Does your company have adequate contractual protections? Although this is the area that is the purview of your attorneys, it’s important that someone within your organization understands where the contractual risks are and knows when to engage your attorneys. There are many areas where it’s important to have contractual protection, and the exact areas depend […]
Revenue Leaks and Fraud
It is estimated that 3% – 10% of our gross domestic product (GDP) is lost through revenue leaks and fraud. When you consider that many businesses make a net profit of less than 10%, losses form revenue leaks and fraud can make or break a company. How can you protect your company from fraud? The […]
Business Plans
Do you have a business plan? If so, how detailed is it? Does it include forecasts of income and balance sheets? And most importantly, does it include forecasts of cash flow? Does your business plan model allow you to modify important drivers, such as variations in monthly sales levels, variations by product, gross profit percentage […]
Collect Your Receivables Quickly!
Cash is the grease upon which a business runs. Many a business has crashed and burned because they couldn’t free up cash that was tied up in receivables. To prevent this from happening, there are a few rules of thumb: Avoid sales on credit, unless you industry demands it. It’s less risky if you are […]
Cash Theft: Protecting your Business
There are two general types of theft of cash from a business: skimming and cash larceny. Skimming is where the cash never makes it into the accounting system, such as when an employee fails to enter a sale into the cash register. Skimming is the hardest type of cash theft to detect, but there are […]
Getting by on Less Labor
I recently heard a report on the U.S. economy which stated that although the Gross Domestic Product (GDP) made some gains, there was little increase in the total number of non-governmental jobs. The reason given was that due to the recession, many employers have learned how to get more production form current staffing without adding […]