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Over the last two years, the government has thrown money at small businesses with the Paycheck Protection Plan (PPP), Economic Injury Disaster Loan (EIDL), and Employee Retention Tax Credit (ERTC). Yes, there have been other credits, loans, and payment delays. But, as the government cash dries up, inflation increases and loan payments and social security taxes have to be paid, small businesses could be in for a rough time. -
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. -
Do you struggle to know and understand your cash flow? Do you desire more clarity to help you make better decisions? How can you objectively do this without emotions causing stress and uninformed decisions? -
How much can your business spend next year? Wonder if you can afford to hire someone or if you have the cash flow for advertising, operating expenses, or possibly expanding? -
Have you seen more and more news about wildfires? This is due to an increased trend in acreage being burned by wildfires in the US. Have you thought about how we fight wildfires? I started thinking about this in terms of business. I hear frequently from business owners that they spend too much time “putting out fires”. This is a very common problem in fast-growing businesses of all kinds.