Contributed by Octavia Conner, a financial consultant specializing in outsourced CFO and tax services. It's a common belief among small business owners that achieving $1 million in revenue indicates success. However, many owners struggle to make their businesses profitable even when they reach high revenue figures. A $1 million consulting company with ten employees might have...
No one starts a business with the hopes that it fails, yet business failure rates remain astronomically high. Cory Mosley, Principal & Founder, Mosley Strategy Group shares his insights. When you look around social media or turn on the TV, you see and hear about all of the people killing it with their business. This...
When your 16-year-old son Jonathan inquires as to the availability of the old couch in the basement, you know you’re in trouble. You're in trouble because a split-second after the question left his mouth, I began doing the math: the couch in the basement; Jon’s room on the second floor; older brother away at college....
As I meet fellow small business owners and entrepreneurs through networking and referrals, I am curious to see how well each person understands financial concepts and if they have the skills needed to manage their business’s finances, such as creating a budget, planning cash flow, or overseeing their bookkeeper, to create a profitable business. This...
Nasty Gal filed for bankruptcy recently as reported by the NY Times. Many businesses file for bankruptcy - this is not new. However what disturbs me is that entrepreneurship has this glamor associated with it. This halo around it that is blinding for so many who seek to follow that path. Revenue vs Profit...
[content field="callout1" format="true" class="calloutwide"]All entrepreneurs desire to build profitable businesses. After all, the only way to achieve longevity is by making money – right? Wrong, and here alone is where the problem begins. Building a profitable business is determined more by how much money you keep than by what you make. Below are 5...
[content field="callout1" format="true" class="calloutwide"] In the world of "venture" investing, the deals that many investors are looking for are unicorns - billion dollar companies. Uber, AirBNB, Dropbox and other companies like this (before they go public) are what investors are looking for. Companies that can go VERY BIG. It's hard to be a billion dollar company and...
[content field="callout1" format="true" class="calloutwide"] For six years, a growing number of Americans have sat down in front of their televisions on Friday evenings to watch hopeful entrepreneurs ask for investment money from wealthy investors to help them continue to grow their businesses on the show Shark Tank. To some viewers, the program gives fascinating insight into how private...
