As your organization grows and scales, there are blind spots that sneak up on you. Things were going well in your organization; you were cruising along, enjoying the growth and sustainability and then … BAM! New problems and opportunities seemingly come out of nowhere. Each stage of an organization (startup, growth-stage and maturity) has [...]
Growing a business is a lot like an amusement park. It’s exciting, fun, overwhelming and nauseating. It’s a roller coaster of fear, confidence, joy and panic. It’s a tilt-a-whirl of influence, innovation, and concern. The growth stage of business can be a wild ride, especially when the growth occurs rapidly. This array of emotions [...]
It’s easy for inefficiencies to become the norm, especially during periods of growth. During these times, it’s common to focus on growing gross revenue, which is important; however, there are many processes in your business that eventually boil that revenue down to your net revenue, which represent the true results of your efforts. Do [...]
It is easy for inefficiencies to become the norm, especially during periods of growth. During these times, it’s common to focus on growing revenue, which is important to support your programs; however, there are many processes in your organization that eat up that revenue, and if they aren’t performed efficiently then they can take [...]
In the current economic and social climate, turnover is inevitable. Talented people land different jobs, move away, or retire. When turnover happens in your accounting department, most organizations experience some uncertainty and concern over the accounting function. You may wonder “how will we produce our financial reports next month?” or “how can we do [...]
As a retirement plan administrator or plan trustee, you are responsible for the management and successful operation of the retirement plan, in accordance with the plan document and the Employee Retirement Income Security Act (ERISA), on behalf of plan participants and beneficiaries. Therefore, in serving in these fiduciary roles, it is greatly important to [...]
Does your organization receive federal funding? If the answer is yes, then you’ve probably heard of a “single audit.” A single audit is required when a non-federal entity expends $750,000 or more in federal awards during the fiscal year. If you are a recipient of federal funds and have exceeded this threshold, then you [...]
As businesses grow, trust and delegation can cause the business owner to be less hands-on with their financials. Small businesses don’t always have the people and resources to put the proper checks and balances in place. As a result, small businesses are more susceptible to employee fraud. It’s important to understand how employee fraud [...]
Have you ever wondered, “What is my business worth?” You’ve worked hard and are committed to the success of your business, but you might be considering retirement or pursuing a different career path. You may want to sell to an outsider or your children that are actively involved in the business. Regardless of the [...]
As your small business grows, the demands on your time and energy grow, too. You and your employees can find yourselves consumed with activities that creep beyond your passion and proficiency. This can be risky for your business, at worst, and boring or unfulfilling for you and your employees, at best. Many business owners [...]
