What are we going to be covering in this 4th podcast in our Action Planning Course? A critical part of planning requires you to carefully examine all of the opportunities available to help you build your business … and to apply consistent criteria so that you can compare each of…
What are we going to be covering in this 3rd podcast in our Action Planning Course? A critical part of planning requires you to carefully examine all of the opportunities available to help you build your business ... and to apply consistent criteria so that you can compare them equally.…
My friend and colleague, Steve Fredricks, President of Turrentine Brokerage, Trusted and Strategic Advisors to Growers, Wineries, and Financiers in the wine industry, did a terrific job at this year's Wine Industry Financial Symposium, Competing in a Rapidly Changing Global Wine Market.[pullquote]The Turrentine Wine Business Wheel of Fortune is the gold standard for…
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Why is this so hard? We find ourselves entrenched in the quagmire of a lingering and painful recession … more companies than ever need stronger financial management … and yet so many of them remain painfully slow to recognize it. Sure, many have trimmed costs and are paying closer attention to nickels and dimes, but few of them have a comprehensive financial strategy.
So, in some misguided way, I guess it feels good to have some company … because the need for financial discipline was a common refrain among wine industry cognoscenti at this year’s Symposium, Competing in a Rapidly Changing Global Wine Market. The economic shock waves of the last 24 months have rocked the wine industry, dragging many of its members, in some cases kicking and screaming … into an era where professional management and greater financial discipline are demanding front row seats alongside the entrepreneurs and artisans that have reigned over the California wine industry
[pullquote]Stronger financial management is overdue in the California wine industry.[/pullquote]
Building a bridge between the financial community and the wine industry is one of the founding precepts of the Wine Industry Financial Symposium formed in 1992. Last Monday, I was privileged to lead a 90 minute workshop devoted to Practical Strategies to Improve Cash Flow, in which I shared a few “diamonds in the rough” about how to get more juice into your bank account … and how the California wine businesses can integrate Strategic Finance into their everyday business decision making.
During the preceding From Survival to Prosperity – Strategies for Transition session, (more…)
Doesn’t a lot of this jawboning about job creation make your brain explode?
I’ve never read articles by Rex Nutting before, who writes for MarketWatch on the WSJ Digital network … but a banker friend of mine referred me to his “Time to stop worshiping small businesses” article.
I’m not sure where Rex gets his information but his conclusions about the limited job creation value of small businesses is generally unsupported. After arguing, in Clintonesqe fashion about “it depends on how small the definition of small is”, he goes on to claim that while “small businesses do create a lot of jobs, but they also destroy a lot.” Citing a Census Bureau study, he claims that “once they pass their first birthday, small companies, on average, lose more jobs than they create. Many fail within years.”
[pullquote]Who says tax rates don’t matter to job creation?[/pullquote]
A recent study by the Ewing Kaufman Foundation reported an entirely different result, concluding that “80% of the jobs created in the first year are still here after 5 years.” There’s not enough detail available to comprehensively compare these disparate reports, but to debunk the value of SMB job creation requires a little more factual support from Nutting.
He also claims that tax rates don’t matter (more…)
A recent report from the Ewing Marion Kauffman Foundation entitled After Inception – How Enduring is Job Creation by Start-ups?”, uncovered several notable findings about the job creation power of start-ups:
So what? (more…)
Yesterday, I referenced a shorthand version of a business plan outline. Most of you saw the words "business plan" and immediately started looking for the key to the gun cabinet, conveniently placed right next to the liquor cabinet ... because that phrase usually incites a painful, grinding noise between your…
I've written numerous posts about business plans ... the importance of preparing them, what should be in them, etc. Seth Godin has another, very simplified concept about what's really needed: * Truth * Assertions * Alternatives * People * Money Cuts to the quick, doesn't it? What do think is…
I saw this recent article which is a unique take on explaining the value of business plans. While I firmly believe that an unwritten plan is mostly a morass of untested ideas and random thoughts, following a methodical approach to building your business will pay great dividends.It simply doesn't work…