiate profits to borrow money. Keeping good business records allows a business owner to obtain a snapshot of their company’s cash flow, profits, assets, and liabilities. It can make the difference between a client who is proactively managing their tax planning and compliance obligations and a...

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10 Startup Filings You Should Know About

Uncategorized Aug 09, 2021

10 Startup Filings You Should Know About

You want to start your own business! Wonderful! How exciting! But, as a new entrepreneur you will encounter uncharted territory as you navigate all you must do to create your legal business entities.

Today, I'll give an overview of various state and federal forms to give you a better understanding of the startup documentation you may have to complete. What I offer here is not financial, tax, or legal advice—it’s purely for informational purposes. Also, budding entrepreneurs should consider consulting an attorney for legal advice on what paperwork and filings apply to them.

  1. Articles of Incorporation

Anyone who wants to incorporate their company must complete this formation document and file it with the state’s Secretary of State office (or a comparable government agency). Filing articles of incorporation registers a company as a corporation in the state, making it a separate legal and tax-paying entity from its owners...

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Tribes by Seth Godin

books May 19, 2021

I read a lot of Seth Godin. That's why when I found this in a box of books I was unpacking, I was surprised to realize I hadn't read it yet. I have a lot of books like that. My 'to read' stack is always very high. 

But, as soon as I realized I had missed this one, I sat down with it. 

Now understand, he wrote this book back in 2008, but the concepts, ideas and advise rings just as true today as it did then, if not more so. 

'The Web can do amazing things, but it can't provide leadership. That still has to come from individuals-people just like you who have passion about something. Anyone who wants to make a difference now has the tools at her fingertips.'

So, pick this one up and give it a read. 

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Are you happy with everyone in your business?

Uncategorized Apr 26, 2021
 

Is everyone happy and engaged in the business?

If you don’t answer yes to this question for you, your employees, your customers and any other stakeholders, you have some work to do.

 Owners need great people both in the company and outside of it. Your investors, your suppliers, your customers your advisors and of course your employees.

When I am in any setting, being networking, coaching communities, anywhere. The top two issues are people and cash.

How do you know when you need to make changes with the people in your life? Ask yourself these two questions.

 Are you happy?  It’s a basic and straightforward question. Do you like coming to work? Do you look forward to coming to work? Or do you have a particular leader or manager not getting the job done. Are you have issues with a business partner? Is someone disrupting everyone daily with drama. Do you have a large percentage of your revenue tied up with one customer who behaves like he is your only...

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Why do you do what you do?

Uncategorized Mar 09, 2021

Continuing our conversation about Strategy, and understanding the base of strategy in The Core, which is your values, which we discussed last week. Your Purpose, which is what we talk about this week. And next week, we round the Core with Competencies.

If the Core Values are the soul of the organization, then the core Purpose, or what some call ‘the mission’, gives it heart. When you ask ‘why’ you get up every morning, why the company exists, why you created the business, the Purpose is the answer. Why does what we do matter? Why do our customers care if we are here or not? What difference in the world are we making?

And while making money is a great idea, it isn’t going to rally the troops around you and convince them to pour their enthusiasm and energy into showing up every day ready to make a difference. And ask yourself, do you want someone showing up for a paycheck, or do you want someone showing up to help you achieve this big idea you have? Which...

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Discover your companies personality through discovering your Core Values

basecamp Mar 01, 2021

Core Values are the rules and boundaries that define the company’s culture and personality.  They answer the questions of ‘Should we or Shouldn’t we’. They are the test for all the behaviors and decisions for everyone in the company.

When your top managers and the founder understand this and lead by this example, when their decisions and behaviors are led by the Core Values, that will flow down to the rest of the company.

When the Core Values are felt and lived by through the entire company, the upper manager, leaders, founders don’t get dragged down into the day-to-day decisions and operations.

The Core values are like the North Star. When you have strong Core Values and they are shared with and instilled into every person in the company, they become the ‘rules. So, when someone comes to ‘ask permission’, leaders can respond with ‘consult the Core Values’.

Now management can trust employees to make the right decisions...

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