Don’t you just love all these weird names accountants have thrown out into the world? Like “Working Capital”. What the heck is it and do you need it?
Well, to answer the second question first, yes, you need it!
As for the first question, well, it’s not as hard as you think. Simply put, Working Capital is the money you need to run your business on a monthly basis. Sometimes it’s also referred to as “churn”. As in, how much cash do you “churn” through in a month.
Continue reading Working Capital – What The Heck Is It and Do I Need It?
Okay, this is a hard one, no two ways about it. I think the worst feeling in the world is wanting to change your life, needing to change your life — and not knowing where to start. You can go to a hundred different websites, read dozens of books, maybe even take a class at your local college or junior college and they’ll all tell you the same thing: Find your Passion and do That.
That’s all fine and good, but what if you don’t have a freaking clue what your passion is!? Well, I feel your pain. I have been where you are, and it’s not a fun place to be. It’s frustrating and demoralizing and downright
Finding my passion was a journey, not a sprint, and it took time and patience, and a bit of help. But, I did it, and you can, too. What I’m going to suggest was the path I took. It may not work for you, but I sincerely hope it does, or, at least, spurs you on to find the path that does work for you.
What is my passion? My passion is to Communicate with the World. Sounds arrogant and lofty, yes? LOL. But, it’s true. I love to talk and read and tell people about what I’ve read, and ask them questions about their life. I absolutely love being part of the Conversation that is the Internet.
Continue reading “What if I Don’t Know What My Passion Is?”
We all like clients, hey they pay the mortgage when you get right down to it. But sometimes it becomes necessary to “fire” one. Okay, “fire” might be a little inflammatory. How about “walk away from”? Why and when would I “walk away from” a client? Well, there are various reasons, here’s some of mine:
1. They can’t respect personal boundaries. This is my number #1 reason to sever a client relationship. If a client is calling me on Sunday morning because of something that can easily be handled Monday morning, that person isn’t going to be a client for very long if that behavior continues. Let’s face it, there are very few true accounting emergencies. They do happen, for example, someone’s paycheck has an error. That’s an emergency, sort of. I still can’t do anything about it until Monday morning when I get in the office and the bank opens, but still, it is something I need to be aware of first thing Monday morning. However, if a client calls me on a Sunday morning whining about personal issues, or about strategic business issues (also not emergencies), then that client isn’t going to be around very long. I’m a consultant, not a psychotherapist!
Continue reading When to Fire a Client.
A couple of weeks ago, a client and I drove up to Indianapolis to meet with a business associate and on the way up the conversation turned to the trials and tribulations of running a small business. Both of us have been running our own businesses for over ten years, we’ve gone through the highs and lows of cash flow, rocketing sales, plummeting sales, and making a payroll every week.
And we wouldn’t change a thing.
Not that we could if we wanted to, really. After this long of doing our own thing and either suffering, or celebrating, the consequences, we both know we couldn’t do anything but work for ourselves. We’ve become “The Unemployable”.
Continue reading Are You One of the “Unemployable”?