​CAPITAL

• The need for enough capital to start and run your business.

• Do you have your own money, or are you borrowing.

• The effect of borrowing on your profit margins.

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PRODUCT​

• Where are the sources of your products.

• Are you buying price effectively.

• What are your margins.

• Are you relying on one source, or several.

• Are you bargaining.

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​PRICING

• Are you pricing your products correctly.

• Can you increase prices.

• Do you understand margins and markups.

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​EMPLOYEES & STAFFING

• How are you hiring employees.

• How much should you pay.

• How many employees do you really need.

• You’re unhappy with an employee.

• Criticizing and employee.

• A key employee is unhappy.

• Giving raises, when and how much.

• Terminating, the toughest part of being a boss.

• Legal ramifications.

• Vacation.

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SALES

• Sales staffing.

• Brick and mortar vs. online.

• Monitoring sales people.

• Setting goals.

• Stagnation.

• New products, new sales channels.

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DAY-TO-DAY OPERATIONS

• Sales staffing.

• Brick and mortar vs. online.

• Monitoring sales people.

• Setting goals.

• Stagnation.

• New products, new sales channels.

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BOOKKEEPING

• Utilize the correct software.

• Without books there is no business.

• In house vs. outsourcing.

• Understanding the basics.

• Accuracy and timeliness are vital.

 

ACCOUNTS RECEIVABLE

• Billing accuracy.

• Billing on time.

• Actively calling and collecting.

• Monitor the above 90 day column.

 

ACCOUNTS PAYABLE

• Must utilize Purchase Orders.

• Approval of each bill.

• Match with Purchase Order.

• Monitoring ageing.

• Sign checks personally, no rubber stamp.

 

OVERHEAD

• What does overhead mean.

• Are employees considered overhead.

• It can destroy your business.

• Constant monitoring.

• Key decision-making issue.

 

INVENTORY

• Monthly monitoring and review.

• Monthly comparison. 

• Controlling theft.

• How much and when to place reorders.

 

LEGAL & TAXES

• Payroll taxes are a trust.

• Sales tax are a trust.

• Paying on time and the penalties and interest for late payment.

• What is a S or C corporation and an LLC.

• At what stage in your business should you hire a CPA.

 

S.W.O.T.

• Strengths –

• Weaknesses –

• Opportunities –

• Threats.

• This is the cardiogram of your business.