Salespeople are important to a business’s growth and success, but it is even more important for a business to manage, measure and compensate salespeople’s performance. First – the best way to compensate salespeople is on gross margin. Salespeople that are incented on gross margin sell the business’s products for the best price and at the…
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Listen to an executive that knows their business and they will tell you about the health of the business’s Balance Sheet, because they know that it is the Balance Sheet that will make or break their business (literally). Why is the Balance Sheet so important? The Balance Sheet shows executives, lenders and investors about the…
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Executives often talk about the business’s revenue growth, but fail to focus on the profitability of the business. Over time there have been many businesses that have grown themselves right out of business by just focusing on revenue growth. Revenue growth is a wonderful thing for any business, but revenue growth at the sacrifice of…
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The first minimum wage rate was established in the United States with The Fair Labor Standards Act of 1938 and the initial minimum wage was $0.25 cents per hour. This chart shows Federal minimum wage from 1968, which was $1.60 per hour, to January 1, 2019 where the Federal minimum wage is now $7.25 per…
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Budgeting: Is it worth the time and effort? Simply stated – businesses should be budgeting for annual business plans, special projects, capital equipment purchases, new product development and more. Businesses that fail to budget have no defined plan to project growth, manage and judge the performance of the business. Lack of any kind of budgeting…
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by Daniel R. Siburg, CPA, CVA A budget on the back of a napkin is better than no budget at all. Even the simplest of budgets will make management think about the coming year’s future direction and performance goals for the business. Budgeting Helps the Business Look Forward to the Coming Year Budgeting is important…
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by Daniel R. Siburg, CPA, CVA and Howard W. Fisher Every company, small or large, needs to have a strategic plan outlining their business’s efforts for the economic turnaround. During the coming period of economic growth, every company should have a defined set of goals to reach and indicators to watch as the economy starts…
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By Daniel R. Siburg, CPA, CVA and Howard W. Fisher Every business owner or manager knows that to pay the bills, make payroll, or buy capital equipment, the company needs cash. The issue for business owners and managers is to manage the cash resource applications in mind and especially during cash flow shortfalls. Why Cash…
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By Daniel R. Siburg, CPA, CVA and Howard W. Fisher The difference between a company’s net sales and the related cost of goods sold is gross margin. Gross margin is represented as both a number and a percent. Understanding the differences and relationships between the gross margin as a number and a percent is paramount…
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By Daniel R. Siburg, CPA, CVA and William E. Siburg, CPIM Distributors Build Brand Awareness for Manufacturers Distribution can be defined as the marketing and merchandising of another company’s products. Manufacturers consider distribution to be a key component of their marketing and sales strategies because distributors help create brand awareness through the sale of manufacturers’…
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