Think “Crowdfunding” and you might think of Kickstarter or Indiegogo. Both are good sites, but soon new crowdfunding rules will unlock powerful new options for fundraising online.
Yes, Kickstarter and other pre-sale sites have funneled over $1 billion to start-up projects since 2009, but serious angel investors and VC were not among those writing checks. Since investors can’t yet buy equity (ownership) in your company online, they are not typically interested in these kinds of crowdfunding sites.
In the seemingly endless parade of new features announced by Apple yesterday was one that should make you sit up and take note.
Apple Pay — a new way for iPhone users to pay you for goods and services without a credit card.
Apple Pay will be part of the new iPhone 6, the new Apple Watch, and other devices too as Apple rolls out iOS 8 to its existing base of users. The iPhone 5 family of devices will support Apple Pay for online and in-app transactions, but the physical retail use will only work if you also buy the new Apple Watch.
If your company engages in credit card processing, then you’re likely well acquainted with the complexity of deciphering a monthly credit card processing statement.
Last week when I finally decided to hire an accountant, I was up to my ankles in alligators. The last thing I wanted was the administrative nightmare of responding to resumes, scheduling interviews and sorting skillful accountants from the merely competent.
If you read last week’s post, then you already know how to attract the best accountants to apply for a job at your company. Now you need to pick the best one and hire them as quickly and efficiently as possible.
Last time we looked at nine warning signs that your business might need a transformation or major tune-up. This time we’ll talk about how to get started, with four improvements in management information and financial reporting. In short, to make better decisions with better data, you need to:
1. Correct errors in your financial data
2. Organize your chart of accounts to improve management understanding
3. Correct the data for product costing. Determine a pricing strategy
4. Create and maintain an up-to-date plan for cash and funding
I’m going to let you in on a secret: The best businesses—those that really boost the wealth and happiness of the business owner—are not built on intuition or luck.
As much as we would like to think that great entrepreneurs have some kind of special gift, the best among us simply know how to create and use meaningful financial reporting, and use it to make decisions that improve our businesses. With a good eye on the numbers and some careful analysis, any business owner can see what is going right and what is going wrong.
We’ve written a lot about automating accounting and other core areas of business. That’s great for a financial analysis. But the best way to understand and appreciate the operational side of your business is to manage staff with HR software too. Since HR influences every department and employee, the data it generates can be used to optimize every aspect of your operations.
CASH CYCLE: (BALANCE SHEET)
The Cash Cycle is a snapshot of cash and cash equivalents all through your business. It will help you understand where your working capital is used.
“Eventually, every business owner will leave their business… either sitting down at the deal table, or feet first on a stretcher.”
Let’s face it — the idea of working until your last breath is not what gets most of us into business for ourselves. And yet, if you aren’t already planning a more graceful exit, you may end up with the one planned for you. Here’s how to pass your business along before you pass on!