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Are you working IN your business or ON your business?

As a small business owner, the answer is likely “Yes” to both. Emphasizing the work ON the business is essential to ensure the business’s continuing success. Below are some strategies to help you: 1. Effective Time Management Is Essential a. Categorize your business tasks into 2 groups: (i) operational tasks (working IN your business); and (ii) strategic tasks (working ON your business). b. Set specific times for each group
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success

Planning for Retirement

As a small business owner it’s probably hard to imagine, but, at some point, you will retire. How you will be able to retire is, from a financial perspective, probably harder to imagine. With the right plan you can. The right plan can: 1. Ensure a steady income. After all your hard work, you deserve financial security, independence & peace of mind during retirement; 2. Hedge against inflation. You can preserve
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customer relations

Building Strong Customer Relations

Every entrepreneur should keep ‘front of mind’ that customers are not just good for your business, customers are your business! It is a given that your customers are the most important need of your business: without them you have no business. It follows then that fostering an excellent relationship with your customers is the means to success. Understand the needs of your customers by creating loyalty so that they will want to
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Do I Need A Holding Company ?

You, (or you & others), own the shares of the company that operates your business (aka OpCo). Do you need a holding company (aka HoldCo) that would own the shares of OpCo? This is an important question. Some advantages of a HoldCo are discussed below. Setting up and maintaining a HoldCo involves administrative and regulatory compliance requirements, (similar to the OpCo), but the potential benefits can outweigh the costs, making it a
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Pro Forma

WHY KNOW YOUR BREAK-EVEN POINT?

Navigating the Break-Even Point for Entrepreneurs For entrepreneurs, the idea of aiming for a break-even point might raise eyebrows. Isn’t the goal to make a profit, rather than just breaking even? It might sound like a setback or even a hint of failure. However, understanding the break-even point is a game-changer for your business decisions. At ASE, our goal is to demystify this concept, make its calculation clear, and empower
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success 2

HOW TO GET TESTIMONIALS

1. Ask in Person Ask your client, in person, for a testimonial when the work is done. Ask them to describe the problem, explain the solution, how it helped, and how it was to do business with you. Send a reminder if your client forgets. For credibility, it is best if the client’s personal / company names are included, but testimonials can be anonymous if your client prefers. 2.
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cashflow

Six tips to better manage Cash flow

We meet so many businesses at ASE. One of their key worry … “running low on cash” Cash in the Bank (and/or availability of credit) is essential to keep the wheels of your business turning. Cash is needed to cover running costs (overheads, supplies, staff etc.) Then of course there is growth. So many get caught out in the enthusiasm of growing their business that they under estimate the
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Cash is King

CASH IS KING!

In most businesses, you should be evaluating profitability on a regular basis. This is an extremely important measure. However, equally important, and critical is evaluating cash flow! During a fiscal year, you would be looking at profitability weekly or monthly, but daily you should be looking at whether you are generating enough cash to keep all operations going. As an example, be aware that you have enough cash receivable from the past 30 days to cover
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