Image for Improvement by Michael Giuffrida

Do I really need to create a budget for my small business each year?

Let me start by giving you a resounding YES! Now I’ll explain why; When you started your business, you might have done a business plan with a 1/3/5 year projections.  This pretty document immediately got bound and left on the shelf so you could say you did it.  However when you actually started serving the Read more about Do I really need to create a budget for my small business each year?[…]

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How can I use gamification in my company to increase productivity?

Creating fun and competitiveness in the workplace is not a new concept, but with today’s technology tools and systems, it has become more accessible and more real-time. For many years organizations have created contests for sales people to pit them against each other in hopes of increasing sales….because it works!  Sales people by nature are Read more about How can I use gamification in my company to increase productivity?[…]

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If I am going to sell my business, should I worry about the little problems it still has?

Every business has its challenges and there is no way to avoid that.  Even the companies with the best cultures, compensation plans, and products and services will face issues.  When you decide you are going to sell your business, it can be like a “get out of jail free” card on these problems as you Read more about If I am going to sell my business, should I worry about the little problems it still has?[…]

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When selling my business, what kind of information will I have to provide to the prospective buyers?

When you decide to sell your business, the buyer will want lots of information so they can make an educated assessment about the value of your business.  This process is called Due Diligence.  For the seller, the due diligence process can be more invasive than applying for a mortgage while getting a colonoscopy.  While you Read more about When selling my business, what kind of information will I have to provide to the prospective buyers?[…]

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How should I compensate my sales hunters?

First note that I did not title this “how much should I compensate my sales hunters?”.  What you pay will vary based upon your geography, industry, availability of quality candidates, and the experience of your hunter.  This post will focus on how to structure what you pay them to gain the best performance and results. Read more about How should I compensate my sales hunters?[…]

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Know your numbers to be successful

When running a small business, it can be easy to get caught in the trap of assuming that if there is cash in the bank you are doing well and if there is no cash, you need to do better.  Unfortunately, there can be much more to determining how successful you are currently and in Read more about Know your numbers to be successful[…]

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What is the difference between accrual and cash basis accounting?

For many small businesses, the consideration of whether to use cash or accrual basis accounting never even comes up as the difference between them is unclear and they leave it up to their tax accountant to decide.  However there are significant advantages and disadvantages to each which should be considered not just for tax purposes Read more about What is the difference between accrual and cash basis accounting?[…]

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What other options are there for business growth financing?

Finding the money to grow your business can be a challenge for sure.  We have discussed bank financing and borrowing from relatives, but what other options are there? In some states such as Connecticut, there are programs that will loan or grant you money for creating new jobs in the state.  While these job creation Read more about What other options are there for business growth financing?[…]

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How do I get the information I need out of Quickbooks?

QuickBooks can be a great accounting tool for a small business.   It quickly allows you to get started up for tracking your income and expenses without having to be an expert in accounting.  It even allows you to start with template charts of accounts for different types of businesses so that you don’t have Read more about How do I get the information I need out of Quickbooks?[…]

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Should I ask my family to make an investment in my business?

Financing a small business can be very difficult and very stressful.  When you have a great idea and want to get started, you need to determine how much startup capital you will need, and you will likely need more than you anticipate.  It you have family members with financial means, it can be tempting to Read more about Should I ask my family to make an investment in my business?[…]