Word of the Year: Pricing
It’s simple. Companies are in business to make money. They do this by: providing a service; producing a product. Many companies struggle with how to ...
Ways to Ring in 2018
The New Year is just around the corner, and while many businesses may be scurrying to wrap up the books for end-of-year, now is the ...
Top 5 Financial Mistakes in Manufacturing – Tips for All Businesses
By Kurt Dyck, CFO & Business Advisor Lucrum Consulting The average small business manufacturing company produces anywhere from dozens to hundreds of thousands of products ...
Get Ahead on Year-End Tasks
Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here ...
Financial Due Diligence Steps to Take When Purchasing a Business
Buying a business is no simple task. It’s a complex undertaking that includes a multi-step due diligence process to ensure the investment being made is ...
Five Ways to Streamline Your Payroll Process
For business owners with employees, payroll is a necessary task that can often takes a lot of time. To make payroll less time-consuming, consider these ...
How performance measurement drives business success
All businesses strive to be profitable. However, achieving success can be difficult, especially with multiple lines of business. Selling a high-margin product may seem like ...
Why Businesses Should Consider Outsourcing Bookkeeping
By Shannon Earnhardt of Lucrum Consulting Bookkeeping is the process of recording all financial transactions within a business and is required in every business regardless ...
Four Ways to Manage Overhead Costs
High overhead can strangle the profit out of a business. Companies that struggle to control their unseen, hidden costs such as rent, utilities, office supplies, ...
5 Tactics for Negotiating with Suppliers and Vendors
Successful entrepreneurs understand the importance of building long-term business relationships that can contribute to their bottom line. That’s why many business owners invest their time ...
How to Prevent Past Due Accounts
Anytime a businesses performs a service or ships a product before getting paid, an Account Receivable is created. If customers pay before their invoice is ...
Eight Ways to Increase Profits
Increasing profits might sound like an unattainable dream, but in reality, there are a finite number of ways that businesses can increase profits. When business ...
When is a loan for business growth a good idea?
Like raising a child, there’s no set manual that comes with owning your own business. Even the best entrepreneurs struggle with making the right decisions ...
Five Numbers for a Mid-Year Financial Check-Up
June is a perfect time to take a look at company numbers year-to-date. There’s enough to time elapsed to get an accurate look at progress ...
How to Develop a Successful Onboarding Process
“Getting off on the right foot” is important for both employer and new hires. Those first days and weeks of a new job have the ...
Hiring the Right Team for Business Success
The best business plan, accounting system and products are key components for every business. But the true driver of success is the people – from ...
What To Know About Hiring Interns
Internships are often a benefit for both employer and intern. Interns get real-world experience and employers get extra help and an opportunity to get to ...
Four Payment Policies that Keep Companies in the Black
Business owners know that the battle for profitability is won or lost in details. For example, how companies handle accounts receivable affects cash flow, and ...