Ideas & Insight

Some business owners make major decisions by relying on gut instinct. But investments made on a “hunch” often fall short of management’s expectations. Make better business decisions with metrics. In the broadest sense, you’re really trying to answer a simple question: If my company buys a given asset, will the asset’s benefits be greater than […]

In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this risk, insurers offer key person insurance. Under a key person […]

Just about every business intends to provide exceptional customer service. And though many claim their customer service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with customers, it’s not easy to get to that next level of truly great service. But, […]

A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps now to keep it in the family. Staying in-house Careful estate planning can ensure that a […]

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be higher than its value. This can be costly […]

Turning receivables into cash is among the most important things a business must do. Of course, it’s easier said than done. Here are five ways to speed up collections: Streamline the billing process. You can’t collect what you don’t bill. Invoice customers promptly — as soon as the product ships, if possible. Or, if your […]

We hate people. People we don’t know, people in big groups; we’re introverts. We appreciate the quiet, dread large networking events and consider our words carefully before we speak. We research a subject before offering an opinion, we’re willing to thoughtfully consider the opinions of others, and we develop long-term relationships. Can an introvert be […]

In Part 1 of this topic, we covered the definitions of leadership and entrepreneurial leadership, and listed qualities that business leaders share. In this post, we’ll explore how those skills help leaders to build their organization. How entrepreneurial leaders build an organization: As leaders are building an organization, these 3 questions may provide clarity: What am […]

What is Leadership? There are many definitions provided by leading experts. The dictionary.com definition is very simply the action of leading a group of people or organization. One of our local business leaders in Detroit, Nancy Schlichtling, CEO of one of the largest hospital organizations in the country, Henry Ford Health System, defines leadership like […]

My previous post discussed the advantages of working for a small firm vs. a large company – now let’s address the advantages of hiring a smaller firm. My experience is the the accounting world, but these points are true of most industries: You’ll likely have direct access to the owner or President of the company. […]