The Financial Intelligence Guide

We recently discussed general and industry-specific inflation. As the economy picks up, it will be more important to assess your costs to make sure you still have your desired profit margin. Once you build a system for entering job costing accurately, you should review this report and assess the lowest margin jobs or customers.

Have you heard the following myths regarding accounting and finances?

I have spent nearly 15 years working with Marketing Agencies in various financial roles. I have seen what works and what does not. When an agency reviews specific reports regularly and takes action, they see success and grow profitably.

Anyone who has raised a teenager knows they can sometimes be challenging. If you have not raised one, try to remember how you thought and acted at that age. What if the business world acted like a teenager? What would happen? The funny thing is that many of us adults act like this from time to time, so you might find this convicting. I know I did.

    Do you ever wonder how profitable your clients are? Are you confused with your cash flow? Does it fluctuate a lot, or do you have to use a line of credit regularly?

Do you own or manage a business, and desire to improve profitability?

Not long ago, before the quarantine, I met an interesting Uber driver in Nashville. We had a long drive to the airport, so I got to know him and ask some questions. He was from England and had spent his career turning around 12 companies all over Europe and the United States. The last company he turned around was in Nashville, and then he retired. He said that all the companies were at a point of complete collapse. They were possibly weeks away from bankruptcy.

If seven out of ten businesses will not last ten years, what makes businesses succeed? With research and experience, I have come up with a list of the top 10 reasons businesses succeed.

I am continuing a three-part series on the reason why businesses succeed. If seven out of 10 businesses will not last ten years, what can we do to increase our chances? Check out  Part 1 where we discussed the first three: