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3 Steps to Performing Your Breakeven Analysis
Posted: May 24, 2017
Finding out what sales volume you need to achieve to at least breakeven is critical to managing your business. Once you know what your variable costs and fixed costs are, finding your breakeven point is easy. Variable costs are directly related to your sales levels in dollars or units sold. For example, materials and supplies, commissions on sales, sales incentives or bonuses for employees and shipping costs are all considered variable costs. Fixed costs are…
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3 Things to Consider When Creating Business Goals
Posted: May 16, 2017
Strategic planning is important for your business because it provides a sense of direction and outlines measurable goals to keep you and your business on track. In order to make the most of strategic planning, your business should give careful thought to the goals it outlines and then back up these goals with realistic measures for evaluating results. Here are three tips on how to create business goals and things to consider: 1. Plan Strategically…
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Why Forming a Mission Statement is Critical to Your Marketing Strategy
Posted: May 3, 2017
If you don’t know the answer to this question, your customers surely won’t either. More importantly, if you don’t know, you won’t be able to tell your customers why they should choose you over your competitors. Answering this simple question is critical to forming a mission statement and creating your marketing strategy. Undoubtedly when you decided to start your business you had an inspiration. Was it to provide a service or product better, faster or…
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Designing Your Business to Meet Your Financial & Personal Goals
Posted: April 13, 2017
Very few businesses start ‘with the end in mind’ and design it from the ground up. Most businesses grow by default with people, systems, culture, clients, numbers, habits and attitudes. If you take a good hard look at your business today, is it exactly what you want it to be? We would suggest that you focus on four key areas of business design. 1. Designing your business lifestyle How much cash do you want to…
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The Death Grip of Managing Your Business (and How to Release It)
Posted: April 5, 2017
Are you a business owner with no work life balance? Are you always at work? Thinking about work? Worrying about work? The fact is, that’s no way to live your life. It’s not healthy, and what’s more, it can have a detrimental impact on your business. Sooner or later you’ll physically and mentally burn out, leading to poor performance, lack of direction, and - in some cases - the complete destruction of everything you’ve worked…
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18 Value Drivers That Increase Your Business’ Value
Posted: March 31, 2017
According to the annual Business Reference Guide written by Tom West, 70-80 percent of businesses do not sell. One of the reasons this happens is because many business owners focus on current income generation as opposed to building the value of the enterprise. Profit or income does not automatically translate to enterprise value. Enterprise value translates to the amount that business owners may realize when they sell or exit their business. There are 18 value…
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Which Key Performance Indicators Should Your Business Be Monitoring?
Posted: March 22, 2017
When you get behind the wheel of your car, you’ll see a row of gauges on the dashboard that give advance warnings of potential problems with oil pressure, engine temperature and other measurements. These gauges enable you to spot signs of potential danger at a glance and take corrective action. Likewise, business owners should monitor gauges on their business dashboard that will give them a heads-up about financial problems down the road. These financial gauges…
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Get Ahead of the Pack by Improving Your Business Systems
Posted: March 16, 2017
All businesses have systems – both formal and informal. They make the wheels of your business turn. However, informal systems can keep your business wheels from turning smoothly when it comes to day-to-day operations such as closing sales and ultimately from easily selling or passing down your business to the next generation (succession planning). By creating and maintaining formal systems, you can avoid major issues and breakdowns within your business. These processes are comprised…
Read MoreWHY WHITTAKER?
There’s a difference between an “owner mindset” and a “manager mindset”. Those with an owner mindset are those we not only have experience working with: it’s who we really like. We see the changing tax landscape, the critical financial issues, and more.