December 2010
6 posts
Key Ratios
In my last post about the reports I use to run my business I mentioned that one of the reports is the key ratios report. I received several emails asking which ratios I track. The ratios I track and my targets for each follow.
Ratio Target range
Current ratio 2:1 or greater
Quick...
Key Reports
One of the greatest benefits of computerization is that you can get more reports than you can possibly read. And, if you find the time to read them all, you rarely have the time to interpret them. Therefore I have come to rely on a handful of reports over the years that help me run our business. These reports include:
Daily availability report. As mentioned in my previous posting, the daily cash...
Turnaround Tips
In our currently sluggish economy some businesses that had previously been successful, some for many generations, are now losing money and are in danger of going out of business. Having been in business for over 35 years I have been through three recessions and have had to take steps to ensure the viability of my companies. How do you turn around a business that is losing money?
Here are a few...
Time Management Tips
Time management has probably had more books written about it in any other business related subject. This is probably because almost everyone feels like they can do a better job at managing their time. Time is the only commodity that cannot be replaced. Once you waste 15 minutes, it is wasted forever. I hate it when people tell me, “I couldn’t find the time”. I am quick to point out that time is...
Negotiation Tips
Whether you are in a purchasing role in your job or not, we all negotiate in life. You negotiate when buying a car or house, you negotiate when being offered a job, you negotiate for a raise with your employer, you negotiate with your spouse, and the list goes on and on. Here are a few tips that I have learned along the way about negotiations:
· You don’t get what you deserve in life, you...
Wage and Hour Laws
As I have done acquisitions of other companies over the years and as I have served on many boards of directors, one of the most common violations of the law I have seen is in the area of wage and hour laws. Some people don’t know they’re breaking the law and others have told me that they know they are breaking the law but they are taking their chances on getting caught. One of the most common...
